House Financial Services Committee ranking member Spencer Bachus is calling on the Obama administration to answer questions about whether it played a role in helping line up a $200 million public-private bailout of one of Barack Obama's favorite banks. In order to become eligible for a TARP bailout and avoid FDIC closure, Chicago's ShoreBank needed to line up $125 million in private capital. Eager to suck up to the Obama administration help this down-on-its-luck, philanthropy-minded community lender, noted Club TARP alums good samaritans Goldman Sachs, Citigroup and GE Capital banded together to raise the money. ShoreBank now qualifies for $75 million in TARP aid.
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Hmmm...what is going on, Mr. President?
