CHICAGO SCANDAL: Andy Martin links Barack Obama to the growing “ShoreBank” scandal in Chicago
Andy Martin says $1 million Obama campaign contributor Goldman Sachs is trying to orchestrate a bailout of failed financial institution ShoreBank, which has close ties to Barack Obama’s old neighborhood. Martin says the “Chicago fix” is in. Martin will be asking the Department of Justice for appointment of an independent counsel to investigate influence peddling and Chicago corruption in the ShoreBank scam. ShoreBank may have financial interests in—no surprise—Barack Obama’s “home:” Kenya. Martin is demanding that the bank make full disclosure of all of its overseas interests and investments before any federal aid is approved.
Martin says Chicago news media are covering up the ShoreBank scam out of fear of Obama retaliation.
Internet Powerhouse Andy Martin says the ShoreBank bailout in Chicago is a growing Obama Administration/Clinton financial scandal
Martin says that ShoreBank investors are seeking a “disguised taxpayer bailout”
“The Internet Powerhouse”
“Factually Correct, Not Politically Correct”
FOR IMMEDIATE RELEASE:
ATTENTION DAYBOOK/ASSIGNMENT EDITORS
ANNOUNCEMENT OF NEW YORK NEWS CONFERENCE THURSDAY
ANDY MARTIN SAYS THE PROPOSED TAXPAYER BAILOUT OF CHICAGO’S SHOREBANK IS NOTHING MORE THAN ANOTHER GOLDMAN SACHS FINANCIAL SCAM; GOLDMAN GAVE $1 MILLION TO THE OBAMA PRESIDENTIAL CAMPAIGN
MARTIN PLANS TO ASK THE FDIC AND DEPARTMENT OF JUSTICE TO OPEN INVESTIGATIONS INTO POLITICAL FAVORITISM AND INFLUENCE PEDDLING BY OBAMA ADMINISTRATION OPERATIVES
(NEW YORK)(May 20, 2010) ContrarianCommentary.com’s Executive Editor, Andy Martin, will hold a New York City news conference Thursday, May 20th to attack a proposed federal bailout of Chicago’s ShoreBank. Martin calls the bailout “nothing more than a bailout of a bad investment by the very investors who are now trying to save their investment with taxpayer subsidies.” Martin says “Chicago clout” is behind efforts to rescue the bank.
“My readers are often astounded by the fact that I am linked to almost everything that has happened in Chicago over the past several decades. Well, here we go again. In 1973, I was one of the bidders for the old South Shore National Bank at 71st Street and Jeffrey Boulevard, which later morphed into ShoreBank. Although I had substantial resources to bid, I was outbid by the current owners who were backed by Pritzker Family money.
“A third of a century later, ShoreBank’s failed business strategy has imploded, and now ShoreBank investors are seeking a $75 million taxpayer bailout. Federal regulators should say no. The $75 million would not provide funds for future growth; it would merely reimburse investors for failed loans in the past. ShoreBank is dead in the water. It had a failed strategy, trying to mix ‘community’ banking with a massive international network of investments. What was a ‘community bank’ in Chicago doing involved in dozens of foreign countries?
“Barack Obama’s fingerprints are all over this bailout scam. ShoreBank has been linked to Bill Clinton, the Global Philanthropy Forum and the Chicago Global Donors Network which—no surprise—has links to Kenya (United Kenyans of Chicago).
“The entire concept of ShoreBank is defective. The essence of banking is to spread risk. ShoreBank’s business plan is to concentrate risks, in bad neighborhoods. The bank has yet to publish a 2008 annual report, let alone a 2009 one. Tens of millions of bad loans are being concealed as part of a financial scam to secure federal financial support. This is nothing more than a Barack Obama ‘fix.’
“Most of the so-called ‘rescue’ investors have existing links to ShoreBank. Goldman Sachs has had someone advising the bank (Suzanne Johnson). Now they are trying to ‘invest.’ If Goldman can raise $140 million to save the bank they should be able to raise $200 million and avoid use of any taxpayer cash. Bank of America is listed as a shareholder; now they want taxpayers to bail them out. What is America-owned Citibank doing investing in bad banks and failed financial strategies? Citibank is a failed bank itself. It all comes down to two words: Barack Obama.
“The FDIC has closed better-situated banks in Illinois. Why is it stalling and propping up a failed institution? Chicago Clout.
“What is interesting is the way the Chicago media have tried to hush up this scandal. Only recently has there been any press coverage. Well, we are blowing this scam wide open. Obama’s ‘game’ is up.”
NEWS CONFERENCE DETAILS:
ContrarianCommentary.com Executive Editor Andy Martin
Internet powerhouse Andy Martin opposes the ShoreBank bailout and calls the proposed rescue of the Chicago institution an “Obama fix”
909 Third Avenue, public sidewalk in front of FDR Station, New York (under the “909” canopy in case of rain)
Thursday, May 20, 3:00 P. M.
GENERAL: (866) 706-2639 CELL (917) 664-9329;
ABOUT ANDY: Andy Martin is the Executive Editor and publisher of http://www.ContrarianCommentary.com. Andy is a legendary New York and Chicago-based muckraker, author, Internet columnist, radio talk show host, broadcaster and media critic. He has over forty years of radio and television background. He is a former adjunct professor of law at the City University of New York (LaGuardia CC, Bronx CC) and holds a Juris Doctor degree from the University of Illinois College of Law. Martin comments on regional, national and world events with more than four decades of experience.
His columns are also posted at ContrarianCommentary.blogspot.com; ContrarianCommentary.wordpress.com.
[NOTE: We try to make typographical corrections on our blogs, where you can find the latest edition of this column.]
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