Jan Schakowsky (D, IL-09) saves Shorebank after all.

Back in May it was reported that the failing, yet politically-connected Shorebank in Illinois was to be bailed out.  The bank actually closed last Friday, but was resurrected yesterday and turned into a new bank – one that will of course have no obvious relationship to Rep. Jan Schakowsky (IL-09), who lobbied very strenuously to save Shorebank… even though it’s not based in her district.  It is, however, the bank that Schakowsky’s convicted felon husband Robert Creamer used to partially extricate himself from the consequences of his fraud scheme; the bank provided critical assistance to Creamer that allowed him to avoid default – which would have beneficial effects on his sentencing a decade later*.  There is a strong whiff of this transaction being part of a quid pro quo – with the latter half being paid off, well, right about now.

If you’re wondering why Jan Schakowsky can get away with having her and her husband being  tied up in a dirty bank deal without censure by the House of Representatives, while Rep. Maxine Waters is currently facing ethics charges for her and her husband’s involvement with OneUnited, the answer’s easy: Schakowsky is white, and is thus simply fundamentally real to Democratic leadership in a way that no African-American Member of Congress could hope to be to them.  It should not be a surprise that House ethics investigations are being allowed to continue only against those legislators whose seats are considered locked-in by the Democrats anyway.

Yes, let me clear: I’m explicitly calling the House Democratic leadership a bunch of racists.  They are, you know.  And it’s never more obvious than when you consider the things that they don’t do, when they don’t have to.

Moe Lane

PS: Joel Pollak is the GOP candidate for IL-09, and he’s been all over this topic.  I’ve met him: he’s a good guy.  Check him out.

Continue reading Jan Schakowsky (D, IL-09) saves Shorebank after all.

Hey, let’s visit ShoreBank!

…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!