Nov 08 2010

More On Pending White House Scandals

Published by at 8:36 am under All General Discussions

Major Update Below!

In this previous post I discovered FBI testimony by Valerie Jarrett and SEIU’s Tom Balanoff that confirmed then candidate and president-elect Obama’s efforts to seat Valerie Jarrett in Obama’s soon to be vacated Senate Seat. Thanks to some coincidence in timing (the latest installment from the White House Insider saga) and reader comments, I ran across what might be some more of the ice berg that is hitting the administration.

It seems there is another Obama-Jarrett issue about ready to burst – and it revolves around some very shady dealings regarding the now failed Shorebank and TARP money:

The demise of the politically connected ShoreBank has sparked yet another investigation — one that could spell trouble for FDIC chief Sheila Bair.

… including the role played by Bair in prodding Wall Street’s biggest firms, from Goldman Sachs (GS: 170.95 ,0.00 ,0.00%) to JPMorgan (JPM: 40.99 ,0.00 ,0.00%) to Morgan Stanley (MS: 27.27 ,0.00 ,0.00%), in donating tens of millions of dollars to prevent the bank, with close ties to the Obama administration, from failing.

ShoreBank did fail in August, with the FDIC taking over $2.16 billion in faulty assets, including risky investments in urban real estate, from the bank.

Officials on Wall Street have told the FOX Business Network that they felt political pressure from the Obama administration to contribute a total of about $150 million to recapitalize ShoreBank and the new institution. Valerie Jarrett, the president’s senior economic adviser has close ties to the bank, and the president himself has singled out the bank for praise for its community lending and for financing environmentally friendly green jobs. Jarrett has adamantly denied any involvement in the matter.

But now the FDIC’s IG is looking at what, if any, improper political pressure was put on Wall Street executives in trying to bail out ShoreBank, and in funding the Urban Partnership Bank, which could mean big trouble not just for senior administration officials but also for Bair, since she was on the front line in trying to convince top banking executives to cough up the money for the bailout during summer.

The fact we tax payers are now saddled with $2.6 billion in toxic assets while some at the bank are moving on to this new Urban Partnership Bank stinks. Why would the government award financial screw ups with a federally funded second chance? What would cause civil servants to risk their necks for this mess? Or did they even question why they were risking their necks? Was this young and inexperienced administration so naive and full of themselves they never once wondered if they were breaking serious laws?

There is a lot more back story about Shorebank here. The basic story is of a community bank trying (and succeeding) to help the community. It was a very laudable goal for many years. But with success comes unsavory opportunists, who can take a good thing and taint it with greed and impatience. Two of the later personalities involved with this bank closer to its demise are Barack Obama and George Soros.

Updates coming if I see something new. Keep an eye on the comments, our readers are quite knowledgeable!

Major Update: OK, this Janaury article really ties a lot of the Shorebank story together:

Why is Rep. Jan Schakowsky trying to use Illinois taxpayers’ money to bail out ShoreBank?

Rep. Schakowsky and fellow Illinois Democrat, Sen. Dick Durbin, have pressured state officials to meet with the bank to discuss a $100 million bailout.

This would apparently be the first bank bailout by a state government–not just in Illinois, but in any state.

Why is Rep. Schakowsky only helping ShoreBank? After all, when the Bank of Lincolnwood failed last year, Rep. Schakowsky did not save it–and that bank, unlike ShoreBank, was in her own district.

Now that those are really good questions. Why is this bank so historic to get all this state-wide and national focus? Could the answer be:

Federal Election Commission records reveal that ShoreBank executives and employees gave thousands of dollars to Rep. Schakowsky and Sen. Durbin.

They also gave heavily to Barack Obama’s presidential campaign. Indeed, Crain’s Chicago Business reports that “President Obama and the first lady are former neighbors of ShoreBank executives.”

Other ShoreBank-related contributions include Democrats across the country and left-wing organizations such as

The ShoreBank bailout would seem to be more of the same Blagojevich-style, pay-to-play politics that Illinois has suffered under for too long.

Hmm. What would be a really good, stealthy kickback to get in return for massive donations, etc? Are there international investments that could turn $100K into $1 million dollars in less than 12 months?? How did this bank become so special as to get a federally backed second chance as the Urban Partnership Bank? Many more good questions here.

32 responses so far

32 Responses to “More On Pending White House Scandals”

  1. lurker9876 says:

    Heh, you just found a back story about Shorebank. You’re still hitting the tip of the iceberg. There is a massive spider web of connections, both inside and outside of this nation.

    Try Brazil oil exploration for starters. Why do you think Obama tried to shut down Gulf of Mexico, even temporarily, while funding Brazil and Mexico?

    Hint: George Soros.

    Sabastian, the selling of a senate seat is just the tip of the iceberg.

    wws, YAHOO!! You are so correct about the Perry-White predictions. I thought White barely took Houston? But maybe I’m wrong?

  2. lurker9876 says:

    You might also try and see another connection between Shorebank and Hillary.

    Hint: They are close college friends.

  3. dbostan says:

    Opinion Maker has a very interesting article today.

    Zero is a bomb waiting to explode…

  4. AJStrata says:


    Got the Hillary connection – but for most of its existence it did laudable work, efforts any politician would back with endorsements. And knowing people in positions of power is not sufficient data to start making claims.

    I am looking for hard data. I appreciate the inputs (and I am making this a general comment to all, not just you), but when it comes to investigations they better be serious and solid.

    The entire Clinton impeachment was an embarrassment of over reaching. Buying a Senate Seat however is a crime against any democracy. Only people who have given up on this nation just ignore its destruction at the hands of the greedy. Sebastian sadly represents one of the biggest problems we have – apathy. He has given up and quit. He has let the bad people win.

  5. stan25 says:

    I’ll bet that someone offered Tony Rezko a deal. If he would take the fall for Obama and Co, he would get a Presidential pardon when he got out of Club Fed. That is just speculation, but it jibes with the known facts that have come to light in the last few weeks.

    It also seems kind of strange that Rezko was the only one in the Obama inner circle to be prosecuted for shady real estate deals, when there is evidence that everyone from Mayor Daley on down, was involved in the same type of dealings.

    I would be taking a long hard look at the self-acclaimed domestic terrorist, William Ayers and his wife, to see what they got out of getting Obama elected to the White House. There could be some interesting things that are buried there.

  6. ivehadit says:

    Bill O’Reilly did a great documentary segment on the “people” behind barack obama…I remember one who was head of a bank that failed in Chicago.

    Imho, I think the *bankers* are going to speak up LOUDLY now that republicans are in control of the purse strings. Imho, they were and are being coerced into this socialist agenda of this administration, as has the car industry.

    And don’t forget Maxine Waters…we’re going to socialize…uh, uh, uh, uh, uh, uh, uh, uh, uh, uh nationalize your industry!

  7. MerlinOS2 says:

    The gulf shutdown also is viewed by many as a way to punish the red states that went against Obama in 2008 (Fl was won by only about 260k).

    That way it would strangle funds for donations to the midterm elections.

    Then you had the Export Important Bank ,run by Fred P Hochberg who was Clinton’s directory of the SBA, do a 2 billion dollar loan guarantee to Petrobras for drilling in water even much deeper than our wells here (14k feet plus just to hit the ocean bottom)

    Several of the large scale deepwater capable rigs are looking to move there rather than sitting here and losing almost a million a day due to being idle.

  8. MerlinOS2 says:

    Haven’t been able to make a conclusive linkage yet but the likely SEIU person who was sitting in on the DC end of the conference calls about Blago and Co would be Anna Burger who was tied to the Obama transition team and just lost the race for President of the SEIU when Stern stepped down.

  9. dbostan says:

    Ahh, the pretty sight of the demshevik knives (figuratively speaking, of course…) protruding from Zero’s back:

  10. ivehadit says:

    The other thing is the Chicago Carbon Exchange…Who do you think were some of the founders? Who stood to make billions? A who’s who of all this shadiness, imho.

    WEALTH DISTRIBUTION definition: One tenth for the peons, NINE TENTHS for all the socialists, imho, creating a very “nice” elite.

    WHO DO THEY THINK THEY ARE FOOLING? Their constituents, that’s who.. their “communities” that need “organizing”. I feel sorry for so many blacks who have believed in these people.

  11. ivehadit says:

    And as far as I am concerned, every single one of the supporters whining now about obama is getting just what they deserve. Fifty-eight million Americans did NOT want this guy FOR A GOOD REASON. They could see who he is (and is not!). Why didn’t the others? There was plenty of warning about him that went unheeded, imho.

  12. MerlinOS2 says:


    Glenn Beck did a show that covered a lot of the links for the CCX
    (love him or hate him facts are facts)

  13. MerlinOS2 says:

    When you look into who all advised the CCX ,including the likes of those who ran the IPCC which created to junk science to make it viable,all of it starts tying together.

    Another heavy hitter here is Maurice Strong.

    Can’t wait for the meeting this month in Mexico as the follow up to the epic fail Copenhagen meeting.

  14. MerlinOS2 says:

    The past head of the Joyce Foundation,which was a source of the startup money (to Bill Ayer’s brother of all people) had both Obama and Valerie Jarrett tied up in that now sits on the CCX board as well as Valerie Jarrett.

    Al Gore and Goldman Sachs also were part owners of the exchange which has now changed hands and it is shutting down since cap and trade looks like a failure.

    They also owned the London Exchange where the market value of the certificates has had the bottom fall out.

    The CCX even traded still certificates for the stuff put into law many years ago for the ‘Acid Rain’ reasons.

  15. lurker9876 says:

    AJStrata, I think you’ll find a lot of it to be factual.

    MerlinOS, Yup! Forgot about CCX – ENERGY! Scary stuff.

    Don’t forget the connection with Podesta’s organization AND his brother, a lobbyist.

    What you mentioned is a small part of a huge network.

    All covered by Glenn Beck. Probably covered by Sean Hannity as well.

    You may also take a look at that video that’s being showin in many, many schools across the nation. Something about Stuff. And take a look at who funded this video.

    And you may want to consider taking your children and grandchildren OUT of the public schools for this reason.

  16. lurker9876 says:

    You may also want to document how the Democrats have depressed the blacks in spite of the government programs. The blacks remain ignorant of what’s really going on.

    Why do you think Glenn Beck focused on the black foundational history along with inviting a black audience on several Friday shows?

  17. lurker9876 says:

    You may also take a look at Jane Schakowski’s husband, Creamer, and his book. He wrote his book while in prison, which explains and may even helped the Democrats push the enactment of ObamaCare.

  18. lurker9876 says:

    Take a close look at some of Obama’s Arab connections (Rashid Khalid?).

  19. MerlinOS2 says:

    The game plan for all of this was written years ago by Maurice Strong when he was running a personal fiefdom called the United Nations Environmental Program which goes all the way back to the Rio Conference (the first global warming international meeting) and also the Treaty of Rome which laid the groundwork for creation of the EU.

    Spin offs include the now massively debunked IPCC.

    Agenda 21

  20. ivehadit says:

    Yes, Merlin, I saw that. But what first tipped me off to it was the Rolling Stones article in ’09 on Goldman Sachs…how they have supposedly been behind every burst bubble since the early 20th century…and that their latest “bubble” was “Green”…which includes carbon emission blackmail, uh, payments, imho.

    btw, everything I post will be IMHO. 😉