In today’s piece of Obama Chicaganery, we have the saving of ShoreBank by an outfit called Urban Bank Partnerships. There’s an interesting problem here though. As Michelle Malkin notes: “Who is “Urban Partnership Bank?” This press release lists officials with ShoreBank e-mail addresses as the contacts for the Urban Partnership.
And many of the same old Big Biz investors and left-wing activists who tried to prop up ShoreBank are investors in the new reincarnation”
Reuters and Zero Hedge have more on this story, but it appears that Goldman Sachs will benefit from this to some degree. More SubPrime messes that have to be cleaned up. Thanks to Jimmy Carter for starting the whole thing in the first place. Thanks to the 110th Democrat-controlled Congress that insisted there weren’t any problems in Banking. Especially not in Fannie Mae or Freddie Mac, right Barney Frank?