-By Ann “Babe” Huggett
Chicago’s ShoreBank, known as the “Clintons’ favorite bank” and with close ties to the Obama Administration, which allegedly pushed Goldman Sachs and Citibank to underwrite it using $135 million of their TARP funds even as it reported losses, failed on August 20th but immediately reorganized itself as Urban Partnership Bank. Upon the reorganization, the Federal Deposit Insurance Corporation (FDIC) quickly handed over $367.7 million to keep the newly renamed bank’s doors open.
Earlier in the year, the Illinois Financial Authority’s chairman, Bill Brandt, ignoring pressure from Democratic Sen. Dick Durbin and U.S. Rep. Jan Schakowsky to bail out ShoreBank and its toxic assets, literally passed the buck to the Feds when he hinted at potential political fallout and/or actual physical street violence if ShoreBank, whose executives were neighbors of the Obamas in Chicago, was not bailed out by the US Treasury.
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Chicago’s ShoreBank morphs into Urban Partnership Bank to continue its progressive Green Agenda using FDIC funds”