Posted on 08/05/2010 5:26:22 PM PDT by Nachum
Curiously enough, once SIGTARP announced that it might investigate undue political pressure to bailout Shorebank, the government support seems to have dried up:
ShoreBank Corp. has failed to secure $75 million in federal bailout money and may be forced to close, Bloomberg News reported today.
The Chicago-based bank, known for lending to low-income communities, raised more than $145 million in private equity. But the money was contingent on federal help.
Citing three people with direct knowledge of the matter, Bloomberg said the federal money is not forthcoming. It said one source said the private equity is scheduled to be returned to investors Friday unless some other solution can be found.
(Excerpt) Read more at verumserum.com ...
Kudos to Glenn Beck for keeping the spotlight on this fiasco. Without him, they would surely have gotten the $75M (or more).
Yes they scam! The name will change and the funds will be re-routed.
“The name will change and the funds will be re-routed.”
Dead on, screamin!
I don’t know, but maybe Maxine Waters could pick up the phone and call someone.It seems she has a lot of pull. LOL
Wouldn’t it be sweet if a couple of Democrat high rollers lost their shirts in this deal?
That doesn’t happen in Illinois.
You don’t think some people lost their shirts betting that Obama would deliver on the Olympics?
Nope, those bets were covered.
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