Bobby Rush

Political Pressure Saved ShoreBank Management

Submitted by Paul Chesser on Tue, 08/24/2010 - 18:55

Geithner photoAmong other things, it looks like the Chicago lobbying to save ShoreBank paid off. Earlier this month I discovered a letter sent by Windy City power player and big Democrat donor Lester McKeever, Jr., to Treasury Secretary Timothy Geithner, which urged his intervention. "It is my hope," McKeever wrote, "and one shared by others who care deeply about its most vulnerable communities, that the ShoreBank recapitalization plan with investment coming from the U.S. Treasury will enable it to continue servicing its customers and fulfilling its mission."

Can Chicago Lobbying Save ShoreBank?

Submitted by Paul Chesser on Thu, 08/05/2010 - 15:04

Shorebank logoProbably not. Seems like the more that presidentially-prized ShoreBank gets extensions from private financial institutions (Goldman Sachs, Citigroup, etc.) and from its federal regulators (the FDIC and Federal Reserve), the deeper in the hole it finds itself. Earlier this week the Chicago Tribune reported:

ShoreBank’s capital deficiency worsened in the second quarter, according to newly submitted financial results to regulators, and the Chicago-based lender now needs to raise at least $190 million just to meet targets set out in March by state and U.S. banking regulators….

Illinois Senate Nominee Has Ties to Corrupt Chicago Locals

Submitted by Carl Horowitz on Mon, 01/12/2009 - 01:00

Rod Blagojevich’s tenure as Illinois governor may be almost up, but it’s as if he hadn’t noticed.  Since his December 9 arrest by FBI agents on charges of conspiring to sell or trade the U.S. Senate seat recently vacated by President-Elect Barack Obama, he’s radiated the confidence of someone ready for the long haul.  Toward that end, he nominated former State Attorney General Roland Burris, who is black, to serve as Obama’s replacement.  He’s effectively challenged U.S. white Democratic senators, a bastion of support for affirmative action, to reject him. 

 

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