Failure Of Obama's Pet ShoreBank Costs Taxpayers $368 Million, Which Immediately Goes To Goldman Sachs Among Others

Tyler Durden's picture

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digalert's picture

It still brings a smile.

Michael Victory's picture

This week Jim Puplava & John Loeffler explore the questions surrounding conspiracy.

Conspiracy Weekend:


Careless Whisper's picture

@ Michael Victory

Is that the same "Ford Foundation" that employed Barry's mother in Indonesia? The same "Ford Foundation" that employed Timmay's dad (Peter Geithner) in Indonesia, who just happened to be Barry's mom's boss at the time?


knukles's picture

This is About Covering Up Corruption.

For those of us Chicago denizens or ex-pats, it's common knowledge that ShoreBank has been a facilitator of political shenanigans and money flows (probably much of a more than questionable ilk) which with the purchase and receivership by the FDIC any records related thereto simply disappear into the bowels of the US Government, never ever to be seen again.

Try Rezko, SEIU and the myriad associated powers that be in Chicago and by extension the entire state of Illinois including the machine's every last single elected representative in DC.

A potential source of embarrassment has with the strike of a pen, disappeared.  Why else would an institution is such dire straights have been labored over so assiduously from such high governmental levels aided by the standard cast of financial enablers when it should have otherwise just have been another participant on the FDIC's failure list?  Why the angst and machinations?   

nobita's picture

thread hijack:

Julian Assange is wanted by swedish police for supposedly raping two women in stockholm.

Assange has denied the charges.

Hephasteus's picture

Haha. Man that guy has got them really pissed off. By the time they get through attacking them they won't have enough credibility to get a visa from goldman sachs or a payday loan from the rothchilds.

MarketTruth's picture

REMEMBER: Within the USA whistleblowers get suicided/arkancided while scam artists get billions in taxpayer money.

TraderTimm's picture

They get "Tubbed" - as in Matthew Simmons... even if it was a coincidence, sure was interesting that the next trading day in BP was the peak, and it has been going down ever since on the daily chart...


longontents's picture

The rotten stench of a set-up wafts through mine naval passages.  Dropped?!  What?!  Why?!

longontents's picture

Droped?!  What?!  Why?!  This man is dangerous and must be stopped by any means necessary, including set-ups and false allegations. 

johngaltfla's picture

And of course, all banks seized by the FDIC are immune from FOIA requests to "protect the confidential nature of the bank's customers" which is very convenient now that Ravens Wood Bank and ShoreBank, the two institutions that had ties to El Presidente are now under FDIC protection. Gee, no reason to think that there's any funny business going on, no way!

MeTarzanUjane's picture

Is Maxine Waters the 'head' teller?

nmewn's picture

OneUnited Bank...along with Bwaney.

Da chickensza are a comin roooostaaah ;-)

nmewn's picture

Unbelievable ain't it?

Back on ShoreBank for a minute more before we get too distracted by the anal retentive qualities of Bwaney & was late and I wasn't sure I could trust my eyes...but it's true...

William Farrow, the COO & President of ShoreBank at the time of it's collapse is the President of Urban Partnership Bank the aquiring bank? 

Nothing like taxpayers being slapped in the face and law enforcement seeing the whole thing and approving of it before the assault.

bigdumbnugly's picture

yeah, too much for me to swallow too, nmewn.  (this is a job for bwaney frank!)

if u can't call bullshit on this u can't call bullshit on anything.


mynhair's picture

The entire crew 'acquiring' Shorebank are the same as Shorebank.

An ACORN by any other name, is still an ACORN.

Long live the 'weatherization' scam!

New_Meat's picture

do they have weather when they are underground?

mynhair's picture

Forecast sez:  very gusty, with chance of Van Jones explosions.

And that other guy.....

G-R-U-N-T's picture

"OneUnited Bank...along with Bwaney".

Here's a visual on what Obama, and Bwaney might look like United, and One...


cossack55's picture

Maxine did not qualify for teller since she had trouble differentiating between a $5 FRN and a $100 FRN.  Claims she can only think about money in terms of billions and trillions.  So, thru Affirmative Action she became CEO.

Robslob's picture

Obama Bin Ladin King of American Distruction!

This message brought to you by:  American Express Company, Bank of America, Citigroup, Ford Foundation, GE Capital Equity Investments, Inc., Harris Bank, the John D. and Catherine T. MacArthur Foundation, JPMorgan Chase & Co., Key Community Development Corp., Morgan Stanley, Northern Trust Corporation, PNC Investment Corp., State Farm Mutual Automobile, The Goldman Sachs Group, Inc., and Wells Fargo & Company


TeresaE's picture

You forgot the other sponsers.


NEA, federal pensioners, AARP, GE, Soros, UAW, Brazil, China & Mexico.


It ain't just the banks getting our money, well, debt.

boooyaaaah's picture

All the while the banksters are collecting monthly mortgage payments from the silent majority of taxpayers --- eventhough their property values have shrunk --- and may be underwater -- if they ever went out on the market to sell


The banksters collect and if the mortgage payers stop paying on a losing investment they are declared credit risks ----the scarlet letters "CR"-- by the very same banksters and rating agencies that got us all into the mess in the first place

Meanwhile taxes and currency debasing are used to line the pockets of the corrupt system


Mic 6:10-13
10 Am I still to forget, O wicked house,
your ill-gotten treasures
and the short ephah, which is accursed?
11 Shall I acquit a man with dishonest scales,
with a bag of false weights?
12 Her rich men are violent;
her people are liars
and their tongues speak deceitfully.
13 Therefore, I have begun to destroy you,
to ruin you because of your sins.

Rev 6:5-6

5 When the Lamb opened the third seal, I heard the third living creature say, "Come!" I looked, and there before me was a black horse! Its rider was holding a pair of scales in his hand. 6 Then I heard what sounded like a voice among the four living creatures, saying, "A quart of wheat for a day's wages, and three quarts of barley for a day's wages, and do not damage the oil and the wine!"







faustian bargain's picture

but...but...full faith and credit...and stuff like that...

When are they going to drop this whole 'DIF' charade? ok don't answer that.

Village Idiot's picture

Who is going to handle the MSM expose' on this farce?!   *crickets chirping*

No One's picture

the same MSM who didn't really look into tarp and how Goldman made out with billions???


It's nice to live in a country run by the 5 largest banks.



knukles's picture

Bunny rabbits, butterflies, soft fluffy clouds, clear clean water, April showers, budding flowers, unicorns shitting rainbow colored skittles, 20% unemployment rate, deflation, vast looting of the Department of Treasure, endless wars nobody can any longer explain, Patriot Act and warrantless wiretapping still there, rendition program still going strong, shredding of the Bill of Rights, habeas corpus and posse comitatus, gubamintal and MSM truth and honesty, these are a just a few of my favorite things.

nmewn's picture

Figgered I'd let the thread calm down a little before saying...

"Bunny rabbits, butterflies, soft fluffy clouds, clear clean water, April showers, budding flowers, unicorns shitting rainbow colored skittles,"

is probably the funniest damn thing I've seen around here in awhile...LOL.

Can I get a primal scream for no big screen TV miraculously appearing in living rooms across America, mortgage payments being paid by someone else (no scratch that) and  tanks being filled with gasoline as if by magic?

aheady's picture

...and one bank to rule them all.

Freebird's picture

...without a budget...

New_Meat's picture

and in DC to bind them.

Eally Ucked's picture

At least you know how much GDP has on down side!

RockyRacoon's picture

No problem.  I hear FOX has a documentary guy who could do it.  You know, the one who single-handedly brought down ACORN.  That should cover about a week's worth of newsworthiness.

Treeplanter's picture

He's not part of Fox.  Fox was the only media outlet that thought this story was newsworthy.  It turned into an embarrassment for the Obama media.

mynhair's picture

'That should cover about a week's worth of newsworthiness.'

But only on FOX.  You have an outlet that does more?

'Course all this Sat, their bottom screen graphics only covered the first 2 FL banks.

mynhair's picture

Beck, of course.  Gotta crow.

Clycntct's picture

Hey does anybody have a towel to help me clean up what I just threw up all over my notebook.

This is very sickening. I'm very ill now must lay down and take a shot.

 Jose Cuervo is that you calling? Help

New_Meat's picture

Dude, you need a docking station, towel over the valuable CPU itself, shower curtain over the separate VDU.

Then, and only then, can you read posts here.  Why? B/C in the comming months, well, you'll want to keep the food internal, and projo won't do.  For several reasons.

But, projo will come,  and, well, you'll need to keep that machine alive.

- Ned

mikla's picture

In other words, Wall Street's core banks could have come up with any bid they wanted, and the FDIC would have had no choice but to fund the difference, because the alternative would be, gasp, so much scarier.

Um... Wall Street's core banks *did* come up with any bid they wanted.

There was only one bid.

And twelve banks colluded conspired cooperated to split the carcass.

mikla's picture

Oh, and wait until Denninger starts chewing on this (which at this point is imminent).

He's long complained (rightly so, as has William Black) that if the FDIC followed the Prompt Corrective Action Law (the law, as in "their job"), then it would be impossible to close a bank with a loss to the taxpayer (because banks are supposed to be shut down the moment they breach minimum capital reserve requirements).  The fact that they breach capital reserve requirements, and then breach solvency (resulting in a taxpayer loss), can only mean the banks committed fraud in reporting their financial position, which should mean jail time for somebody.

nmewn's picture

(because banks are supposed to be shut down the moment they breach minimum capital reserve requirements).


I'm thinkin the regulators were watching porn again. Apparently no law against that if your a Federal employee doing it at work.

Mitchman's picture

So much for Sheila Bair's reputation.

jeff montanye's picture

i doubt seriously if the decision is made at her level.

cossack55's picture

Waiting for "Chair Bair" to become "Electric Chair Bair".  Hopefully, there will be a long line behind her corrupt ass.

Eally Ucked's picture

Reputation? She is one of THEM.

mynhair's picture

Bair is just another dupe, I fear.  Else why close any of these bogus banks?

anonnn's picture



mikla's picture

Aaaaaaaaaaaand there he goes.  Really, it's quite tame by Denninger standards.  Apparently the numbers don't add up.  Who would have guessed?;-ShoreBank.html

He's probably waiting for the next shoe to drop on this particular transaction ... and I'm guessing there are a centipede's worth of shoes there.