S&L; WATCH : Tourist Attraction

While he’s in Orange County for the Nixon library opening, President Bush should look at a tourist attraction of the future. It’s the $1.9-million gated estate in Newport Beach, with two Mercedes out front, where an S&L; figure who claimed he was broke now lives.

Denver developer Bill L. Walters had been a business partner of the President’s son, Neil, before defaulting on a $96-million real estate loan made by the failed Silverado Banking, Savings & Loan Assn. Neil Bush is in hot water over his role as a Silverado director, for allegedly violating conflict-of-interest regulations by voting to approve the loans to Walters.

Walters last month testified before the House Banking Committee that he had “a negative net worth.” He may be broke, but a trust in his wife’s name bought the estate in February.

The S&L; crisis is a complex mosaic of poor government and business decisions, economic downturns--and greed. The paper chase is tedious, but the public might be spared a bundle with more vigorous investigations now.

With reasonable cause and due process, the government could initiate attachment proceedings on suspect properties. If an S&L; kingpin’s wife proved independently wealthy, fine--one less case to resolve. But lost time affords the real crooks more opportunities to hide assets.

Presidents know all about symbols. This estate powerfully suggests the public’s exasperation. Bush should see where a penniless man lives. It costs $800 to cut the lawn.