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The Spectacle Blog
ShoreBank: Seized, Saved, Survives
On Friday the Federal Deposit Insurance Corporation seized politically-connected ShoreBank, covered some of its losses, then handed it right back to the same management team with a new name: Urban Partnership Bank.
On Friday the Federal Deposit Insurance Corporation seized politically-connected ShoreBank, covered some of its losses, then handed it right back to the same management team with a new name: Urban Partnership Bank. Over at the National Legal and Policy Center Web site I dissect it a little bit, and warn about institutions like ShoreBank who try to meet more than one bottom line.
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More Blog Posts by Paul Chesser
http://spectator.org/blog/2010/08/23/shorebank-seized-saved-survive
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Pete| 8.23.10 @ 7:14PM
That's odd, this story isn't on my Yahoo Finance Top Stories list. They sure do take care of their own, don't they? It might be admirable if they did it with their own money.
Ryan| 8.24.10 @ 8:19AM
I'm in the commercial debt-buying industry, and the deals that some of the takeover banks get with the loan-loss arrangements are WAY too sweet.
I get the FDIC's position on many of them - they want to recoup more losses than they did in the RTC days (when debt buyers were making money hand over fist) - but it's occasionally frustrating to know my tax dollars are going to sweetheart deals on situations that may be better off being simply liquidated.