Is Obama propping up his favorite Chicago bank?

SMALL INSTITUTION BASED IN CHICAGO RECEIVES LAST-MINUTE HELP FROM GIANT WALL STREET LENDERS, BUT WHY?

by Sharon Rondeau

Illinois Rep. Judy Biggert (R) is one of two members of Congress demanding an investigation into the bailout of Shorebank on Chicago's South Side

(May 20, 2010) — A “small, Chicago-based bank” received a little help from some very generous friends on Wednesday.

According to The Financial Times, the bank “has important political friends in Washington, including former President Bill Clinton.  Another report describes Shorebank as “a very politically connected bank.”

At least two members of Congress have questioned Obama if he exerted any influence to infuse the small community bank with cash from the three large Wall Street firms so that it would qualify for an additional $75,000,000 from the federal government.  A letter has been sent to Obama asking for records of the negotiations which took place among the bank, the administration and the executives of the firms loaning the money.

Obama has apparently lauded Shorebank for its practice of loaning money to communities with lower incomes, and his “senior adviser, Valerie Jarrett, has served on a Chicago civic organization with a Shorebank director.”

Other companies involved in the bank’s rescue are J.P. Morgan and Bank of America.  As of last Saturday, Shorebank’s future appeared grim.  Reportedly, the bank has “has high-profile supporters in Washington and Chicago.”  Illinois Congresswoman Jan Schakowsky (D) has been encouraging the financial giants to “spare one of the victims … of their recklessness.”

Goldman Sachs is being investigated by the Securities and Exchange Commission (SEC) and, like GE Capital, received federal “bailout” money from the TARP bill passed in 2008 under President Bush.

Attempts to save the failing bank by state financial officials have been under way since January of this year.  At that time, one of the officers involved in discussions to possibly save the bank stated that “the White House is concerned about ShoreBank.”  The same article states that the co-founders of the bank live in Obama’s former neighborhood of Hyde Park.

Writer Michelle Malkin points out a very close tie between Shorebank and Obama:  a video of Obama visiting Kenya in 2006 in which Shorebank is depicted as a model for a program to make small loans to poor people in Kenya.  In the video, Obama makes promises of U.S. economic help to Kenya.  The video does not explain why Obama and his wife chose to visit Kenya at that time over all of the other poor African countries.

10 Responses to "Is Obama propping up his favorite Chicago bank?"

  1. Vic Hern   Tuesday, May 25, 2010 at 10:53 AM

    I happened to hear this AM on WLS 890AM Chicago radio, a report on the Don Wade and Roma Show a short piece questioning why Obama has arranged for all kind of loans and guarantees for Shore Bank from literally ALL of the big national banks, including Goldman Sachs, BofA, Citi, you name it. The point being made was that Obama had and has praised Shore Bank for their efforts in supporting micro-loans for Kenyan development as well as supporting low income Chicago people getting loans.

    It appears that this support for Shore Bank goes back to Obama’s illegally campaigning for candidate Odinga in Kenya’s Presidential elections in 2006 when Obama was a US Senator. Probably goes back to when Obama was an Illinois State Senator, and may go clear back to when he was applying pressure to bankers as a community organizer.

  2. 2discern   Monday, May 24, 2010 at 7:19 PM

    Perhaps this post today by Lew Rockwell and carried by many credible financial reporting sites
    will help the disbelief of reader Bob1943- http://www.lewrockwell.com/orig11/scott-pd3.1.1.html

  3. 12thGenerationAMERICAN   Saturday, May 22, 2010 at 7:26 AM

    Just part of Obama’s plan to “redistribute the wealth”?!!?!?!

  4. Poetry Critic   Friday, May 21, 2010 at 8:03 PM

    Crimes like this is where all the AFRICAN Presidency stuff will come out. The takeover of everything in the name of His Royal Highness King Mobamba. An AMERICAN will lie in minute based on my research, but the stealing will be small because in their hearts, the Americans know it is wrong.

    But in AFRICA, it isn’t wrong. Stealing by the kings and presidents is just a way of life. You can take the President out of Kenya, but you can’t take the Kenya out of the President. This is the real problem with Mobamba! He just isn’t an American.

    Squeeky
    Girl Reporter

  5. steve   Friday, May 21, 2010 at 3:16 PM

    Thank you Sharon for writing this. These folks are nothing but thugs and thieves, and I’m glad good people like you and the others at The Post & Email are exposing them.
    Glenn Beck has a short video revealing the ties of B. Hussein Obama and the people that run that bank. (personally, I think Beck is a putz, but at least he does his home work on some things)
    Thanks again.
    ————–
    Mrs. Rondeau replies: You’re quite welcome. That is our job.

  6. 2discern   Friday, May 21, 2010 at 10:33 AM

    Yes, it does seem over the top. Most folks (including myself) do not understand the Central banking systems operations. The thievery is not cash but electronic codes. This reporter has been investigating for over 30 years. His publications (more then the web articles) are distributed world wide. In 2008, even the US Treasury (under Paulsen) subscribed to his publications. Is it anymore over the top than a president with 16 different SS#’s? and a phantom past? If you recall the scene in Godfather where Michael Corleone is walking up the street with Kate (to be his wife) and she refers to politicians not being corrupt and murderous, and his reply, “whose being naive Kate”? Point here is not to equate a movie scene with actual events, but to suggest the general public does want to trust leadership and does so blindly. Reason being, there was a time when a man’s word was his bond, not flawlessly or perfectly but overall affecting society in moral values.

    Let’s have a quick jaunt down presidential lane, what is over the top-
    Nixon- “I am not a crook”. Watergate cover up.
    Clinton- ” I did not have sexual relations with that woman”.
    Bush- WMD’s in Iraq.
    Edwards- “I didn’t have an affair”, “That is not my baby” .
    Obama- “My administration will be transparent”,…24 hrs. in office signs exec. order to seal all records of his past, “the health bill is deficit neutral”… (not even close).

    We could fill the comment section with instances of corruption that initial reactions would be similar as above. More important than the quote about Cheney is the actual letters from Mr. Hodges to the President. I will confirm the legitimacy of the cases involving SEC fraud.
    What about banking deceit now in view?
    FACT- JP Morgan Chase manipulating precious metals markets from London
    FACT- Goldman Sachs shorting CDO’s sold overseas
    FACT- priests molested children
    Are these exposures when first reported on “over the top” to even believe?

    OK, we can go on with all the hidden crimes that when revealed at first it was disbelief and an attitude like, waiting at the grocery check out and reading the Enquirer headline about aliens abducting Michael Jackson or some nonsense. Discernment is advised when gathering news or reading web postings and that is good, but dismissal of possibility can be a human condition of exploitation. Hence, Madoff, Stanford, Enron and so forth. I do thank Bob for questioning facts. His inclination could be right on. Then again, since Interpol has authority to accomplish international investigations and this global settlement issue is unresolved between countries and the monies are resident in Bof A the facts may line up.

  7. Judy   Friday, May 21, 2010 at 9:19 AM

    Sharon: Thank you for the awesome job you are doing.
    —————
    Mrs. Rondeau replies: Thank you. We at The Post & Email are trying our best to expose corruption wherever it lurks.

  8. Bob1943   Friday, May 21, 2010 at 8:07 AM

    OK, even I have my limits of believability on just how corrupt govenment is, and the quote from the link below, among others, exceeds my limit:

    http://www.globalanalysis.net/news/290_real_time_intelligence_on_the_hijacked_releases

    From the link:

    Quote:

    “• Former Vice President Cheney, a top criminal CIA operative, entered the relevant Bank of America office in Atlanta late on 19th May 2010, accompanied by a posse of thugs and executives from the Bush Sr.-linked Carlyle Group, and attempted to extract $2.0 trillion” from the Settlements funds. Our sources confirm that former Vice President Richard B. Cheney and his henchmen were PHYSICALLY THROWN OUT OF THE BANK.

    Somehow that seems, ” a little”, over-the-top, doncha’ think?

    Will someone take a look at the linked website and tell me what the heck it is supposed to be?

    Seems like it came from la la land to me.
    —————————-
    Mrs. Rondeau replies: Mr. Story of globalanalysis.net may be a wealth of information from around the world, but we at The Post & Email need to see links to external sites with credibility. When all of the links on a site are internal, there is no way to tell if the information posted there is verified by other reputable news sources.

    .

  9. 2discern   Friday, May 21, 2010 at 12:09 AM

    The real time scenario is true in this just posted article by Chris Story- here-
    http://www.globalanalysis.net/news/290_real_time_intelligence_on_the_hijacked_releases

    The lawyer from Pasadena, CA is also the one representing the CMKX share holders vs.SEC . The fog is not only lifting on the liar-in-chief, but the fraudulent US Gov operations are now reaching high exposure levels impossible to contain. Impeachment (or rather imprisonment) should be swift so our country can heal. The appointments, executive orders, bills signed into law will be null & void. An impostor cannot legally pass any law.

    Don’t be mislead by Dennis Blair DNI resigning. That focus is to divert away from the real crook Panetta. Soon, all the pieces of a massive corrupt political jig saw puzzle will come together and show the shocking truth in technicolor and Dolby sound what the leadership has done to the US taxpaying citizens. Our biggest challenge, securing those of impeccable integrity in positions of authority to carry out the rule of law. The liar-in-chief cannot be the commander-in-chief. The justices will need to be vetted, the House & Senate will need a complete investigation on various charges starting with MISPRISION OF FELONY: U.S. CODE, TITLE 18, PART 1, CHAPTER 1, SECTION 4:
    ‘Whoever, having knowledge of the actual commission of a felony cognizable by a court of the United States, conceals and does not as soon as possible make known the same to some Judge or other person in civil or military authority under the United States, shall be fined under this title or imprisoned not more than three years, or both’.
    The intelligence agencies cannot be trusted. The CIA has procured huge profits from poppy fields in Afghanistan reported by several eye witnesses over the years. Time to clean house, Friday is here, but Sunday is coming.

  10. Kathy   Thursday, May 20, 2010 at 11:47 PM

    You are doing a great job! Thanks P&E.

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