No WONDER bush 41 hates bloggers, look what they've dug up!

A Troubling Influence
by Frank J. Gaffney Jr.

At a black-tie dinner on November 5th, nearly 300 conservative activists and politicians gathered at Washington’s Mayflower Hotel to recognize a prominent fixture in their community: tax-advocate and conservative coalition-builder Grover Norquist.

The talk that evening was of the honoree’s tireless efforts to advance his libertarian objective of down-sizing federal, state and local governments by reducing their revenues. He was toasted for organizing nationwide initiatives to memorialize Ronald Reagan, notably with the renaming of the capital’s National Airport after the former President.

Most in the audience were surely unaware that the effect of their tribute – if not its organizers’ intended purpose – was to provide urgently needed political cover for a man who has been active on another, far less laudable and, in fact, deeply problematic front: Enabling a political influence operation to advance the causes of radical Islamists, and targeted most particularly at the Bush Administration. The growing influence of this operation – and the larger Islamist enterprise principally funded by Saudia Arabia – has created a strategic vulnerability for the nation, and a political liability for its President.

The Islamist Connection: Abdurahman Alamoudi

The association between Grover Norquist and Islamists appears to have started about five years ago, in 1998, when he became the founding chairman of an organization called the Islamic Free Market Institute, better known as the Islamic Institute.1 The Institute’s stated purpose was to cultivate Muslim-Americans and Arab-Americans whose attachment to conservative family values and capitalism made them potential allies for the Republican Party in advance of the 2000 presidential election.

If successful, such an outreach effort could theoretically produce a windfall in votes and campaign contributions. Consequently, it enjoyed the early support of Karl Rove, when he was then-Governor Bush’s political advisor, and who knew Norquist from their days in the College Republicans.

CONTINUED...

://www.frontpagemag.com/articles/readarticle.asp?ID=11209&p=1

The Bush Family: A Continuing Criminal Enterprise?

Gary W. Potter, PhD.
Professor, Criminal Justice
Eastern Kentucky University

The S&Ls, the Mob and the Bushs

During the 1980's hundred of Savings and Loan Banks failed. Those bank failures cost U.S. taxpayers over $500 billion to cover federally insured losses, and much more to investigate the bank failures (Pizzo, Fricker, and Muolo, 1989; Brewton, 1992; Johnston, 1990). More than 75% of the Savings and Loan insolvencies where directly linked to serious and often criminal misconduct by senior financial insiders (Pizzo, Fricker and Muolo, 1989: 305). In fact, less than 10 percent of bank failures are related to economic conditions, the rest are caused by mismanagement or criminal conduct (Pizzo, Fricker and Muolo, 1989: 305).

SNIP...

Equally good examples of financial misconduct in the Savings and Loan scandal is found in the activities of the Bush family. In some cases Bush family members helped skim Savings and Loan funds which were delivered to outsiders as a part of deals involving lucrative payoffs to bank directors. In other cases, members of the Bush family intervened to influence decisions involving highly speculative and unsound investments involving loans that would not be repaid if the venture was not profitable. And finally, the Bush family’s political connection served to protect those guilty of misconduct in the Savings and Loan scandal (Kwitny, 1992: 24).

Neil Bush: Taking Down Silverado

In 1990 federal bank regulators filed a $200 million lawsuit against the officers of Silverado Banking, including Neil Bush, brother of the current President. The lawsuit accused them of gross negligence which resulted in a loss of $1 billion by Silverado and the bank’s ultimate collapse (Los Angeles Times, 1990). According to the Federal Deposit Insurance Corporation: “Our conclusion is that Silverado was the victim of sophisticated schemes and abuses by insiders and of gross negligence by its directors and outside professionals” (Johnston, 1990). Neil Bush was reprimanded by the Office of Thrift Supervision for pervasive conflicts of interest while serving as a paid director of the bank Of particular concern was his role in a serious of loans totaling $132 million from the bank to two businessmen, Bill Walters and Kenneth Good (Los Angeles Times, 1990: 1; Isikoff, 1992: A1). Walters and Good, after securing the loans from Silverado, lent Neil Bush $100,000 and later forgave the loan entirely. In addition, Walters and Good owned a company which paid $550,000 in salaries to Neil Bush (Los Angeles Times, 1990: 1; Isikoff, 1992: A1). In the end Walters and Good lost a total of $330 million loaned to them by Silverado. They also received instructions from a member of Silrverado’s board of directors on the establishment of family trusts to prevent the government from seizing the money they owed the bank (Kwitny, 1992: 32). The shutdown of Silverado was postponed from October to December 1988 so that it would happen after President Bush, Sr.’s election campaign had ended. Neil Bush had to pay only $50,000 to settle the federal lawsuit against him and he was able to avoid any legal costs because a senior banking industry lobbyist formed a legal defense fund to pay the legal costs (Fritz, 1992).


SNIP...

Jeb Bush: Influence Peddling for a “Bust-Out” Scam

But, Neil Bush was not the only Bush brother involved in the Savings and Loan collapses. Jeb Bush’s, the current Governor of Florida, curious relationship with Miguel Recarey is another illustration. Recarey was a long-time business associate of Tampa organized crime figure Santos Trafficante. Recarey also fled the U.S. facing three separate indictments for labor racketeering, illegal wiretapping and Medicare fraud (Freedburg, 1988: A1). Recarey’s business, International Medical Centers, was the largest health maintenance organization for the elderly in the U.S. and had been supported from $1 billion in payments from the Medicare program. International Medical Centers went bankrupt in 1988 (Freedburg, 1988: A1; Royce and Shaw, 1988: 4). When International Medical Centers went under it left $222 million in unpaid bills and was under investigation for $100 million in Medicare fraud (Freedbrug, 1988: A1; Frisby, 1992: G1). The U.S. Office of Labor Racketeering in Miami referred to Recarey and his company as “the classic case of embezzlement of government funds ... “a bust-out operation” (Freedburg, 1988: A1)

Jeb Bush’s role in this saga being in 1985 when Recarey’s attempt to create his “bust-out scam” corporation ran into a federal regulation that said no HMO could get more that 50% of its revenue from Medicare (Freedburg, 1988: A1; Royce and Shaw, 1988: 4). Jeb Bush intervened on Recarey’s behalf with Helath Human Services Secretary Margaret Heckler and one of her top aides. Convincing them to waive the regulation in the case of Recarey’s company (Freedburg, 1988: A1; Royce and Shaw, 1988: 4). In addition to Jeb Bush’s intervention, Recarey had paid $1 million to senior Republican lobbyists in Washington, who were also working the staff of Health and Human Services in pursuance of a waiver (Freedburg, 1988: A1; Royce and Shaw, 1988: 4). In addition, Jeb Bush had contacted Secretary Heckler earlier about complaints from doctors over the quality of International Medical Centers’ care and allegations that Recarey had embezzled funds form another hospital (Royce and Shaw, 1988: 4). Jeb Bush told an aide to Secretary Heckler that “contrary to any rumors that were floating around concerning Mr. Recarey, that he was a solid citizen from Mr. Bush’s perspective down there , that he was a good community citizen and a good supporter of the Republican Party” (Royce and Shaw, 1988: 4).

Not surprisingly, in 1988 Recarey’s company gave Jeb Bush’s real estate company $75,000 to help it find a site for a new corporate headquarters (Freedburg, 1988: A1; Royce and Shaw, 1988: 4). It was a bad investment because International Medical Centers had already selected a corporate headquarters location when it hired Jeb Bush (Royce and Shaw, 1988: 4).

Jeb Bush had a role in yet another Savings and Loan fiasco when he defaulted on a loan from Broward Federal Savings and Loan (LaFraniere , 1990: A24). Broward Federal loaned $4,565.000 to J Edward Houston, a real developer in February, 1985. The loan was secured only by Houston’s personal guarantee. On the same day, one of Houston’s company lent the same amount to a partnership made up of Jeb Bush and Armondo Codina for the purpose of purchasing a building in Miami. The Bush-Condina partnership was required to repay the loan only if revenues from the building were sufficient to cover the repayment. Bush and Condina made no payments on the loan at all and in 1987 Houston defaulted on the Broward Federal loan and the Bank sued both Houston and the Bush-Condina real estate partnership. In a sweetheart settlement with the Federal Deposit Insurance Corporation, Bush and Codina only had to repay $500,000 of the $4.5 million loan and got to retain ownership of the building which had been the collateral on the loan. In 1991, the FDIC sued the officers and directors of Broward Federal charging that the loan ultimately used by Bush and Codina was an example of the bank’s negleient lending practices (Frisby, 1992: G1). The Bush-Codina loan played a key part in the failure of Broward Federal which cost taxpayers $285 million (LaFraniere , 1990: A24).

George Bush, Jr.: Insider Information, Oil, and Baseball

The present President Bush has also reaped significant benefits from some highly questionable business practices:

Bush sold $828,560 worth of Harken stock just one week before the company stock posted unusually poor quarterly earnings and Harken stock plunged sharply. Shares lost more than 60% of their value over 6 months. When Bush sold his shares, he was a member of a company committee studying the effect of Harken’s restructuring, a move to appease anxious creditors. According to documents on file with the Securities and Exchange Commission, his position on the Harken committee gave Bush detailed knowledge of the company’s deteriorating financial condition. The SEC received word of Bush’s trade eight months late. Bush has said he filed the notice but that is was lost (Hedges, 1992: 57-59).

CONTINUED...

http://critcrim.org/critpapers/potter.htm