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."