Lawmaker Seeks Investigation Into ShoreBank Bailout
Lawmaker Seeks Investigation Into ShoreBank Bailout - FOXBusiness.com
Quote(Just when officials at the politically connected community lender ShoreBank thought they were rescued from near-certain failure by a consortium of Wall Street
firms, a top Republican lawmaker is investigating why the firms were so generous with their money, FOX Business has learned.)
That is a question we are all interested in
Quote(Spencer Bachus, the ranking Republican on the House Financial Services Committee, wrote President Obama this morning asking for "all records of communication - including emails, phone logs and meeting records- related to the ShoreBank negotiations that exist between the Administration and representatives of ShoreBank, and executives of the banks involved in the bailout.")
One doubts that all the paperwork will be readily available.
Quote(But people at the big banks say they received what they described as political pressure to make the contributions; Shorebank is based in Chicago, President Obama's hometown, and has been singled out by the president for praise because of its lending activities in poor communities. In addition, President Obama's senior adviser, Valerie Jarrett, has served on a Chicago civic organization with a Shorebank director.
Jarrett has denied any involvement in pressuring the banks to make the donations, but Bachus is examining why Goldman would be interested in saving a community bank in Chicago that many financial analysts believe would have failed without its political ties because of its soured business model.)
Well someone pressured other Financial institutions into making loans to this Bank.
Wonder if this will become Obama's whitewater?
That is the main problem with Chicago, if they ever get someone else's money they make it their own by hook or crook!