by Ed Berger, Unlimited Hangout:
After Robert Maxwell dropped his bid for Bluebonnet, the S&L was sold to insurance man James Fail under exceedingly strange financial circumstances. His backers ranged from figures tied to George H.W. Bush and Arkansas financier and covert “money shuffler” Jackson Stephens.
“Bluebonnet” was name given to fifteen Texas savings and loan institutions, bundled together and sold-off by federal regulators at the tail-end of the savings and loans crisis that rocked the United States in the late 1980s. For reasons that remain murky, Bluebonnet became the subject of intense interest by a number of intriguing individuals.
