Posted on 05/23/2010 3:07:34 PM PDT by raptor22
Stephen wrote about the politically connected, and failing, ShoreBank on Wednesday. Investor’s Business Daily also covered the topic in an editorial yesterday:
Scandal: Sometimes banks are too small to fail, such as when they are in the president’s hometown, deal with the president’s friends and serve the president’s agenda. Or should we perhaps say too connected to fail?
ShoreBank’s Web site boasts: “Van Jones saves at ShoreBank so his money fights for green jobs just like he does.”
It proudly notes, “According to former Vice President Al Gore, ‘Van Jones demonstrates conclusively that the best solutions for the survivability of our planet are also the best solutions for everyday Americans.’ “
(Excerpt) Read more at nationalreview.com ...
Its my belief that many of these banks are being tapped from inside by the hacks that run them and thier pals..but nobody from the in crowd is being prosecuted..
Ping
“Its my belief that many of these banks are being tapped from inside by the hacks that run them and thier pals..but nobody from the in crowd is being prosecuted.”
One of the biggest fallacies in our country today is that the Democraps are the party of the downtrodden. Somebody please take the blinders off their eyes!
When I first heard of Meg Whitman, I thought she would be a new shining star for the Republican party, but then I saw a clip of her praising Van Jones.
Well, that shot her star power, and made me realize that she is as crooked as all the other Marxist.
Beck has been on this story for a week.
“Its my belief that many of these banks are being tapped from inside by the hacks that run them and thier pals..but nobody from the in crowd is being prosecuted..”
Money Laundering?
One of the Cabal’s laundrymats.
Pray for America
I wonder if Beck is an Illegal Alien?
Afterall, he is doing the job that American reporters won’t do...
Obot marxist scam .. through and through,
and merging houses of worship with govt,
just as Glenn Beck is reporting.
Damn them .. so many churches, etc. are
poor, how many will fall for this tripe
and takeover ??
~~~~~~~~~~
Faith-Based Banking
ShoreBank is an innovator in providing banking services to faith-based organizations. Faith-based organizations are often anchors in urban neighborhoods, providing gathering places, programs and services for the community, thus building greater community stability and strength.
ShoreBank provides capital for faith-based organizations to renovate buildings, create programs such as day care and financial literacy, or add complementary businesses such as book stores. ShoreBank provides services for their congregants as well, including socially responsible deposit opportunities and money management classes. ShoreBank has also created partnerships with faith-based organizations to link congregation members with jobs, skills training and support services.
Loans to Faith-Based & Nonprofit Organizations
ShoreBank
ShoreBank, a full-service Illinois-chartered bank with branches in Chicago, Cleveland and Detroit, focuses on banking services for individuals, real estate and small business owners, and faith-based and nonprofit organizations.
more...
ShoreBank Cleveland
ShoreBank Cleveland provides loans to businesses, faith-based and nonprofit organizations, and real estate developers.
more...
ShoreBank Pacific
ShoreBank Pacific is a Washington-chartered bank that provides deposits, loans and consulting services to help businesses grow and become more environmentally sustainable.
more...
Savings, Checking, CD & IRA Accounts
ShoreBank
ShoreBank, a full-service Illinois-chartered bank with branches in Chicago, Cleveland and Detroit, focuses on banking services for individuals, real estate and small business owners, and faith-based and nonprofit organizations.
more...
ShoreBank Cleveland
ShoreBank Cleveland provides loans to businesses, faith-based and nonprofit organizations, and real estate developers.
more...
ShoreBank Pacific
ShoreBank Pacific is a Washington-chartered bank that provides deposits, loans and consulting services to help businesses grow and become more environmentally sustainable.
more...
FDIC NOTICE:
ShoreBank is participating in the FDIC’s Transaction Account Guarantee Program. Under the program, through June 30, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. General FDIC coverage for deposit accounts has also been increased to $250,000 per depositor through December 31, 2013.
The entire Shore Bank hierarchy is riddled with leftists not the least of which is Van Jones.
bttt
AUDIT THE FED
One of Beck’s shows last week ran the flowchart on this bank, uncanny the slim involved.
Wonder if there are any connections with “Uncle” AMish’s bank or Broadway Bank?
ShoreBank Corporation Shareholders
ShoreBank Corporation has approximately 70 shareholders, consisting of financial institutions, foundations, insurance companies, faith-based institutions, trusts and individuals. Following is a selective list of shareholders.
Allstate Insurance Company
Bank of America Corporation
BP Corporation North America Inc.
Bullitt Foundation
Calvert Social Investment Equity Fund Catholic Healthcare West
Center for Community Change
Charles Stewart Mott Foundation
Chicago Community Foundation
Cleveland Tomorrow
CNA Financial Corporation
Cooperative Assistance Fund
Cummins Foundation Inc.
Development Equity Fund, L.L.C
Domestic and Foreign Missionary Society
of the Protestant Episcopal Church of the US
Dominican Sisters of Springfield, IL
Ecotrust
Episcopal Diocese of Northern Michigan
F.B. Heron Foundation
Ford Foundation
Harris Bankcorp, Inc.
Health Care Service Corporation
Illinois Prepaid Tuition Trust Fund
Irving Harris Foundation
Irwin-Sweeney-Miller Foundation
JPMorgan Chase & Co.
John D. and Catherine T. MacArthur Foundation
Joyce Foundation
LaSalle National Corporation
Lumbermens Mutual Casualty Company
MAF Investments, Ltd.
Marquette Community Foundation
MBNA Community Development Corporation.
New Prospect Foundation
Northern Michigan University
Northern Trust Corporation
Piton Foundation
Prudential Insurance Company
R.D. Merrill Company
Regency Savings Bank, F.S.B.
South Shore Commission
State Farm Mutual Automobile Company
Twenty-First Century Foundation
UIDC Holdings, L.P.
Unitarian Universalist Congregation at Shelter Rock
United Church of Christ/ Local Church Ministries.
Wells Fargo Bank, N.A.
Wieboldt Foundation
//
(no links)
IT'S ALL IN WHO YOU KNOW? LET'S SEE
St. Petersburg Times (FL) - Sunday, October 12, 2008
Author: BEN MONTGOMERY, Times Staff Writer
(snip)
Here's a short list of prominent people at least as connected to Ayers as Barack Obama. Many of them served on various boards with Ayers, while others consider him a friend and associate.
Susan Crown: Vice president of Henry Crown & Co., the largest single investor in Virginia defense contractor General Dynamics Corp. The bulk of the family's holdings are in manufacturing and real estate. Other nuggets include Aspen Skiing Co. resort in Colorado and stakes in the Chicago Bulls, the New York Yankees and New York's Rockefeller Center.
Patricia Graham: Former dean of the Harvard Graduate School of Education, and board member for Houston-based Apache Corp., an independent energy company. She served as president of the Spencer Foundation, which supports research into educational improvement.
Arnold Weber: Past president of Northwestern University and of the Civic Committee of the Commercial Club of Chicago, a leading business and civic organization, and director of Chicago-based Diamond Management and Technology Consultants. He has been on faculty at the Graduate School of Business at the University of Chicago, Stanford University and the Massachusetts Institute of Technology, and a trustee of the Chicago Museum of Science and Industry.
Diana Nelson: Former Republican Illinois state representative and executive director of Cross City Campaign for Urban School Reform.
Adele Simmons: Vice chair of Chicago Metropolis 2020 and president of the Global Philanthropy Partnership. From 1989 to 1999, she was president of the John D. and Catherine T. MacArthur Foundation. Also a director of the Shorebank Corp. and member of the boards of the Field Museum of Chicago, the Union of Concerned Scientists and the Environmental Defense Fund.
Richard Daley: Mayor of Chicago, named one of Timemagazine’s five best big-city mayors in 2005.
Stanley Fish: Davidson-Kahn Distinguished University Professor of Humanities and a professor of law at Florida International University, as well as dean emeritus of the College of Liberal Arts and Sciences at the University of Illinois at Chicago, and the author of 10 books.
Ted Sizer: “One of American education's most influential thinkers for over four decades,” according to Education Sector, a nonpartisan independent think tank. Author of the Horace trilogy, dean of the Harvard Graduate School of Education and headmaster of Phillips Academy in Andover, Mass., where presidents George H.W. Bush and George W. Bush schooled.
Deborah Meier: Author of five books on education, MacArthur Foundation “Genius” grantee, and currently on the faculty of New York University's Steinhardt School of Culture, Education and Human Development.
Alex Polikoff: Lead counsel in the Gautreaux public housing litigation for more than 40 years. Former executive director of Chicago's Business and Professional People for the Public Interest. Was a member of Chicago law firm Schiff Hardin & Waite. Author of Housing the Poor: The Case for Heroism and Waiting for Gautreaux.
Warren Chapman: Vice chancellor for external affairs at University of Illinois at Chicago. Former president of the Bank One Foundation and vice president and national philanthropic adviser for JPMorganChase. Former lead program officer for the Joyce Foundation and member of the boards of directors of the Chicago Historical Society, the Metropolitan Planning Council and Columbia College Chicago.
R. Eden Martin: Executive director of Chicago's Civic Committee of the Commercial Club, and partner in the law firm of Sidley & Austin.
Vartan Gregorian: Former president of the New York Public Library and Brown University. Current president of Carnegie Corporation of New York, trustee of the Museum of Modern Art in New York and member of the editorial board of the Encyclopedia Britannica. Recipient of the National Humanities Medal and the Presidential Medal of Freedom and honorary degrees from 56 institutions.
Rabbi Arnold Jacob Wolf: Rabbi emeritus at KAM Isaiah Israel, located across the street from the Obamas’ Kenwood home. Taught at Yale, Hebrew Union College-Jewish Institute of Religion, the University of Chicago and Loyola Marymount University, and author of Unfinished Rabbi.
Sources: major newspapers, business journals and national magazines.
//
Obama urges Kenyan men to ‘respect the girls’
Naperville Sun, The (IL) - Monday, August 28, 2006
NAIROBI, Kenya - The streets of Kibera, one of the worst slums in the world, are packed as thousands of people are running Sunday afternoon in a dangerous stampede after U.S. Sen. Barack Obama ‘s almost 20-car motorcade.
Security is high. Kenyan police from different branches swagger with canes and clubs, officers in Kenyan military-style uniforms ride horses for crowd control and safari-vested agents who are part of the U.S. State Department diplomatic protection service are on the ground.
Obama touched off a mob scene, but the mob was there already.
Kibera, a district in Nairobi, jams at least 700,000 people in an area of about a mile. Some of them on this day were chanting “ Obama “ as they ran en masse down the street.
People dwell here in ragged canvas tents and shacks covered with corrugated roofs. Garbage piles on the street are festering. It's filthy and smells of raw sewage. There is very little commerce - the spindly street stalls do not count for much.
Late last year, U.S. Sen. Dick Durbin, the other senator from Illinois, and like Obama a Democrat, also visited this notorious slum in Kenya, though with no media in tow.
Obama had a session on microfinance, with a roundtable touching on below-market microbusiness loans pioneered by Chicago's Shorebank .
(snip)
//
Lending to churches has its risks and rewards
Chicago Sun-Times (IL) - Friday, December 24, 2004
Author: Mary Wisniewski
When the Rev. Clifford Spears was elected pastor of St. Michael Missionary Baptist Church in May 2002, one of his first duties was figuring out what to do with a big, weed-filled hole in the ground.
The previous pastor of the West Side parish had started building a new church and recreation center at 4105 W. Monroe in 2000, with a $700,000 bank loan. But the bank cut off the money at $240,000, and the project was halted with just the hole dug, a roof framed and a back wall erected. Then the old pastor died.
“The bank couldn't tell us what was wrong,” said Spears, who didn't name the bank, but said it was a big one. “It was a disaster. I spent a year wrestling with them.”
Another Austin minister, the Rev. Johnny Henderson of Home of Life MB Baptist Church, recommended Spears go to ABC Bank, also known as Austin Bank of Chicago, which has a specialty in church lending. ABC lent St. Michael's enough to close out the old loan and finish the project.
Sam Scott, president of 113-year-old ABC Bank, said that about 35 percent of the Austin branch's lending is to churches, because churches and other community groups are the glue that holds together an impoverished neighborhood.
“If we're to survive, the neighborhood has to be stable,” said Scott, who became head of the bank in 1987. Scott said the churches in neighborhoods like Austin go beyond spreading their religious beliefs. They build gyms, day-care centers, schools and banquet halls — giving people places to go so they can stay off the street.
“Ministers understand what needs to be done in their neighborhood in order for their church to survive,” said Scott. “They fight the elements as strongly as the bank does.”
Since 1987, ABC has lent about $60 million to churches —without one foreclosure.
“The bank's never suffered a nickel of loss on churches,” Scott said. On the couple of occasions when a loan has gone soft, other pastors stepped in to help.
Lending to churches poses different challenges than lending to other types of business, and some banks shy away from it. “It's not the corner delicatessen,” said Scott.
Ministers aren't always sophisticated borrowers — they know what they want, but they're not sure how to get it.
Some ministers don't go to a bank for a loan, because they're intimidated. Others may come without a financial plan that makes sense. Scott and ABC's Colette Loesher, the senior loan officer, work with churches to come up with plans to make the loan work.
The Rev. Clyde White, associate pastor at Trinity United Church of Christ and the director of ShoreBank ‘s faith-based banking center, said sometimes bankers don't understand the nuances and eccentricities of a church community.
For example, White said, a church's structure often doesn't resemble that of an ordinary business. An outsider may see only a church's dynamic, roof-shaking preacher, and not understand that the church elders — the trustee board, the stewardship council — are really running the ship.
“We can talk church,” White said. “We know the nuances.” ShoreBank ‘s eight-year-old lending program has made more than $150 million in loans to churches on the South and West sides. White said he has seen more interest from other banks in church lending in recent years.
Henderson got a $1.6 million loan from ABC Bank to build a new church at 4650 W. Madison, to accommodate a congregation that has grown from 15 in 1982 to 2,000 now. The bank helped the church find an architect.
(snip)
(no links)
2 TREASURY OFFICIALS QUIT IN BANK FUNDING PROBE
Chicago Tribune - Thursday, August 7, 1997
Author: Nancy Millman, Tribune Staff Writer.
Two Treasury officials who funneled $11 million in loans allegedly without proper documentation to banks with ties to the Clintons—including Chicago-based Shorebank —resigned Wednesday.
Treasury Secretary Robert Rubin accepted the resignations of the two top officials of the Community Development Financial Institutions Fund, Director Kirsten Moy and Deputy Director Steven Rohde
They have been the focus of criticism since last month, when an investigation found that documents on four banks receiving that money were prepared months after the loans had been made.
Undated evaluation memos, written by Rohde, allegedly were placed in the fund’s files shortly before staff members from the congressional Subcommittee on General Oversight and Investigation arrived to inspect the files.
The Republican-controlled House Banking Committee, which called for the investigation, raised the issue that the four banks involved—including Shorebank Corp. and Southern Development Bancorporation in Arkadelphia, Ark.—had ties to Hillary Clinton.
The committee alleged that the awards were the result of cronyism.
While President Clinton was governor of Arkansas, Shorebank helped to set up Southern Development in the state as the first rural development bank.
Hillary Clinton’s college roommate, Jan Piercy, was a Shorebank executive who worked on the project and persuaded Mrs. Clinton to serve on the board.
Shorebank , parent of South Shore Bank, was the model President Clinton invoked during his 1992 campaign in urging establishment of the fund.
One of the planks in his platform was that the country should have at least 100 such banks to lend to poor people and small businesses.
(snip)
//
http://www.aspeninstitute.org/people/kirsten-moy
Kirsten S. Moy
Director
Program(s):
Economic Opportunities Program
Area(s) of Expertise:
Community DevelopmentCorporate ResponsibilityEconomic DevelopmentNonprofit OrganizationsPoverty AlleviationSocially Responsible Investing
Contact Information
Preferred Email: kirsten.moy@aspeninstitute.org
Biography
Kirsten Moy heads the Economic Opportunities Program, which promotes learning about highly promising poverty alleviation, self-employment, and employment strategies. She came to the Aspen Institute directly from the Community Development Innovation and Infrastructure Initiative (CDIII), where she served as director of a national research project on the future of community development and community development finance. She joined EOP in April 2001. Kirsten has been a distinguished visitor with the Human and Community Development program of the John D. and Catherine T. MacArthur Foundation in Chicago, and served in the Clinton administration as director of the Community Development Financial Institutions Fund (CDFI) at the US Department of Treasury.
//
FEDERAL GRANTS TO SHOREBANK ARE UNDER PROBE
Chicago Tribune - Thursday, July 17, 1997
Author: William Gruber and Nancy Millman, Tribune Staff Writers.
It was the mid-1980s, and then-Gov. Bill Clinton and wife Hillary were having Thanksgiving dinner with one of Mrs. Clinton’s former college roommates.
Jan Piercy, the friend from Wellesley College and then a senior official of Chicago-based Shorebank Corp., told the Clintons about how her institution’s practice of loaning money to inner city entrepreneurs and property owners could work in Arkansas
Out of that dinner conversation, Shorebank and Piercy eventually helped launch in 1988 Southern Development Bankcorp in Little Rock, Ark. And Hillary Clinton, along with two officers of Shorebank , served on Southern’s board.
Shorebank , which is the holding company for South Shore Bank on Chicago’s South Side, became the model during the 1992 election for the kind of community development bank Clinton said should be funding urban redevelopment around the country.
Now, however, the Clintons’ long ties to Shorebank are at the center of a political imbroglio.
At issue is whether the Clintons’ links to Shorebank are in any way related to how that institution last year received millions in community development funds, perhaps without proper paperwork having been done.
The money came from the Community Development Financial Institutions Fund, which the Clinton administration established last year to spur investment in poorer neighborhoods. Republicans in Congress and the administration now are debating future funding for the program.
When banks that applied for the $37 million in grants last year did not receive them and wanted to know why, the Republican-led House Banking Committee called for an investigation.
According to the investigation by the Treasury ‘s inspector general, evaluation documents that should have been in files to substantiate Shorebank -related grants were hastily prepared this spring only hours before congressional investigators arrived to inspect them.
Evaluation documents are a routine part of the grant evaluation process.
The memos were undated and placed in the files, apparently to make investigators think they had been written when the grants were made, the investigation found.
Investigators said that of the 32 entities awarded money from the fund, the four with connections to the Clintons did not have evaluation memos.
Nearly $11 million in grants were awarded last July to banks linked to Shorebank , which has 11 subsidiaries around the nation.
Of that nearly $11 million, Shorebank received $4.5 million for development in Detroit and Cleveland. The remaining more than $6 million went to banks in Kansas City and Louisville, with which Shorebank has a contining consulting relationship.
The banking committee said that the fund’s deputy director, Steve Rohde, personally conducted the Treasury review linked to Shorebank .
Rohde, the banking panel alleged, formerly “may have been a consultant for Shorebank .”
Shorebank does not own or control Southern Development, or the two other banks whose grants allegedly were handled by Rohde.
Robert Weissbourd, vice president at Shorebank , said Rohde has never been employed by the bank or had a business relationship with the company.
A source in the inspector general’s office said Wednesday that the report did not establish any business relationship between Rohde and Shorebank .
“It’s a small industry and Steve has been active in it for a decade,” Weissbourd said. “Undoubtedly, professional relationships in that period of time have occurred between people here and Steve. But Steve didn’t stand to benefit from awarding money to Shorebank .”
Rohde could not be reached on Wednesday. But he told the Associated Press that the memos are not misleading because they reflect the actual evaluation process and were based on notes he made when the grants were awarded.
For her part, Piercy left Shorebank six years ago and was appointed by Clinton in 1994 to be the U.S. executive director of the World Bank.
Shorebank ‘s Weissbourd said that “no one is saying we have done anything wrong.”
“We’ve been doing good work in the communities along with the other organizations like us,” he said. “I have no personal knowledge of what procedures the Treasury has followed in choosing institutions under the program. They’re attacking the Clintons.
“We’re caught in the crossfire,” he added.
The investigation by the inspector general showed that on April 17, the director of the fund, Kirsten Moy , was informed that congressional investigators would review the following day files relating to the 1996 awards.
Moy , who was in Paris, called Rohde and instructed him to make every effort to complete evaluation memos on the bank grants in question and have them inserted in the files before the arrival of the investigators the following day.
Rohde, the report says, asked the fund’s general counsel about the possibility of leaving the memos undated, but he was advised to put current dates on the documents.
Rohde and his secretary worked into the night and shortly before the investigators arrived.
(snip)
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