Federal regulators filed a $200-million suit against President Bush 's son Neil and other officers of the failed Silverado Banking, Savings & Loan Assn. on Friday, accusing them of "gross negligence" contributing to the institution's collapse.
In 1992, US News and World Report concluded that in one important respect, "George W. Bush has less in common with his father than with his younger brother Neil," having "also benefited from some questionable but less well-known business associations." It noted, in particular, that Bush sold $828,560 worth of Harken stock [on June 20, 1990] 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.
George W. Bush , before he sold his stock in a Texas oil company, was fully aware that the firm was suffering from a severe cash crisis and was poised to lose millions, according to newly released records of a closed insider trading investigation of the sale.