Dow Jones Newswires | U.S. Rep. Spencer Bachus (R-Ala.), the top Republican on the House Financial Services Committee, is calling for an investigation into the private-sector recapitalization of Chicago community lender ShoreBankCorp, Fox Business Network’s Charles Gasparino reported Wednesday.
The company was said to have reached its goal of raising $125 million from private sources, mostly U.S. investment banks, The Wall Street Journal reports, citing people familiar with the situation. Bachus is asking why Wall Street took an interest in ShoreBank and is drafting a letter to President Barack Obama about the matter, Gasparino says.
Four stars for Rep. Bachus! I believe the whole thing smells of politics as usual. First of all, most of the banks involved in the “rescue” have had their own problems and have obviously not learned their lesson. I love to know who the politicians were that put the screws to the financial institutions that were stupid enough once again to loan money to bank on the brink of failure. It won’t be long before our country is in the same situation as Greece.
This is what should have happened long ago. ShoreBank should have gotten TARP funds instead of the corrupt Wall Street banksters at Goldman Sachs, Chase, etc.
ShoreBank supports local businesses and communities. The only thing the Wall Street banksters care about is their billion dollar bonuses, they could care less about local communities and the American people.
This is obviously a PR stunt. Let’s not forget, Wall Street banksters got several HUNDRED BILLION DOLLARS in support with no oversight. ShoreBank gets $125 million of support and some Republicans get upset. Get real!
Republican and Tea Party supporters should direct their anger at the real people that run America, the Wall Street banksters and the huge corporations. Unfortunately, that would be bitting the hand that feeds you, since Wall Street banksters and corporations are the biggest funders of the Republicans and Tea Parties.