Reply #31: The Bush Family: A Continuing Criminal Enterprise? -- Gary W. Potter, PhD.

[Octafish]

You're welcome, fooj. You and the other good DUers are why I'm still here. Truth be told -- and it seems too many don't like that idea -- America and the anyone else who cares about the truth need to know about this gang of criminals.

And here's a truly brave soul, battling Them:

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).

A good example of the Savings and Loan failures can be found in the activities of Mario Renda, a Savings and Loan insider who often worked in close collaboration with organized crime (Pizzo, Fricker and Muolo, 1989: 123-126;302). Renda served as a middle man in arranging about $5 billion a year in deposits into 130 Savings and Loans, all of which failed (Kwitny, 1992: 27). Many of these deposits were made contingent on an agreement that the Savings and Loan involved would lend money to borrowers recommended by Renda, many of whom were organized crime figures or people entirely unknown to the banking institution involved (Kwitny, 1992: 27).

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

SNIP...

Neil Bush also profited enormously from another company on verge of bankruptcy. Apex Energy paid him over $2000,000 in salary and oil deed compensation payments while teetering on the edge of bankruptcy (Failing firm paid Neil Bush big salary, 1992).

Neil Bush’s small oil company also seemed to profit from its political connections when it was awarded a 1987 contract to drill for oil in Argentina (Bush 's Son Misses Deadline For Reporting “Inside” Sale,1991).

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).

CONTINUED...

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

Hmmm. "Bust-out scam." Fits in perfectly with the BFEE definition of "Family Values."

Thank you for your kinds words, fooj. You understanding what this is about means the world to me.