Chicago Corruptocrats want TARP (your money) to bail out leftist Shore Bank

July 8, 2010 20:24

Shore Bank is a failed bank that has ties to Obama, the Clintons, Van Jones, Valerie Jarrett, Rep. Dick Durbin, Rep. Schakowsky and other powerful politicians. Democrats have blocked an investigation into the Shore Bank scandal in which they received $75 million in TARP funds.

By Silla Brush at The Hill

Chicago Dems seek TARP funds to bring Illinois bank ‘back to life’

Chicago-area Democrats are urging the Treasury Department to help a troubled community bank with money from the $700 billion financial bailout fund.

Four House members pushed the department in mid-June to provide federal money to ShoreBank, a prominent Illinois-based bank that serves low- and middle-income customers. High-profile Democrats, including President Bill Clinton, have praised the bank’s work.

Republicans have criticized Shore Bank’s political connections and called for investigations into its application for federal help. The Treasury Department has yet to decide whether to grant an aid package, months after the bank first applied.

Shore Bank raised roughly $150 million from other banks, nonprofits and philanthropies as part of its application for help under the Troubled Asset Relief Program (TARP). The bank would be eligible for roughly $70 million in federal help, according to Brian Berg, a Shore Bank spokesman.

Illinois Democratic Reps. Bobby Rush, Danny Davis, Jesse Jackson Jr. and Jan Schakowsky wrote to Treasury Secretary Timothy Geithner urging the department to help Shore Bank.


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