[hoosiermama]

MMM MMM More!

[STARWISE]

The headline is a COMPLETE LIE.

It didn’t go under .. just got renamed
and re-capitalized.

Same purpose - govt money thievery for the
redistribution of wealth to the underprivileged
for continued vote buying.

Same villians - lib/progressives/big money financial
lackies.

Same victims - the US taxpayers and their progeny for
God knows how many generations.

[Liz]

THIS JUST IN----Regulators shut Chicago-based ShoreBank-----now known as " Urban Partnership Bank "

In an unusual move, the FDIC allowed some of ShoreBank's executives to continue managing the restructured bank, now known as " Urban Partnership Bank. " The recently hired ShoreBank managers "did not contribute to the bank's problems," the FDIC said.

ShoreBank lost $39.5 million in the second quarter as its real estate loans soured. The bank had been under a so-called "cease and desist" order from the FDIC for more than a year, requiring it to boost its capital reserves.

The Bank was able to raise more than $146 million from several big Wall Street institutions.......... members of the newly chartered Urban Partnership Bank include Goldman Sachs Group Inc., Citigroup Inc, Morgan Stanley and Wells Fargo & Co.

The MacArthur Foundation also owns a share, the FDIC said.

The FDIC and Urban Partnership Bank also agreed to share losses on $1.41 billion of ShoreBank's loans and other assets.

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They say $75 million in anticipated funding never materialized from the fed's bailout funds for failing banks............betcha G/S got tax dollars to do the deal.....thanks to G/S insider, Rahm Emanuel.

I just hope there's no illegal conversions of federal funds going on here (/snix).