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Obama Darling Shorebank Likely Left To Fail By Goldman et al Over $25 Million In Pocket Change
Payback is sweet. One of Obama's favorite Chicago banks, Shorebank, is on the verge of failure after a bank consortium of Goldman, JPMorgan, BofA and Citi is 25 million "short" of providing the needed rescue funding, according to Fox Business' Charle Gasparino. As Charlie reports, the consortium has secured commitments
of only $100 million so far, and it is unclear if they will provide
even another penny, despite the administration's explicit demands that
the bank be "supported." Of course, to theabovementioned banks $25 million is less than they spend on
strip clubs per month, so that this amount could be a gating issue is
nothing but a political statement. As Charlie points out: “As of nowShorebank
will not get bailed out. The consortium has not agreed to a final
number. They are about $25 million short of the $125 million needed.
From what I understand, the consortium of Goldman Sachs, JP Morgan,Citigroup
, Bank of America do not want to give any more money. The banks tell me
there is a degree of political pressure to give money but I think at
this point they are tapped out. They just had the meeting an hour ago,
they had $100 million raised, they are $25 million short. And what they
are telling me is they are not giving any more money.” Now that
bailouts are a political decision, you better have your money in a bank
that is liked by the Chief Executive: more fromGasparino "But I will
tell you this, the banks themselves are telling me that there is a
degree of political pressure being applied by the Obama administration
to bail this out…so we could get a last minute bailout…This is a very
politically connected bank.” After the government has provided the
banks with $25 trillion, the banks have a problem with returning the
favor with the same number ex-six zeroes.
We have the feeling that if Shorebank does indeed fail, then the Obama-Wall Street war is about to go "scorched earth."
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oh please.....the bank will be bailed out even if obama has to go back to indonesia to find the money.....
www.obamacrimes.com
If the place is worth saving, then why doesn't Oprah come up with the money???
There must be something shady going on otherwise the banks would come up with the money. Skeleton?
Just wait til the administration starts threatening audits, a la the Chrysler debacle. Think Llloyd and Jamie want the IRS sniffing around?
Timmy reports to Lloyd and Jamie. IRS will do nothing with the banks.
I once lived in Chicago and the depravity of the political process on the South Side is absolutely amazing. I wouldn't be surprised if a mysterious bidder (hint: drug money) shows up at the 11th hour and replaces this proposed bailout.
The criminal Owebama will just pull a GM by screwing over the bondholders and giving the bank to the unions.
Doesn't BO have better things to than helping rich friends that are rich now and will be rich after they fail. That is a win win for these elitists. If I fail, I fail and lose most everything. These guys will keep there second home in whatever beach they currently have it in and their children will continue in their private schools. All is well in the elitist clan.
Ugly stuff comes out when a bank fails. The FDIC starts suing everyone associated with the bank--inside and outside. They in turn sue everyone back. Everyone starts pointing fingers. They keep suing until the insurance runs out. The insurance money will pay for a bunch of attorneys to take depositions and get documents. It's hard to keep the lid on scandals with that many attorneys involved who have subpoena power.
I suspect the political pressure to prevent a failure is urgent for this reason. Chicago politics is a cesspool, even by Washington DC standards. Our current president was in it up to his neck. I'm amazed it hasn't bitten him yet.
That's what happens when you serve more than one master. You eventually have to choose your real allegiance... and then your power is gone. That was Obama. Next.
---
OT, but that NY staged bullshit to show how manly he is... to try and silence the fact nobody ever heard of a former girlfriend. How patetic and weak.
Or perhaps another 25 million is the price to get SEC and Justice off the backs of the TBTFs.
We see your ShoreBank bluff and raise you a Mark-to-Market.
Who needs a bailout now, Lloyd? Jamie?....Vikram?
Pleasure doin bizness with you boys.
What's hilarious is reading the spin at Yahoo! Finance. Headline, "Goldman Joins Effort to Rescue Chicago Bank". Guess it all depends on who is delivering you the news these days...
Obama is amazing!!!!!!!!!! I have never seen a president this involved in the day to day workings of the U.S.A. The man has spent all day soaking up oil in the gulf with his nappy hair and he still has time to rescue the politically connected Chicago banksters. Come on Blankjew, cough up the other $25 million from your bonus. The helicopter will pay you back. Barack is my HERO.
All my adult life I have had a white man stand before me as President and lie to me. Now, I have a white man who has been reupholstered in mahogany vinyl lying to me.
The oligarchy now knows that Obama cannot be trusted. He does not have the brains for the job. He cannot get his interest cleared from his mind to do the work of the white men who put him where he is. He is toast; so are the democrats in November. Obama is so lost that if one of the buttons fell off his shirt, he would try to take over the garment industry.
Obama is the first bi-racial president we have had; that we know about.
He may may not be black but he is certainly from America. Our extensive research has lead us to his birth certificate
http://newsone.com/nation/boycewatkins/dr-boyce-barack-obama-is-not-buck...
The oligarchy now knows that Obama cannot be trusted.
This is Obama's undoing. He appears to thinks he is larger than life, and such will severely backfire in his face.
Arrogance is the mortal sin.
Must be a Chicago failure friday, other source says Midwest will be taken over as well. I'm guessing that there will be another seven added to the list tonight.
The O-man is a lickspittle. He can't DO anything, even if his crook homies take a hit at Shorebank. If GS et al got any shit for this, watch another -500 on the Dow like *snap*. O took the most money ever from Inv banks-- do not piss on the Godfather's cannoli.
Were all the presidents I watched over the years (starting with Eisenhower) this crooked or did they just have the MSM in their pocket? Oh wait! Dear Leader has the MSM is his pocket and only the poor bloggers to point out his crimes. Is it just me or is Obama the crookedest president of the last fifty years (and that's saying something).
However, one point, please don't make this a race thing. Obama may have been given a pass (OK, a lot of passes) because of his skin color, but he is a not a crooked black man. He is a crook (and his skin color doesn't matter).
I thought the one good thing that might come out of his administration is that we might start seeing each as individuals, not members of some artificial group based on skin color. However seems to me that the opposite has happened. I guess if you are a crook you play any card you got, including the race card. At long last, it appears he has no shame.
Eisenhower was a great man, and one actually capable of standing up to the moneyed interests.
Since then, they've all been some degree of crooks, liars, and idiots. Carter is probably the least of the crooks and liars but it sure didn't make up for his other failings. Other than him it hardly seems to have mattered which team claimed the white house, the game has been the same all along and its outcome is looking predetermined.
The one thing I noticed during this whole shit storm is he who controls the media wins, bottom line. Just look how they portrayed Obama as our savior and crucified Ron Paul who was telling the truth!
It pisses me off that these stupid hicks here let people tell them what to think, when all you need to know is right in front of you. Just look at who contributed the most money to get them elected is all you really need to know.
Another gripe is the measures on the ballots. If your not sure which way to vote please vote no!
There are many, many black men and women with integrity and honesty. It's unfair to turn this into a "race" thing.
The whole multiracial thing was part of his advertising campaign, of course. When you're selling anything to the university crowd, it's best to pander to their nonsensical self-perception - that they are "respectful" of all races.
Nothing could be further from the truth. Jews (to a lesser extent nowadays), Blacks, Asians, Arabs, Persians, and others are systematically discriminated against either through snubbing, soft cultural admissions biases, and "affirmative action" programs (the worst). I mean, there have been some great books written on this issue that have been ignored from non-partisan sources.
From my time among the elite, however, I suspect that most will give up without a fight.
It's over. I'm confident. I believe that it will be alright - for people with integrity, alert to the dangerous ones.
It's not you. The Obummer is the worst yet. Made worse by the sanctimoniousness of the MSM covering up for him.
i'll 'see' you, and raise you five...
Here's the deal--power in a system where corporate wields such unfettered influence in the daily workings of the political system inevitably leads towards charges of corruption, whether warranted or otherwise. Eisenhower warned of its implications in the rise of the military-industrial complex because that's the side of it he knew best, but it's not as if things have changed since then in this regard. In fact, the oligarchical nature of American politics leave business at its most advantaged state since the days of the robber barons and trusts at the turn of the 20th century. What's bizarre to me is how everything is Obama's fault now--don't get me wrong, he's made quite a few turd sandwiches in his time in power, especially in the way the bailouts were conducted and how he's now trying to save face for Giannoulias' bank (a long-time ally of his) when it deserves to die anyway. But to say it's all his fault is giving short shrift to both Bubba and most especially W; these were the guys who created the subprime disaster and the bailout plan, and Obama's been left to fix it and clean up after them (and he's making the same mistakes they did instead). I'd have hope that it could be fixed, but somehow I doubt that what it takes to become POTUS is the same as what it will take to burn the countryside and start over (which is what is needed).
I guess men with blood on their hands usually issue a mea culpa when it's time to retire.
War-weariness lead to a flourishing of economic activity from perhaps 1945-1968. Once the welfare state first shuddered with the university riots and bombings in '68, the bureaucracy tightened, stronger social controls were imposed, and the economy essentially stagnated in real terms.
The one positive thing you can say about the early post-Reagan years was that there was some demilitarization. Violence is absolutely the fastest way to impose massive volatility into an economy and destroy it soon after - morally, intellectually...
You know it's become almost impossible to fall in love and raise children in this culture, right? It's too bizarre... I look around the communities that I grew up in, and I see the same feckless semi-literates that annoyed me so much as a child - filling up the bars, getting drunk...
It won't stand. But I'm an optimist. You need to be.
Shorebank won't get that last 25 million. Shore's exposure in Illinois is pretty large, but the problem is compounded by the State of Illinois' budget situation. It only has 66 cents for every dollar pledged. It has no environment to raise taxes without killing the Democratic Party.
The Democratic Party in Illinois is just now waking up to the problem. There isn't enough capital to steer the ship away from the iceberg. It's going to crash.
The one variable that could save Shore is the proposed 23 billion dollar teacher union bailout the White House is debating internally. The White House can just steal whatever capital it needs to save Shore.
I'll look at the articles but, if the people who run Zero Hedge think I'm going to donate my money or, God forbid, wear some tee shirt promoting a site with the racism and anti-semitism this site has, forgettaboutit.
No moderation, no money.
1) The comments to this thread are more odious per post than in the vast majority of threads.
2) Creating a public forum is hardly the same as endorsing the views that others express in that forum. The implication of your comment suggests thought police and prior restraint.
3) Anyone is free to donate or not donate as they like, but it's in poor taste to make a public spectacle of your desire not to donate.
I'm stating the facts to the management. Racist and anti-semitic posts have gotten way too common at Zero Hedge over the last 9-10 months. I'll take my expression of "poor taste" over the expressions that keep me from making a donation to Zero Hedge any time. If banning those who make racist and anti-semitic posts makes me for "thought police," so be it. I don't think so. I'm talking about having some standards, some rules of engagement for comments that if violated, means bannishment. I'm sure I'm in the minority here on that kind of thing, standards, and you are the majority. Apparently, nobody wants to take responsibility for their creations anymore.
Take your money and go whine somewhere else, maybe hire a nanny that will protect you from anonymous posters that nobody force you to read anyway.
Or, if you like the *content* that ZH provide for free make a donation and forget the rest.
Be an adult FFS.
You mean an "adult" like you? No thanks.
Milbank, the anti-semitism and racism you speak of is expressed by a small minority and I feel is an accurate reflection of our society, was eloquently rebutted (this time) and mr. methteeth was junked 20 times which could be a record. I too share in your disgust and frustration, but mine is directed toward the perpetrator not the moderator. Sometimes we must take it upon ourselves to police our own neighborhoods because in the end I am Tyler Durden.
(Yawn.)
I don't condone the one post above that truly does appear to be racist and anti-semitic, and I joined in the "junk" parade on that one. But one does not a trend make. I'm on this site relatively frequently, andI don't recall another post like that one. Putting that one aside, I suspect that the alleged repeated racism is more along the lines of mere criticism of the president.
The country would be much better off if the word racism got thrown around a LOT less.
milbank:
IMO you are completely correct but it is called free speech in an open forum. Unfortunately, sometimes the noise places limitations on the valid exchange of thought.
I know, "thought", what is that? OK, so this is just a good place to vent. Everyone here has demonstrated an ability to add.
The March 2009 bear market rally ended last week.
http://tinyurl.com/39ptoac
http://www.zerohedge.com/forum/latest-market-outlook-1
I heard Obama is selling Hopium...where can i get some?
In Half-ghanistan.
"If the place is worth saving, then why doesn't Oprah come up with the money?" Now there's an interesting thought. Why doesn't Harpo have some of her millions in BO's neighborhood bank ? After all she does have billions. Oh' I forgot, she is abandoning Chi-town like the other infamous people who left.
Look, if Maxine Waters can get bailout money for a bank in which she and her husband held financial stakes in, why can't Shorebank do it ? Just make the call to Barney.
Not much news here. I'm leaving now, got to make some toast.