ShoreBank Bailout Turned Buyout: Corrupt Collusion

The greedy community organizing chickens come home to roost again and again. Via Chicago News Bench, the $367.7 million loss taken by the FDIC insurance fund at our expense:

“The money for the management buyout comes from the big Wall Street banks whose arms were twisted by the Obama administration, through intermediaries like Rep. Jan Schakowsky (D-IL). Meanwhile, the government and the taxpayers are saddled with the responsibility of dispensing with ShoreBank’s bad assets. We are the victims of an insider deal, done at the highest levels of the administration and the Democratic Party. The ShoreBank bailout-turned-buyout is a corrupt collusion between Washington and Wall Street that will not create jobs or investor confidence in Chicago’s low-income communities. It will sustain the terrible idea that poor communities must depend on patronage to survive.

The corrupt community organizer model, twisting private sector arms to make bad loans, funneling taxpayer money to political favorites, generating kickbacks to politicos, while the poor are smashed down again and again, perennial victims too convenient to actually give a hand up as free individuals.

Related: Fannie and Freddie: Barney Frank Finally Comes Home to the Facts Larry Kudlow, Big Government

WSJ: Business Success Helps Society More Than Philanthropy

Related post here.

–crossposted at BackyardConservative