Within two years, Neil Bush decided to start his own oil business, although the oil boom had peaked in 1981.With James Judd and Evans Nash,he formed JNB Exploration in 1983.Neil and his partners only put up $100 apiece and bankrolled their company with $1 million from two Denver developers, Kenneth Good and Bill Walters..As president of JNB Exploration,Neil paid himself sixty thousand dollars a year. He hung a framed picture of his father on the wall of his office and on his desk he displayed a nameplate that read "Mr. Bush." Neil told visitors the nameplate had come from the US Senate seat that once belonged to his grandfather Prescott Bush.
Impressed by Neil's lineage, Kenneth Good wanted to further ingratiate himself with the Vice president's son so he lent Neil $100,000to invest in commodities.Neil lost the investment,but Good forgave the loan.Walters also lent Neil $100,000 but he held on to the paper.In the spring of 1985 both men introduced him to their banker,Michael Wise,the president of Silverado Savings and Loan.Wise ask4d Neil if he'd like to join Silverado's board of directors.
"I didn't pretend to be an expert on the savings and loan business,but Wise said that was OK,"Neil recalled. His director' fee was eight thousand dollars a year."I guess it would be naive to think that the Bush name didn't have something to do with it,"he added.Neil said he accepted Wise's offer because he was eager to be regarded as a business man."I was looking to further establish my roots in this town. I was under the impression that joining the board of a financial institution is a way to establish one's reputation in the community and to give you exposure to the people who are the players in a community,the people who make a difference.
Neil's only banking experience had been a summer job filling out forms in the trust office of a Dallas bank.He was hardly qualified to provide adequate oversight of Silverado's business practices ir to see the questionable deals intended to cover up losses cause by bad loans.
--Excerpted from "The Family" by Kitty Kelley
Impressed by Neil's lineage, Kenneth Good wanted to further ingratiate himself with the Vice president's son so he lent Neil $100,000to invest in commodities.Neil lost the investment,but Good forgave the loan.Walters also lent Neil $100,000 but he held on to the paper.In the spring of 1985 both men introduced him to their banker,Michael Wise,the president of Silverado Savings and Loan.Wise ask4d Neil if he'd like to join Silverado's board of directors.
"I didn't pretend to be an expert on the savings and loan business,but Wise said that was OK,"Neil recalled. His director' fee was eight thousand dollars a year."I guess it would be naive to think that the Bush name didn't have something to do with it,"he added.Neil said he accepted Wise's offer because he was eager to be regarded as a business man."I was looking to further establish my roots in this town. I was under the impression that joining the board of a financial institution is a way to establish one's reputation in the community and to give you exposure to the people who are the players in a community,the people who make a difference.
Neil's only banking experience had been a summer job filling out forms in the trust office of a Dallas bank.He was hardly qualified to provide adequate oversight of Silverado's business practices ir to see the questionable deals intended to cover up losses cause by bad loans.
--Excerpted from "The Family" by Kitty Kelley