Posted on 06/28/2010 6:17:33 PM PDT by Nachum
Late last week, at the 11th hour, the Senate removed an amendment that would have required the inspector general of the Federal Deposit Insurance Corporation to investigate the corrupt ShoreBank bailout, as well as every other bailout since January 2009. It is the clearest sign yet that the White House and Democrats in Congress are covering up the truth. If there is nothing to hide, why block the ShoreBank investigation?
(Excerpt) Read more at biggovernment.com ...
The list, ping
“If there is nothing to hide, why block the ShoreBank investigation?”
Exactly.
They will try to tell us they are saving taxpayers from wasting money on a fruitless investigation.
Thanks for the ping Nachum.
Democrat Culture Of Corruption PING!
Yup .. the culture of corruption rolls on ......
Andy Martin says $1 million Obama campaign contributor Goldman Sachs is trying to orchestrate a bailout of failed financial institution ShoreBank, which has close ties to Barack Obama’s old neighborhood. Martin says the “Chicago fix” is in. Martin will be asking the Department of Justice for appointment of an independent counsel to investigate influence peddling and Chicago corruption in the ShoreBank scam. ShoreBank may have financial interests in—no surprise—Barack Obama’s “home:” Kenya. Martin is demanding that the bank make full disclosure of all of its overseas interests and investments before any federal aid is approved.
Martin says Chicago news media are covering up the ShoreBank scam out of fear of Obama retaliation. Martin says the ShoreBank bailout in Chicago is a growing Obama Administration/Clinton financial scandal Martin says that ShoreBank investors are seeking a “disguised taxpayer bailout”
ANDY MARTIN SAYS THE PROPOSED TAXPAYER BAILOUT OF CHICAGO’S SHOREBANK IS NOTHING MORE THAN ANOTHER GOLDMAN SACHS FINANCIAL SCAM; GOLDMAN GAVE $1 MILLION TO THE OBAMA PRESIDENTIAL CAMPAIGN MARTIN PLANS TO ASK THE FDIC AND DEPARTMENT OF JUSTICE TO OPEN INVESTIGATIONS INTO POLITICAL FAVORITISM AND INFLUENCE PEDDLING BY OBAMA ADMINISTRATION OPERATIVES
Martin calls the bailout “nothing more than a bailout of a bad investment by the very investors who are now trying to save their investment with taxpayer subsidies Martin says “Chicago clout” is behind efforts to rescue the bank.
“My readers are often astounded by the fact that I am linked to almost everything that has happened in Chicago over the past several decades. Well, here we go again. In 1973, I was one of the bidders for the old South Shore National Bank at 71st Street and Jeffrey Boulevard, which later morphed into ShoreBank. Although I had substantial resources to bid, I was outbid by the current owners who were backed by Pritzker Family money.
“A third of a century later, ShoreBank’s failed business strategy has imploded, and now ShoreBank investors are seeking a $75 million taxpayer bailout. Federal regulators should say no. The $75 million would not provide funds for future growth; it would merely reimburse investors for failed loans in the past. ShoreBank is dead in the water. It had a failed strategy, trying to mix ‘community’ banking with a massive international network of investments. What was a 'community bank' in Chicago doing involved in dozens of foreign countries?
“Barack Obama’s fingerprints are all over this bailout scam. ShoreBank has been linked to Bill Clinton, the Global Philanthropy Forum and the Chicago Global Donors Network which—no surprise—has links to Kenya(Obama's old stomping grounds via United Kenyans of Chicago).
“The entire concept of ShoreBank is defective. The essence of banking is to spread risk. ShoreBank’s business plan is to concentrate risks, in bad neighborhoods. The bank has yet to publish a 2008 annual report, let alone a 2009 one. Tens of millions of bad loans are being concealed as part of a financial scam to secure federal financial support. This is nothing more than a Barack Obama ‘fix
“Most of the so-called ‘rescue’ investors have existing links to ShoreBank. Goldman Sachs has had someone advising the bank (Suzanne Johnson). Now they are trying to 'invest.' If Goldman can raise $140 million to save the bank they should be able to raise $200 million and avoid use of any taxpayer cash. Bank of America is listed as a shareholder; now they want taxpayers to bail them out. What is America-owned Citibank doing investing in bad banks and failed financial strategies? Citibank is a failed bank itself. It all comes down to two words: Barack Obama.
“The FDIC has closed better-situated banks in Illinois. Why is it stalling and propping up a failed institution? Chicago Clout. “What is interesting is the way the Chicago media have tried to hush up this scandal. Only recently has there been any press coverage. Well, we are blowing this scam wide open. Obama’s ‘game’ is up.
---------------------------------
Andy Martin is the Executive Editor and publisher of www.ContrarianCommentary.com. Andy is a legendary New York and Chicago-based muckraker, author, Internet columnist, radio talk show host, broadcaster and media critic. He has over forty years of radio and television background. He is a former adjunct professor of law at the City University of New York (LaGuardia CC, Bronx CC) and holds a Juris Doctor degree from the University of Illinois College of Law. Martin comments on regional, national and world events with more than four decades of experience.
SOURCE http://www.pr-inside.com/andy-martin-links-barack-obama-to-r1903402.htm
Ah! Comes the Revolution shortly after November, there will be plenty for Issa et al (Good old Al!) to do. I hope there is a real list being kept somewhere. Lots of subpoenas, lots of hearings, the P.O.S. parades followed by lots of court trials.
“Well, we are blowing this scam wide open. Obama’s ‘game’ is up.”
Prayers Up!! It’s time for this entire corrupt regime to take a perp walk!
I could be wrong.
But having an MBA and having finished school in the Clinton years, I do remember ShoreBank being in the news as an example by Bill Clinton of those financial institutions that are insuring the American dream with easy lending, which amounted to high risk lending where the potential risk was not factored into the interest rate........ Essentially underprivileged high risk persons were given loans and at rates that didn’t truly reflect the risk because this was what insiders called “reverse redlining” and discriminatory. He gave a huge speech.......... Isn’t this the same bank?
This is what basically happened in the US:
1. You had rules and government pressure to make financial institutions lend to high risk people and the gubbermint said we got ya covered with Fanny and Freddie. This was called evil act was called “redlining” and was fixed with the Community Reinvestment Act.
2. Years later the gubbermint said that them high interest rates for folks is also wrong and a form of discrimination, and this was called “reverse redlining.” So now what you have are loans given to people that really shouldn’t have them, and at interest rates that are not realistic, meaning the true risk isn’t built into the equation because otherwise you would have to look some inner city minority woman with four illegitimate children in the eyes and say that it’s no constitutional right to own a home, nor have health care. But the later we recently fixed, which will surely “long term” bring the same great success story the Community Reinvestment Act gave us.
3. When the economy began to shrink and we entered a recession, those at high risk and over their head or upside down on loans were the first to go under...... and the gubbermint blamed those evil greedy banks, CEO’s.......... everyone EXCEPT themselves. Suddenly they can’t remember their own speeches, their nudging using their administrative/executive powers to prod along a private sector that was actually reluctant to go along, their own policies, their own laws.........
ShoreBank is in the news again. Will our great MSM remember what a great example and success story they were years ago? What it was they were being heralded for? Who was pushing these ideas?
Seems as if banks are the preferred conduit for corruption. Makes sense cuz 'that's where the money is'.
Americans suffered then, and we are suffering from these criminals now. They just got smarter. Their enemies are fewer and they only have to threaten people now with union goons and the problems went away.
We'll see if the Republicans have the balls to impeach these slime this time. Even money says they won't.
Don’t pin your hopes on November; I have no faith that the elections will be either fair or honest.
>We’ll see if the Republicans have the balls to impeach these slime this time. Even money says they won’t.
You’re quite generous/optimistic; I’d put the odds at 5-10%.
“Well, we are blowing this scam wide open. Obama’s ‘game’ is up.”
Doesn’t he mean .....the jig is up ?
mark
or that they’ll even take place....at least that’s what I keep saying....I put NOTHING past the commie progressives.
>or that they’ll even take place....at least that’s what I keep saying....I put NOTHING past the commie progressives.
*nod* - I quite understand. I don’t think they’ll be quite so bold though, I think they’ll have elections so they can grasp whatever veneer of validity of their positions. Yes, their only concern is the retention of power; however, ‘sudden movement’ may startle their prey and trigger the Fight or Flight response.
In regard to your tagline, I have to ask would my proposed Path to Citizenship ( http://docs.google.com/Doc?docid=0ATyjMtQJe7iWZHY2OTh0bV8yN2htZnBzOWQy&hl=en ) disqualify me from your vote?
http://cfsinnovation.com/about/funders-supporters
About CFSI | Funders and Supporters
The Center for Financial Services Innovation receives financial support from a variety of foundations and organizations. It was originally funded by the Ford Foundation and incubated at ShoreBank. It is now a nonprofit affiliate of ShoreBank, where it continues to be housed, as well as receiving administrative and institutional support.
CFSI Funding Organizations:
Annie E. Casey Foundation
Bank of America Charitable Foundation
Ford Foundation
Heron Foundationn
Citigroup Foundation
http://www.cfsinnovation.com/about/board
About CFSI | Board of Directors
Steven Dow
EXECUTIVE DIRECTOR
Community Action Project of Tulsa County
Mary Houghton
President
ShoreBank Corporation
Vice Chair, CFSI Board
Bruce Murphy
EVP, KeyBank National Association & President, Community Development Banking
KeyBank
Gary Palmer
Executive Vice President
Fidelity National Information Services
Eric Rodriguez
VICE PRESIDENT
National Council of La Raza
Kevin Rhein
President, Card Services Division
Wells Fargo
Treasurer, CFSI Board
David Rose
SVP OF STRATEGY AND INNOVATION
Fiserv, Inc.
Ellen Seidman
Executive Vice President
ShoreBank Corporation
Chair, CFSI Board
Jennifer Tescher
Director
Center for Financial Services Innovation
Secretary, CFSI Board
Luz Urrutia
President
El Banco de Nuestra Comunidad
//
http://www.freerepublic.com/focus/news/2518108/posts
The Shady ShoreBank Bailout
Townhall.com ^ | May 21, 2010 | Michelle Malkin
Posted on Friday, May 21, 2010 6:43:47 AM by Kaslin
“No more bailouts, no more greed, how many profits do you need?” That’s been a signature chant of community organizers and Big Labor thugs who have stormed bank offices and financial executives’ private homes decrying corporate welfare over the past several months. But now that the federal government and a coalition of big banking interests are poised to bail out a crony Chicago bank with longtime ties to the Obama administration, Saul Alinsky’s avenging angels are nowhere to be found.
ShoreBank is a Windy City investment bank with all the right (or, rather, left) ties. Its stated progressive mission isn’t merely to make good lending decisions, but to engage in Barack Obama-esque social engineering to “create economic equity and a healthy environment.” The ShoreBank corporate slogan: “Let’s change the world.”
The company website features a video of Obama in Kenya championing ShoreBank microlending projects overseas. ShoreBank has also touted itself as a “green” bank from its founding days — promoting dubious carbon credit programs, subjecting new borrowers to eco-litmus tests (”we look at how you use water, how you recover water and clean it, how you use energy, if you produce clean energy, how you manage CO2, whether you are offsetting CO2 that your product produces, if you are using sustainably produced materials”) and encouraging customers to participate in “EcoDeposits” to “directly support the green agenda.”
Social and environmental justice may make for good Volvo bumper stickers. They do not, however, make for a good bottom line. While the bank was on do-gooder missions around the world, business at home was in trouble. As The Wall Street Journal reported, “Losses racked up during the recession have left the bank facing a demand to raise new capital or face likely closure by regulators.”
Enter the Chicago political friends and family of ShoreBank. The ties are long and deep, as the Central Illinois 9/12 Project has been chronicling for months:
— ShoreBank co-founder Jan Piercy was a Wellesley College roommate of Hillary Clinton’s, who has long supported the bank along with former president Bill Clinton.
— Former ShoreBank Vice Chairman Bob Nash worked for Mrs. Clinton’s presidential bid as deputy campaign manager. Board of Directors member Howard Stanback is a Hyde Park neighborhood pal of President Obama, who served with Stanback on the board of the radical Woods Fund (where Weather Underground terrorist Bill Ayers also sat).
— White House senior advisor Valerie Jarrett served on the board of Chicago Metropolis 2020 with ShoreBank Director Adele Simmons, former president of the liberal MacArthur Foundation, where she focused on “climate change” and “global governance” issues.
— The bank and its employees donated some $12,000 to the Obama 2008 presidential campaign, and co-founder Mary Houghton reportedly gave advice to Obama’s late mother about small business lending issues.
In other words: ShoreBank is too politically connected to fail. And now you, the taxpayer, may be on the hook for helping its cronies engineer a special rescue. Fox Business News reported this week that a consortium of large lenders — including Goldman Sachs, Citigroup and GE Capital — have partnered with the feds to pitch in a combined $200 million public-private bailout. (In addition, Illinois Democrat Rep. Jan Schakowsky has been crusading for a state-level bailout of the beleaguered bank.) The buzz on both Wall Street and Capitol Hill is that Goldman and perhaps others in the public-private partnership were pressured to lend a hand.
It wouldn’t be the first time that businesses have felt the Obama squeeze. And it wouldn’t be the first time that Democrats exploited the financial crisis to milk public money for their banking cronies.
The laggardly House Ethics Committee is still investigating Democrat California Rep. Maxine Waters, who had a personal and financial stake in Boston-based OneUnited, a minority bank that received $12 million in TARP bailout money under smelly circumstances. The bank’s executives donated $12,500 to her congressional campaigns. Her husband, Sidney Williams, was an investor in one of the banks that merged into OneUnited. Waters secured meetings between OneUnited execs and Treasury Department officials.
That probe has dragged on for nearly a year, which doesn’t bode well for fresh GOP demands for an investigation into the shady ShoreBank bailout. House Financial Services Committee ranking minority member Spencer Bachus, R-Ala., has demanded that the White House cough up documentation about any possible overt contact with Goldman about the deal.
Team Obama is smarter than that, of course. To quote Obama’s environmental czar Carol Browner, who pressured auto industry execs last year to cooperate on a fuel standards increase, they know “to put nothing in writing, ever.”
The fingerprints may be missing, but the stench of the Chicago Way is impossible to cover up.
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