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.

By on 8.10.10 | 9:19AM

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!

Send to Kindle

Like this Article

Print this Article

Print Article