Posted on 08/20/2010 5:48:15 PM PDT by STARWISE
Jeeze ..look at this:
Regulators shut big Chicago-based bank
Excerpt:
In an unusual move, the FDIC allowed some of ShoreBank's executives to continue running the restructured bank. Executives who joined ShoreBank recently, as the bank struggled to raise capital, will manage Urban Partnership Bank.
These managers "did not contribute to the bank's problems," the FDIC said. ((I'll bet they were just placed there by the O-Machine.))
ShoreBank lost $39.5 million in the second quarter amid soured real estate loans. 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. ShoreBank was able to raise more than $146 million in capital this spring 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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Same place, new name ... unreal. These cretins are beyond shame. They just have too many plans for this institution for their 'green' economy jobs and slush funds to let it die as it should have.
So the obamma Feds just put all the bank’s bad money onto the taxpayers, but gave all the back’s good money back to the same nmanagement team? Something isn’t right here?
Might as well name the entire country Goldman Sachs and be done with it.
Isn’t SHore Bank the bank for Chicago’s MAFIA??
** Ping !
take over or cover up?
TOTAL scam and coverup.
pardon me while I throw up
Both. (Fox) Take it over (guarding) so you can cover up (hen house). This is so obvious it stinks.
well here’s another one for ya’- i live in Vermont and there was a fairly large bank called “Chittenden Bank” (for Chittenden Co in Vt) NOW it’s called PEOPLE’S UNITED BANK classifying itself as the largest bank in New England
Yeah, but G/S got tax dollars to do the deal.....I just hope there's not an illegal conversion of federal funds going on here (/snix).
Liberals organized, infiltrated key choke points in the country, wrested control, and now appoint only their own to boards in a perpetuating manner.
The only thing that will change it are bullets. Elections? You’re kidding me?
“Urban Partnership Bank” - codewords in play.
Black Liberation Theology applied again by the regime.
I suppose they called it that because Tyra Banks was already taken.
And we all know what "community lending" means.
Might as well name the entire country Goldman Sachs and be done with it.
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Ain’t that the truth ..
More commie lingo, "underserved neighborhoods".
More commie lingo, “underserved neighborhoods” = social justice
Nanzi big bucks must be beside herself, she
with the .. pole vault in, thru the fence,
parachute over .. to get their damn commie way.
http://www.youtube.com/watch?v=imUyBlc7NHQ
DAMN THEM ALL! VOTE THEM ALL OUT !!
The bank lost $39.6 million the first six months of this year, and lost $119 million in all of 2009, partly due to bad loans to apartment buildings with five or more units, according to a report the bank filed with regulators.
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