Obama’s Shorebank Connections Go Way Back (old newspaper clipping at source)
John on May 20, 2010 at 8:29 am
“There is now a demand by congressional republicans for a probe into the mysterious survival of Shorebank. The letter they sent to the President yesterday asks “why did government-supported Wall Street banks decide to save ShoreBank rather than the numerous others [failing banks] that faced a capital shortage?”
As the sidebar notes, Obama’s connections to the world of socially responsible investing are both longstanding and personal. His friend John Rogers later became one of his campaign fundraisers. John Rogers was also the husband of Desiree Rogers who became the White House social secretary (she was let go after a couple of reality TV stars crashed a state dinner).
The sidebar also gives some more detail on the photo:
Obama…is pictured above in 1988, honoring one of the founders of ShoreBank, one of the largest Community Development Financial Institutions (CDFIs) in the US.
And you have to love the second part of the sidebar, which notes (favorably) Obama’s connection to Saul Alinsky:
The first social shareholder proxy initiative was organized by the iconic Chicago-based community organizer Saul Alinsky against Eastman Kodak in the late 1960s. Alinsky died in 1972. Barack arrived in Chicago 13 years later to work with the Developing Communities Project, an offshoot of Alinsky’s network, a context which must have made him conversant with proxy voting strategies.”...
http://www.verumserum.com/?p=14805
socialinvest.org
THE SHOREBANK, OBAMA, CHICAGO CLIMATE EXCHANGE SCAM!
...A small bank in Chicago called SHOREBANK almost went bankrupt during the recession. The bank made a profit on its foreign micro-loans (see below) but had lost money in sub-prime mortgages in the US. It was facing likely closure by federal regulators. However, because the bank’s executives were well connected with members of the Obama Administration, a private rescue bailout was arranged. The bank’s employees had donated money to Obama’s Senate campaign. In other words, ShoreBank was too politically connected to be allowed to go under.
ShoreBank survived and invested in many “green” businesses such as solar panel manufacturing. In fact, the bank was mentioned in one of Obama’s speeches during his election campaign because it subjected new business borrowers to Eco-litmus tests.
Prior to becoming President, Obama sat on the board of the JOYCE FOUNDATION, a liberal charity. This foundation was originally established by Joyce Kean’s family which had accumulated millions of dollars in the lumber industry. It mostly gave funds to hospitals but after her death in 1972, the foundation was taken over by radical environmentalists and social justice extremists.
This JOYCE FOUNDATION, which is rumored to have assets of 8 billion dollars, has now set up and funded, with a few partners, something called the CHICAGO CLIMATE EXCHANGE, known as CXX. It will be the exchange (like the Chicago Grain Futures Market for agriculture) where Environmental Carbon Credits are traded.
Under Obama’s new bill, businesses in the future will be assessed a tax on how much CO2 they produce (their Carbon Footprint) or in other words how much they add to global warming. If a company produces less CO2 than their allotted measured limit, they earn a Carbon Credit. This Carbon Credit can be traded on the CXX exchange. Another company, which has gone over their CO2 limit, can buy the Credit and “reduce” their footprint and tax liability. It will be like trading shares on Wall Street.
Well, it was the same JOYCE FOUNDATION, along with some other private partners and Wall Street firms that funded the bailout of ShoreBank. The foundation is now one of the major shareholders. The bank has now been designated to be the “banking arm” of the CHICAGO CLIMATE EXCHANGE (CXX). In addition, Goldman Sachs has been contracted to run the investment trading floor of the exchange.
So far so good; now the INTERESTING parts.
One ShoreBank co-founder, named Jan Piercy, was a Wellesley College roommate of Hillary Clinton. Hillary and Bill Clinton have long supported the bank and are small investors.
Another co-founder of Shorebank, named Mary Houghton, was a friend of Obama’s late mother. Obama’s mother worked on foreign MICRO-LOANS for the Ford Foundation. She worked for the foundation with a guy called Geithner. Yes, you guessed it. This man was the father of Tim Geithner, our present Treasury Secretary, who failed to pay all his taxes for two years.
Another founder of ShoreBank was Ronald Grzywinski, a cohort and close friend of Jimmy Carter.
The former ShoreBank Vice Chairman was a man called Bob Nash. He was the deputy campaign manager of Hillary Clinton’s presidential bid. He also sat on the board of the Chicago Law School with Obama and Bill Ayers, the former terrorist.Nash was also a member of Obama’s White House transition team.
(To jog your memories, Bill Ayers is a Professor at the University of Illinois at Chicago. He founded the Weather Underground, a radical revolutionary group that bombed buildings in the 60s and 70s. He had no remorse for those who were killed, escaped jail on a technicality, and is still an admitted Marxist).
When Obama sat on the board of the JOYCE FOUNDATION, he “funneled” thousands of charity dollars to a guy named John Ayers, who runs a dubious education fund. Yes, you guessed it. The brother of Bill Ayers, the terrorist.
Howard Stanback is a board member of Shorebank. He is a former board chairman of the Woods Foundation. Obama and Bill Ayers, the terrorist, also sat on the board of the Woods Foundation. Stanback was formerly employed by New Kenwood Inc., a real estate development company co-owned by Tony Rezko.
(You will remember that Tony Rezko was the guy who gave Obama an amazing sweet deal on his new house. Years prior to this, the law firm of Davis, Miner, Barnhill & Galland had represented Rezko’s company and helped him get more than 43 million dollars in government funding.Guess who worked as a lawyer at the firm at the time. Yes, Barack Obama).
Adele Simmons, the Director of ShoreBank, is a close friend of Valerie Jarrett, a White House senior advisor to Obama. Simmons and Jarrett also sit on the board of a dubious Chicago Civic Organization.
Van Jones sits on the board of ShoreBank and is one the marketing directors for “green” projects. He also holds a senior advisor position for black studies at Princeton University. You will remember that Mr. Van Jones was appointed by Obama in 2009 to be a Special Advisor for Green Jobs at the White House. He was forced to resign over past political activities, including the fact that he is a Marxist.
Al Gore was one of the smaller partners to originally help fund the CHICAGO CLIMATE EXCHANGE. He also founded a company called Generation Investment Management (GIM) and registered it in London, England. GIM has close links to the UK-based Climate Exchange PLC, a holding company listed on the London Stock Exchange. This company trades Carbon Credits in Europe (just like CXX will do here) and its floor is run by Goldman Sachs. Along with Gore, the other co-founder of GIM is Hank Paulson, the former US Treasury Secretary and former CEO of Goldman Sachs. His wife, Wendy, graduated from and is presently a Trustee of Wellesley College. Yes, the same college that Hillary Clinton and Jan Piercy, a co-founder of Shorebank attended. (They are all friends).
Interesting? And now the closing...
Because many studies have been exposed as scientific nonsense, people are slowly realizing that man-made global warming is nothing more than a money-generating hoax. As a result, Obama is working feverishly to win the race. He aims to push a Cap-and-Trade Carbon Tax Bill through Congress and into law.
Obama knows he must get this passed before he loses his majority in Congress in the November elections. Apart from Climate Change he will “sell” this bill to the public as generating tax revenue to reduce our debt. But, it will also make it impossible for US companies to compete in world markets and drastically increase unemployment. In addition, energy prices (home utility rates) will sky rocket.
But, here’s the KICKER (THE MONEY TRAIL).
If the bill passes, it is estimated that over 10 TRILLION dollars each year will be traded on the CXX exchange. At a commission rate of only 4 percent, the exchange would earn close to 400 billion dollars to split between its owners, all Obama cronies. At a 2 percent rate, Goldman Sachs would also rake in 200 billion dollars each year.
But don’t forget SHOREBANK. With 10 trillion dollars flowing though its accounts, the bank will earn close to 40 billion dollars in interest each year for its owners (more Obama cronies), without even breaking a sweat.
It is estimated Al Gore alone will probably rake in 15 billion dollars just in the first year. Of course, Obama’s “commissions” will be held in trust for him at the Joyce Foundation. They are estimated to be over 8 billion dollars by the time he leaves office in 2013, if the bill passes this year. Of course, these commissions will continue to be paid for the rest of his life.
Some financial experts think this will be the largest “scam” or “legal heist” in world history. Obama’s cronies make the Mafia look like rank amateurs. They will make Bernie Madoff’s fraud look like penny ante stuff.
http://whatreallyhappened.com/WRHARTICLES/shorebank.php
Politically Connected Shorebank Rescued by…GE?
John on May 18, 2010
http://www.verumserum.com/?p=14779
Shorebank Fails but is Reborn with Help from Financial Titans
John on August 20, 2010
http://www.verumserum.com/?p=16655
http://knowledgecreatespower.blogspot.com/2010/05/shore-bank-obamas-mother-and-geithners.html