Skip to comments.Regulators shut big Chicago-based bank ["a big community bank... known for its social activism"]
Posted on 08/20/2010 5:20:54 PM PDT by Brilliant
Regulators on Friday shut down a big community bank based in Chicago that has been known for its social activism but racked by financial troubles in recent months. It was the 114th U.S. bank to fail this year.
The Federal Deposit Insurance Corp. took over ShoreBank, with $2.16 billion in assets and $1.54 billion in deposits. Urban Partnership Bank, a new institution comprised of several big Wall Street banks and a private foundation, agreed to assume ShoreBank's deposits and nearly all its assets...
In an unusual move, the FDIC allowed some of ShoreBank's executives to continue running the restructured bank... These managers "did not contribute to the bank's problems," the FDIC said...
ShoreBank lost $39.5 million in the second quarter amid soured real estate loans. The bank had been under a so-called "cease and desist" order from the FDIC for more than a year...
Members of the newly chartered Urban Partnership Bank include Goldman Sachs Group Inc., Citigroup Inc., Morgan Stanley and Wells Fargo & Co. The MacArthur Foundation also owns a share, the FDIC said.
The FDIC and Urban Partnership Bank also agreed to share losses on $1.41 billion of ShoreBank's loans and other assets.
ShoreBank was founded in 1973 with the aid of several dozen institutional backers. The bank has been known for promoting redevelopment, minority business and environmentally responsible lending, and serving low- and moderate-income neighborhoods in Chicago. It was the nation's first community development and environmental bank, branching out from its roots on Chicago's South and West sides to Cleveland, Detroit, the Pacific Northwest and 40 foreign countries.
Its consulting arm ShoreBank International Ltd. has provided loans to entrepreneurs and mortgages to homeowners in Africa, Asia and Eastern Europe.
(Excerpt) Read more at finance.yahoo.com ...
I think there is more to this story.
Yup. Perhaps some demographic and political considerations are impinging on the "normal regulatory process" in this case.
Of course, Uncle Taxpayer stands ready to have his pockets turned out, again.
Document shredding must continue for the overall sake of the system.
You bet there is. The only one who’s spoken about it is Glenn Beck. He’s done a lot of work on it:
Wait a second...Isn’t this the bank Glenn Beck did an expose’ on a couple months ago? The one with ties all through Barack Imam’s cabal?
That’s what I was thinking of! Thank you!
OK. So Obama opens up the Ground Zero mosque controversy to divert attention from his bad economy. Then he opens up a crooked liberal bank controversy in order to divert attention from the mosque controversy.
Shore has always been a scandal. It should have been seized long ago and wasn’t because the owners of the bank are so well connected. They’re into the global warming scam up to their eyeballs. All the higher-ups in the Obama Admin are involved. Obama himself, Valerie Jarrett, you name it, they’re involved. Check out Glenn’s segments on it. It’s unbelievable. The scale of it is insanely large and the number of politicians involved in it is mind-boggling.
“I think there is more to this story.”
You bet there is. This bank was highlighted on the Beck TV Program a few months ago. Director’s of the bank are old school liberals helping to feed the cause.
“I am a bit surprised that they let the FDIC step in...”
They may not have had a choice. If the bank can’t pay the deposits, then it can’t pay the deposits. I would be interested in seeing if this well-connected bank got any favoritism, though. Already suspicious that some of the managers stayed on. Already suspicious that all of these other banks bought a piece of it to keep it from going down, but it went down anyway.
Shore Bank investors include many of the Administration big shots...including the big O himself and the Clintons, the now missing Black Green Czar, and even ALgore is rumored to have a piece of this action according to Beck. They were supposed to be the middle men in the Cap and Tax hustle taking a brokers fee for all the transactions. It was rumored to be worth billions. So they say.
I betcha Glenn will talk about it on Monday!
“.. a big community bank..that has been known for its social activism..”
= grossly fiscally irresponsible fianancial money conduit engaging in blatantly racist, criminal economic policy.
“...demographic and political considerations are impinging on the “normal regulatory process” in this case.”
You mean incompetent/criminal affirmative-action black bank executives who will get a pass?
AP could NEVER utter the words of Soros, Obama, Jarrett, Ayers and the rest of the crony Chicago Machine who milked Federal and State money for their activism and their own pockets including Van Jones.
Beck covered this, AP will cover it up.
Thank you mojo114 for the ping.