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Late last week, at the 11th hour, the Senate removed an amendment that would have required the inspector general of the Federal Deposit Insurance Corporation to investigate the corrupt ShoreBank bailout, as well as every other bailout since January 2009. It is the clearest sign yet that the White House and Democrats in Congress are covering up the truth. If there is nothing to hide, why block the ShoreBank investigation?
Even Rep. Barney Frank had publicly given his support to a ShoreBank probe. The bank claimed an investigation would delay the arrival of funds needed to keep it afloat. Yet Frank made sure that none of the banks being investigated would have had their federal assistance suspended (as the amendment originally provided). So there was no chance that ShoreBank’s bailout–if it were to be approved–would have been stalled.
Lynn Sweet of the Chicago Sun-Times–who is close to Rep. Jan Schakowsky (D-IL), the main political sponsor of the ShoreBank bailout–asks: “What exactly does Chicago’s ShoreBank have to do to survive?” But the real question she and other journalists must ask–and would ask, if this were any other bank–is: “What exactly are Democrats trying to hide?” If this Congress won’t investigate corruption, we ought to elect one that will.
ShoreBank is still seeking $75 million in federal bank bailout funds after lining up roughly $165 million from Goldman Sachs, J. P. Morgan Chase & Co., Bank of America Corp. and other megabanks with huge issues pending before Congress and the administration.