…No, that’s not Broadway Bank. Broadway Bank is the Illinois bank that Alexi Giannoulias (D CAND, IL-SEN) used to brag about being involved with, right up to the point that it came out that his family was using it to give $20M loans to bookies and pimps, not to mention driving it into the ground.
No, ShoreBank is the latest Illinois bank on-track for being bailed out:
…Federal Deposit Insurance Corp. chairman Sheila Bair has recommended that the Treasury accept ShoreBank’s application for a new life, sources tell FOX Business, which, if approved by Treasury would pair the $140 million with $75 million in taxpayer money from the Troubled Asset Relief Program, the government program used to bail out the big banks during the 2008 financial meltdown.
The doubts about ShoreBank’s future add a new wrinkle to the controversy surrounding the bank’s bailout. Executives at several of the banks told FOX Business they will not give any additional bailout money, meaning that if the funding falls short the U.S. taxpayer may be asked to make up the difference once again. Meanwhile, officials at several of the banks that joined the consortium have complained that they received some political pressure to come up with the cash from people with ties to the Obama administration, including from Bair herself.
Continue reading Hey, let’s visit ShoreBank!