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Lenders Agree to Prop Up Ailing ShoreBank

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posted on May, 19 2010 @ 03:00 PM
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Lenders Agree to Prop Up Ailing ShoreBank


www.foxbusiness.com

Some of the nation's largest banks have agreed to contribute enough money to save Chicago-based ShoreBank, the community lender with strong ties to the Obama administration.....
(visit the link for the full news article)




posted on May, 19 2010 @ 03:00 PM
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BAILOUT OF BANK WITH OBAMA TIES RAISES EYEBROWS; CITI, GE, TAXPAYERS TO RESCUE...


The bailout has been controversial. Senior Obama adviser Valerie Jarrett served on a Chicago civic organization with a director of the bank, and President Obama himself has singled out the bank for praise in lending to low-income communities.

But the bank has made its share of bad bets, and some of the Wall Street firms that have given money have said they've received political pressure to contribute to the bailout of a business that under normal circumstances would have been left to fail.


So we have the POTUS going around wall street making speeches or what not regarding bad practice and shame on them.

Now we have a failing bank, that isn't even in the category of "Too Big to Fail" being bailed by this administration. This type of bank would have been allowed to fail normally and assumed control by FDIC....but such isn't the case if you have ties with Obama.


www.foxbusiness.com
(visit the link for the full news article)



posted on May, 19 2010 @ 03:25 PM
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reply to post by prionace glauca
 


You know Obama reminds me of the Godfather. He helps out his friends, even if it means killing of some people that aren't his friends. Just like the Godfather, I am sure Obama will expect them to kiss the ring and remember that they owe him their loyalty.



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