Jamesb101.com

commentary on Politics and a little bit of everything else

Manila….ShoreBank will be bailed out…….

Some of the nation’s largest banks have agreed to contribute enough money to save Chicago-based ShoreBank, the community lender with strong ties to the Obama administration, FOX Business has learned.

The banks have agreed to contribute $140 million to bail out the bank, while the federal government will donate tens of millions more, according to people close to the talks. In addition to major Wall Street firms like Goldman Sachs (GS: 139.13, 1.72, 1.25%), which agreed to contribute $20 million to the bailout effort, as well as Citigroup (C: 3.81, 0.09, 2.42%) and JPMorgan (JPM: 39.462, 0.442, 1.13%), General Electric’s (GE: 17.31, 0.08, 0.46%) GE Capital will also contribute $20 million to the rescue effort. All the firms have either received massive government assistance during the financial crisis or, in the case of Goldman Sachs, are facing multiple regulatory investigations into their business practices.

The bailout has been controversial. Senior Obama adviser Valerie Jarrett served on a Chicago civic organization with a director of the bank, and President Obama himself has singled out the bank for praise in lending to low-income communities.

But the bank has made its share of bad bets, and some of the Wall Street firms that have given money have said they’ve received political pressure to contribute to the bailout of a business that under normal circumstances would have been left to fail.

It’s still unclear how much the federal government will contribute to save the bank because it’s unclear exactly how much is needed to save the institution, which without the bailout would have been taken over by the FDIC.

An announcement on the bailout is expected Tuesday morning.

MANILA

Why am I NOT surprised Manila?

Note…The Dog Messed up on the orignal post headlines and wishes to thank CW99 for pointing this out…..We messed up we apolizge….and have made it right…..

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May 19, 2010 - Posted by | Blogs, Breaking News, Counterpoints, Family, Government, Law, Manila @ PoliticalDog, Media, Men, PoliticalDog Calls, Politics, The Economy, Updates | , , , ,

7 Comments »

  1. It’s not what you know, it’s who.

    The poor have become a resource to make one wealthy.

    Economic cannon fodder.

    Comment by Manila Calling! | May 19, 2010 | Reply

  2. It has been the same since man began writing down history

    Comment by jamesb101 | May 19, 2010 | Reply

  3. What does this have to do with Broadway Bank, or Giannoulias. Am I confused or is your headline just a malicious lie.

    Comment by Cw | May 19, 2010 | Reply

    • Good point…….. My Bad….

      I’ll correct this…

      Thank you for the correction…..

      Comment by jamesb101 | May 19, 2010 | Reply

  4. […] This post was mentioned on Twitter by James Finley. James Finley said: Manila….Giannoulias Family Bank will be bailed out…….: http://wp.me/pAL4p-2UJ […]

    Pingback by Tweets that mention Manila….Giannoulias Family Bank will be bailed out……. « PoliticalDog101.com -- Topsy.com | May 19, 2010 | Reply

  5. Ah the Hell with this stuff Manila

    Lets hear it!

    DRILL
    DRILL

    D-R-I-L-L!!!

    Comment by My Name Is jack | May 19, 2010 | Reply

  6. Well I’ll be damned!

    Jack!?

    Comment by jamesb101 | May 20, 2010 | Reply


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