Obama's Chicago Bank Bailout

There are reports that a coalition of Wall Street banking giants are coming together to prop up the Chicago based ShoreBank, a bank with more than a few connections with the Obama Administration.

We all know that President Obama likes Chicago. But is a Chicago based bank getting preferential treatment? Fox Business reports that a coalition of banking giants has come together to prop up Chicago based ShoreBank, which has more than a few connections with the Obama Administration. The coalition, which includes Goldman Sachs, Citigroup, JP Morgan, GE Capital (General Electric's finance arm) and others will put in $140 million to prop up the bank. All of the beheamoths previously listed received major government bailout assistance. Also, one of Obama's top advisers, Valerie Jarrett served alongside ShoreBank's director on a Chicago civic organization and President Obama has directed kudos to the bank for lending to low income communities. This may be a coincidence, but Fox Business does report that "some of the Wall Street firms that have given money have said they've received political pressure to contribute to the bailout of a business that under normal circumstances would have been left to fail." If this is true, the Administration has some 'splainin to do.