The Spectacle Blog
ShoreBank Bailout in Doubt
Despite $140 million in commitments from deep-pocketed monsters of the TARP (Goldman Sachs, Citigroup, JP Morgan, GE Capital) that would have helped it access its own asset-relief funds, the Federal Reserve says Obama-connected Chicago lender ShoreBank still falls far short of the funding it needs to avoid a FDIC slicing-and-dicing.
Despite $140 million in commitments from deep-pocketed monsters of the TARP (Goldman Sachs, Citigroup, JP Morgan, GE Capital) that would have helped it access its own asset-relief funds, the Federal Reserve says Obama-connected Chicago lender ShoreBank still falls far short of the cash it needs to avoid a FDIC slicing-and-dicing. Charlie Gasparino of Fox Business reports:
People with knowledge of the analysis say the Fed believes in order to remain solvent, ShoreBank would need much more money — at least $300 million and probably more because of the toxic nature of ShoreBank’s balance sheet.
Gee, what could be so toxic?
The banks had trouble cobbling together the $140 million to make the initial plan work because of doubts that ShoreBank’s business model of funding “green” businesses and making subprime loans could be sustained.
What could all these carbon-trading pushers (the big financial institutions noted above) possibly find wrong with a “green” business funding model? And the government has only guaranteed continued backing of loans for people who can’t repay them. Is there something they aren’t telling us?
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http://spectator.org/blog/2010/06/23/shorebank-bailout-in-doubt
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Nate| 6.23.10 @ 7:44PM
Oilbama's corruptocrats.
Tony Rome| 6.24.10 @ 12:05PM
Obama has so many connections to Shore Bank through any number of people and organizations that you would need a daily briefing to keep up with them.
Obama has numerous ties to George Soros who is about to make a ton of money through his investments in Petrobras ($900,000). Any kind of a moratorium of drilling in the Gulf measn tons of money in George Soros pockets (pay back for all his Democrat campaign contributions). Petrobras is drilling in 14,000 feet of water and Obama is promising them $2 BILLION dollars. WHY? WHY? WHY?