The Spectacle Blog
Split the ShoreBank Baby?
That’s one proposal on the table, according to a report yesterday by Charlie Gasparino of Fox Business Network.
That’s one proposal on the table, according to a report (video, unable to embed) yesterday by Charlie Gasparino of Fox Business Network. He called it a “face-saving” measure for the progressive bank that is so beloved by the Obamas and Clintons, as well as FDIC chairman Sheila Bair — perhaps the only solution (in the mind of liberals) for the community/eco-minded lender whose assets have become seriously toxic.
I write at the National Legal and Policy Center website that ShoreBank has plenty of friends who are capable (and should be willing) of rescuing it from the fix it is in, and taxpayers and corporate shareholders of institutions like Goldman Sachs and Citigroup need not be forced to bail it out. These likeminded pals — the Ford Foundation, Joyce Foundation, and MacArthur Foundation among them — have billions of dollars in assets and also happen to be shareholders in ShoreBank. So let them pony up, or shut ‘em down!
Ron C.| 8.10.10 @ 11:40AM
Speaking of Jesus, Peter said (in Acts 4), "There is no other name under heaven given among men by which we must be saved." That salvation applies, of course, to all mankind. That subset of all mankind we refer to as Progressives have their source of salvation wrapped up in another source, us taxpayers. We should be honored that they have so anointed us for this role, and we should embrace it heartily. As Darth Vader said to Luke Skywalker, 'It is your destiny'. Vader's proposed destiny for Skywalker has a remarkable parallel in our calling to save the Progressives. As I recall, Skywalker made the right choice. Too bad we don't have that option.
Lex | 8.10.10 @ 4:46PM
While I have opposed any taxpayer bailouts for banks on both philosophical and practical principles, I have to admit there's a part of me that gets tickled at the idea of Goldman being forced to do something for someone, given all the damage it has caused and gaming of the system it has done.