Cronyism: Wall Street Bails Out Obama-Connected ShoreBank

It appears that Goldman Sachs, along with B of A, JP Morgan and Citigroup, are prepared to bail out Chicago-based and politically connected ShoreBank as a handout to Obama and the Democrats. Keep in mind that ShoreBank was a huge supporter of the Community Reinvestment Act passed in 1977, which is a big reason for the recent financial crisis. While traveling through Africa a few years ago, then-Senator Obama praised the bank for its lending efforts to lower income people.

Now, of course, we know that the bank is a charity case. It's loan book is apparently a disaster and it appears that political pressure convinced Wall Street that it would be a "good investment." Crony capitalism at its best.