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?
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
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The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?