Posted on 01/24/2012 5:47:05 PM PST by george76
Crain’s Chicago Business reports that Alvin Boutte, Jr., the adviser who encouraged the state to invest in Democrats’ beloved ShoreBank as it was failing, has agreed to pay a fine, to have his securities license suspended, and to work under “heightened supervision” in the securities industry for the next year.
The ShoreBank scandal erupted in 2010 as Chicago Democrats, particularly Rep. Jan Schakowsky, tried to bail out the bank using any means necessary–whether federal, state, or private money. The bank’s closure was delayed several times–evidence, critics charged, of preferential treatment from the Obama administration.
Eventually, under pressure from the Tea Party and the media, a bailout was averted and federal regulators moved in.
Curiously, the bank’s management was permitted to buy ShoreBank’s serviceable assets and reconstitute the failed institution as Urban Partnership Bank, while taxpayers were obliged to carry the cost of dispensing with the rest.
(Excerpt) Read more at biggovernment.com ...
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, and served with Stanback on the board of the radical Woods Fund (where Weather Underground terrorist Bill Ayers also sat).
http://www.nationalreview.com/articles/229805/shady-shorebank-bailout/michelle-malkin
ShoreBank files for Ch. 11 bankruptcy.
After ShoreBank failed, its assets were sold to Urban Partnership Bank, which was financed by several big banks and investment banks.
FYI ping.
ShoreBank is politically connected to both Bill and Hillary Clinton and Michelle and Barack Obama.
the second part of the sidebar, which notes (favorably) Obama’s connection to Saul Alinsky:
The first social shareholder proxy initiative was organized by the iconic Chicago-based community organizer Saul Alinsky against Eastman Kodak in the late 1960s. Alinsky died in 1972. Barack arrived in Chicago 13 years later to work with the Developing Communities Project, an offshoot of Alinsky’s network, a context which must have made him conversant with proxy voting strategies.
http://www.verumserum.com/?p=14805
the motto that was Shorebank – that is still the unspoken motto of U.P.B. ?
Building an inclusive global financial system
Check out this article just posted today. It mentions the ShoreBank scandal.
http://theulstermanreport.com/2012/01/24/wall-street-insider-california/
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