The “Chicago Way” And The Shady ShoreBank Bailout

"No more
bailouts, no more greed, how many profits do you need?"

That`s been a signature chant of community organizers
and Big Labor thugs

who have stormed bank offices and financial executives`
private homes
decrying corporate welfare over the
past several months.

But now that the federal government
and a coalition of big banking interests are poised to
bail out a crony Chicago bank with longtime ties to the
Obama administration, Saul Alinsky`s

avenging angels
are nowhere to be found.

is a
investment bank with all the right (or, rather,
left) ties. Its stated progressive mission isn`t merely
to make good lending decisions, but to engage in Barack
Obama-esque social engineering to
"create economic
equity and a healthy environment."
The ShoreBank
corporate slogan:
change the world

The company website features a
of Obama in Kenya championing ShoreBank microlending
projects overseas. ShoreBank has also touted itself as a
"green" bank
from its founding days—promoting dubious carbon credit
programs, subjecting new borrowers to eco-litmus tests ("we look at how you use water, how you recover water and clean it, how
you use energy, if you produce clean energy, how you
manage CO2, whether you are offsetting CO2 that your
product produces, if you are using sustainably produced
) and encouraging customers to participate
in "EcoDeposits"
to "directly
support the green agenda."

Social and environmental justice
may make for good Volvo bumper stickers. They do not,
however, make for a good bottom line. While the bank was
on do-gooder missions around the world, business at home
was in trouble. As
The Wall Street Journal

"Losses racked up during the recession have left the
bank facing a demand to raise new capital or face likely
closure by regulators."

Enter the Chicago

political friends
and family of ShoreBank. The ties
are long and deep, as the
Illinois 9/12 Project
has been

for months:

  • ShoreBank co-founder Jan
    Piercy was a Wellesley College roommate of Hillary
    Clinton`s, who has long supported the bank along with
    former president

  • Former ShoreBank Vice
    Chairman Bob Nash worked for Mrs. Clinton`s presidential
    bid as deputy campaign manager. Board of Directors
    member Howard Stanback is a Hyde Park neighborhood pal
    of President Obama, who served with Stanback on the
    board of the radical Woods Fund (where Weather
    Underground terrorist Bill Ayers also sat).

  • White House senior

    Valerie Jarrett
    served on the board of Chicago
    Metropolis 2020 with ShoreBank Director Adele Simmons,
    former president of the

    liberal MacArthur Foundation
    , where she focused on
    "climate change"
    and "global

  • The bank and its employees
    donated some $12,000 to the Obama 2008 presidential
    campaign, and co-founder Mary Houghton reportedly
    gave advice to
    Obama`s late mother
    about small business lending

In other words: ShoreBank is too
politically connected to fail. And now you, the
taxpayer, may be on the hook for helping its cronies
engineer a special rescue. Fox Business News reported
this week that a consortium of large lenders—including
Goldman Sachs, Citigroup and GE Capital—have partnered
with the feds to pitch in a combined $200 million
public-private bailout. (In addition, Illinois Democrat
Rep. Jan Schakowsky has been crusading for a state-level
bailout of the beleaguered bank.) The buzz on both Wall
Street and Capitol Hill is that Goldman and perhaps
others in the public-private partnership were pressured
to lend a hand.

It wouldn`t be the first time that
businesses have felt the Obama squeeze. And it wouldn`t
be the first time that Democrats exploited the financial
crisis to milk public money for their banking cronies.

The laggardly House Ethics
Committee is still investigating Democrat California
Rep. Maxine Waters, who had a

personal and financial stake in Boston-based OneUnited
a minority bank that received $12 million in TARP
bailout money under smelly circumstances. The bank`s
executives donated $12,500 to her congressional
campaigns. Her husband, Sidney Williams, was an investor
in one of the banks that merged into OneUnited. Waters
secured meetings between OneUnited execs and Treasury
Department officials.

That probe has dragged on for
nearly a year, which doesn`t bode well for fresh GOP
demands for an investigation into the shady ShoreBank
bailout. House Financial Services Committee ranking
minority member Spencer Bachus, R-Ala., has demanded
that the White House cough up documentation about any
possible overt contact with Goldman about the deal.

Team Obama is smarter than that, of
course. To quote Obama`s environmental czar Carol
Browner, who pressured auto industry execs last year to
cooperate on a fuel standards increase, they know
"to put nothing
in writing, ever."

The fingerprints may be missing.
But the

of the

Chicago Way i
s impossible to cover up.



Michelle Malkin

is the author of

Invasion: How America Still Welcomes Terrorists,
Criminals, and Other Foreign Menaces to Our


for Peter Brimelow`s review. Click


for Michelle Malkin`s website. Michelle Malkin
is also author of

Unhinged: Exposing Liberals Gone Wild

and the just-released
Culture of Corruption: Obama and his Team of Tax Cheats, Crooks & Cronies.