I wish we had these guys in charge. They were more honest, and less scary.
Posted on 05/13/2010 8:52:04 PM PDT by blam
Lloyd Blankfein Saves Chicago Community Bank That Just Happens To Have Ties To Obama And Bill Clinton
Joe Weisenthal
May. 13, 2010, 10:11 PM
Look! Goldman Sachs (GS) is committing an act of generosity.
The much-reviled Wall Street firm is in discussions to make an investment in South Side Chicago-based community bank ShoreBank, according to WSJ.
Apparently the bank has one more day to become adequately capitalized, or else.
As the article notes, though, there appears to be a political angle. ShoreBank is from Obama's old neighborhood, and in fact the bank is involved in microcredit, and Barack Obama once traveled to Kenya to promote the bank's microcredit mission. A video of his trip is posted on ShoreBank's website (and embedded below ht). Bill Clinton has also talked up the bank's work. See this video from Charlie Rose.
Other Wall Street firms that will probably invest include Bank of America and JPMorgan. We can't fathom why they're all so eager to help out this one firm.
[snip]
(Excerpt) Read more at businessinsider.com ...
I wish we had these guys in charge. They were more honest, and less scary.
In plain sight... the Audacity!
Chicago Ping.
Crony capitalism. They must have dug up Ferdinan Marcos and ask him for advice.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.