Thirty five years ago ShoreBank devolved from a normal financial institution into a "community-organizing" bank of sorts. Because it is a community investment bank, it can count on the federal government from bailing it out. Which led it to make loans to firms behind green boondoggles as well as colluding with backers of the anti-jobs and anti-prosperity cap-and-trade schemes.
ShoreBank loaned Trinity United Church of Christ $1.6 million for the Reverend Jeremiah Wright's retirement home. ShoreBank was founded to fight redlining, yet the home of President Obama's race-baiting pastor is in lily-white Tinley Park, Illinois. ShoreBank has issued a $10 million line of credit to TUCC.
Shorebank should have failed, but the federal government and some Wall Street firms such as Goldman Sachs have indeed bailed it out. My odious congresscritter, Jan Schakowsky (D-Evanston) campaigned to have essentially-bankrupt Illinois to kick in some funds for Shorebank--talk about failure rewarding failure.
There is so much more...but let me get to the point. There will be a Tea Party protest against ShoreBank on Wednesday June 9 at 12pm noon at the bank's Chicago Loop branch, 134 N. LaSalle, across the street from City Hall. I am planning on attending. Schakowsky's Republican opponent, Joel Pollak, will speak at the rally as will Isaac Hayes, the Republican candidate who is opposing Rep. Bobby Rush (D-Chicago).
My last point: The Reverend Wrong link is just the beginning, ShoreBank has deep ties to the Obama administration. This is Chicago-style politics being financed by 300 million Americans.
Why is Rep. Schakowsky so desperate to bail out ShoreBank?
Glenn Beck gives ShoreBank the blackboard treatment
ShoreBank bailout prompts call for Congressional probe
Technorati tags: Schakowsky Jan Schakowsky Congress Illinois joel pollak banks business banking finance shorebank Obama politics Barack Obama Democrats Jeremiah Wright