This is a story that is definitely in the weeds. But when I picked up a story with the headline “ShoreBank” it brought back oh so many memories of numerous posts. It was a slush bank for Acorn, and all of the worst of the cronies of Obama. The cast of characters include the Clinton’s, Jarrett, Van Jones, Jan Schakowsky and felon hubby and on and on.
…but because of the Clintons, the Obamas, the Moseley Brauns of the world, and ShoreBank’s sentimental value because it supported their community organizing efforts, it should be saved. No word yet from convicted felon Robert Creamer on this one, or his wife Jan Schakowsky. That is right. Jan’s hubby is in the clinker.
…evidence that may explain the intense interest of Rep. Jan Schakowsky (D-IL) in bailing out ShoreBank, the “community development” bank that has received extraordinary assistance from her and several other “friends in high places.”
None of them were saying that about the bank in Wisconsin that kept family-owned farms afloat. Wonder how those banks’ investors feel about the Obama Administration’s lack of interest in them.” From:American Spectator
The New York Times confirms that Rep. Schakowsky played a leading role in the ShoreBank bailout. Yet ShoreBank is not based in Rep. Schakowsky’s congressional district, and she did not help the Bank of Lincolnwood–which is in her district, and failed in 2009–or Park National Bank, which was also active in community development in Chicago until it was closed by federal regulators last year.
Now, court documents that have been obtained reveal that ShoreBank was one of several banksthat Rep. Schakowsky’s husband, Robert Creamer, used in the check kiting scheme for which he was convicted and sentenced to federal prison in 2006.
When another bank, Cole Taylor Bank, refused to continue honoring his checks, Creamer turned to ShoreBank for help. ShoreBank evidently provided him with extra time to find over $1.4 million to cover the overdrafts.
But I digressed. Here is the story:
Crain’s) — The state agency managing the College Illinois prepaid tuition program expects to lose more than half its $10 million investment in luxury hybrid-car startup Fisker Automotive.
ShoreBank Crony Manages to Lose $5 Million for ISAC in Green Car Venture
The Illinois Student Assistance Commission, which runs the $1.1 billion fund backing the college savings plan used by more than 30,000 Illinois families, disclosed the bad news at its Sept. 14 meeting, spokesman John Samuels said.
ISAC, which embarked on an unconventional and controversial investment strategy featuring private-equity and hedge funds under previous Executive Director Andrew Davis, famously lost nearly $13 million it invested in Chicago-based urban lender ShoreBank when that bank failed in August 2010. A few months after the ShoreBank failure, ISAC plowed $10 million into a private-equity venture backing Fisker, a federally subsidized startup firm making the luxury hybrid Karma, which since has endured numerous mechanical problems.
Read more: Chicago Business
Earlier psot: Jarrett, Acorn, Van Jones and their Shorebank involvement back in the news
This story brought back a memory of a post of May 10 2010. At the time, I was hot on the trail of Obama’s Kenyan connections and his Muslim cousin Odinga running for President. So here is a taste.
In 2006, before his Presidential race, then-Sen. Barack Obama visited his father’s homeland of Kenya, and around the same times ShoreBank donated $1 million to that country to assist in micro-loan programs there. At the time, Obama officials said it was a coincidence that ShoreBank made the contribution to Kenya. Why I am just laughing myself silly!
…discussions to bail out the bank, which has close ties to both senior members of the Obama Administration, as well as the Clinton family, went deep into the weekend as Chicago politicians scrambled to save the bank.
Focus on the White House’s role is due in large part to the ties senior staffers there have to the investors and management of the bank, which started out as a community bank, and lately has been deeply involved in “micro-financing” and “green” loans.
Senior White House aide Valerie Jarrett appears to be the central figure in the Financial Services’ interest, according to Republican staffers with ties to the committee.
A Tri-fecta of intrigue just coming our way! No word yet from convicted felon Robert Creamer on this one, or his wife Jan Schakowsky.
Earlier from Crain:
Prepaid tuition program failed in ShoreBank review, auditor general reports.
The state agency running the College Illinois prepaid tuition program, which lost all of a $12.7-million investment in Chicago community bank ShoreBank, failed to follow the state’s competitive procurement requirements in hiring a firm to vet the investment beforehand, the Illinois Auditor General concluded in a report Thursday
The auditor general also criticized the agency for considering only ShoreBank after changing its investment parameters to consider direct investments in private companies.
The report also chided the commission for hiring a firm with no expertise in advising on equity investments and for not having a contract in place before the work started. Full story here at Chicago Business