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May 21, 2010

Re: How did ShoreBank get shored up with federal bailout funds?

Topics: Political News and commentaries

9d6879f14be8dd401089a250b735d2b8faa069dd.gifHow did the failure of a relatively small local bank in Chicago draw so many contributions from major financial institutions in order to qualify for $75 million in bailout cash?

As Ed Morrissey aptly notes, the bigger question has to do with why. And if you need a hint, the company's website features a video of Barack Obama in Kenya championing ShoreBank microlending projects overseas (pardon my political correctness but one can't help but notice there ain't no stinkin' white guys on Shorebank's front page).

Does anyone need help in spelling c-r-o-n-y c-a-p-i-t-a-l-i-s-m and p-o-l-i-t-i-c-a-l c-o-r-r-u-p-t-i-o-n? Big Government lays out some of the ties that bind and asks how is it that the federal government got into the business of picking winners and losers? Worthy of mention is that ten other Illinois banks closed in 2010 alone (apparently, they didn't have ties to the Obama administration).

Surprised at the Obama administration's chutzpah? Don't be; after all, it's the unique brand of systemic corruption and political hardball tactics called the Chicago way.

Video: Lawmakers Call for Probe into ShoreBank Rescue:

Posted by Abdul at May 21, 2010 1:38 PM

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