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Grameen Bank was founded by Yunus with the help of bankers from the now defunct Shore Bank Chicago which had been dubbed "Obama's Bank."

Formerly, many microcredit programs which had been created long before banks got involved, struggled to grow because they depend on charity for capital that could be lent to the poor.

Yunus spent a great deal of time traveling around the world lobbying to change national banking laws to allow for the creation of microcredit banks.

Whether Yunus was looking at the world through the "rose colored glasses" of socialism or through Quranic prism of Sharia-compliant moneylending ( Muslims cannot lend money for interest ), what Yunus didn't seem to accept - or want to accept - is that banks are not charities. They are businesses. And the purpose of being in business is not to function as a charity. It is to make money.

http://articles.chicagotribune.com/2006-11-22/business/0611220242_1_grameen-bank-muhammad-yunus-shorebank

Chicago's ShoreBank fails, is bought by investors

South Side institution billed itself as the leading lender to low- and moderate-income urban areas

August 20, 2010|By Becky Yerak, Tribune reporter

http://articles.chicagotribune.com/2010-08-20/business/ct-biz-0821-shorebank-20100820_1_fdic-assets-david-vitale

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Perhaps one of the reasons why Obama thought Yunus was a "great guy" was because Obama's own mother, Stanley A. Dunham Soetero, had been one of the "Western pioneers" of microcredit with Peter Geithner ( Tim Geithner's father) when both worked in Indonesia for the Ford Foundation.....at a time when charitable organizations like the Ford Foundation were still the sources of the capital that was being lent to the poor.

Timothy Geithner and his Father’s Legacy in Microcredit

http://www.huffingtonpost.com/vivian-norris-de-montaigu/timothy-geithner-and-his_b_164192.html

Ping!

A trip down memory lane vis-a-vis SAD, Shore Bank Chicago, micro loans, Peter Geithner, etc.

Ping to # 26 .

A trip down memory lane vis-a-vis SAD, Shore Bank Chicago, micro loans, Peter Geithner, etc.

Thanks, rxsid.