Thursday, May 20, 2010

Obama's Bank

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.


Hmmm...what is going on, Mr. President?