ShoreBank of Chicago’s mission was …
ShoreBank invests in people and their communities to create economic
equality and a health environment.
No kidding – economic equality. Who in their right mind would invest in a
bank with this objective? Whoever did is out of luck and out of money — or are
they?
This bank was closed yesterday by the FDIC and the assets will be taken over by Urban
Partnership Bank. (Acorn Bank must have finished second) Urban Partnership Bank
must have the same business plan. In fact, some of the new executives are going
to continue to work at the restructured bank. Sounds kind-of like a Bail Out to
me. According to the press release, the insolvency wasn’t related to sub-prime
lending .
No, they were just busy giving away our insured depositors money — making everybody economically equal, before the FDIC had to come in with another taxpayer bailout.
Moe Lane
PG DeFreese
Victoria Coates
Daniel Horowitz
Dan Spencer
It was a bailout AND favor buying.
usadying (Diary) Sunday, August 22nd at 12:14AM EST (link)Per Bloomberg:
Investors include Goldman Sachs Group Inc., General Electric Co., JPMorgan Chase & Co., Citigroup Inc. and several philanthropic groups, the people said. ShoreBank raised more than $145 million from the firms in May and the funds were placed in escrow pending a decision by the U.S. Treasury to provide another $75 million in bank bailout funds…. Representative Spencer Bachus, the ranking Republican on the House Financial Services Committee, said in May that firms that had banded together in an attempt to save ShoreBank were making the investments to gain favor the Obama administration.
Beck Spent time on his show, illustrating the connection
ywhyvon1 Sunday, August 22nd at 1:55PM EST (link)This bank has with the progressives(communists)
Socialist with fork looking for Socialist with pork pie-unknown
Here is the link
ywhyvon1 Sunday, August 22nd at 1:57PM EST (link)http://www.foxnews.com/story/0,2933,593343,00.html
Socialist with fork looking for Socialist with pork pie-unknown
FDIC "loan loss sharing"
Common_Cents (Diary) Sunday, August 22nd at 1:49PM EST (link)I wonder what kind of loan loss sharing agreement courtesy of taxpayers the investors got after getting the obama shakedown. Read about one west bank and the deal they got taking over indymac. Soros is an investor.
Obama=Golfer in Chief, Leading from,
behind, the Back Nine.Leaders don’t create movements. Movements create leaders. Get involved. Your future depends on it.
Govt “invests” YOUR tax money for POLITICAL return rather than economic return.
Great explaination about one west here
ywhyvon1 Monday, August 23rd at 7:05PM EST (link)http://www.youtube.com/watch?v=ssl5yb7FewA
Socialist with fork looking for Socialist with pork pie-unknown
Also FDIC may have to borrow from Fed
ywhyvon1 Monday, August 23rd at 7:09PM EST (link)http://www.reuters.com/article/idUSBNG28670420080827
Socialist with fork looking for Socialist with pork pie-unknown