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06/25/2010 - 07:08

Shorebank logoIllinois Republican Rep. Judy Biggert on Wednesday inserted into the financial regulatory reform bill an amendment calling for an investigation of efforts to rescue ShoreBank. Meanwhile the White House issued denials that it pushed for a bailout of the politically-favored community lender. The Chicago Sun-Times reported yesterday:

As Chicago's ShoreBank struggles to survive, the Obama White House issued a strong statement Wednesday denying that it is interfering in any way with federal regulators or influencing financial institutions willing to pump money into the bank.

3,818 reads
06/23/2010 - 13:05

Horowitz/Mob Money photoDr. Carl Horowitz, director of NLPC’s Organized Labor Accountability Project, is a featured expert on CNBC’s “Mob Money,” a special presentation of “American Greed,” narrated by Stacy Keach. The program premieres tonight at 9PM ET.

I’ve previewed an advance copy of the program and it lives up to its billing. The show performs a real public service by highlighting the relationship between corrupt labor unions and organized crime. Carl provides commentary as the publisher of our newsletter Union Corruption Update, published on line and twice monthly in print.

3,029 reads
06/22/2010 - 16:21

Henry Louis Gates photoCould the headline-making arrest last July of Harvard African-American Studies Professor Henry Louis Gates by a white Cambridge, Massachusetts police officer be justified? While the official civil-rights narrative continues to cast Gates as a victim, the facts, as National Legal and Policy Center reported in detail at the time, appear to vindicate Police Sergeant James Crowley. Now a new report by a Boston University-affiliated journalism think tank is providing even more fuel for the latter view. The study, which examined arrests for disorderly conduct in Cambridge over several years, concludes that local police have not engaged in a pattern of racial profiling. One hopes that President Obama, who played no small role in this affair, will give it a close read.

5,597 reads
06/22/2010 - 11:57

ShoreBank logoAccording to a story over the weekend from the Chicago Tribune, the $135 million that the Obama Administration reportedly coerced from TARP recipients like Goldman Sachs and Citigroup may not be enough to save ShoreBank, the politically connected “community” lender whose big bank bailout was supposed to make it eligible for its own TARP funds. From the Tribune:

The bailout of Chicago-based ShoreBank has hit a serious snag as the Federal Reserve and Treasury drag their feet on whether to provide funding to the ailing South Side lender, sources close to the situation say….

The Treasury is deferring to the Federal Reserve. One source said some at the Fed want ShoreBank to raise more private dollars before it gets government money.

3,682 reads
06/22/2010 - 10:54

Rattner photoThe Securities and Exchange Commission (SEC) is reportedly considering a ban on former auto czar Steven Rattner from working in the securities industry for up to three years. Even if he gets the three years, it would be pitifully short.

Rattner oversaw the bailouts of Chrysler and GM, which were conducted to the benefit of the United Auto Workers. In the GM bailout, billions of dollars were simply stolen from bondholders and turned over to the union-controlled funds.

3,458 reads
06/21/2010 - 18:23

Pelosi and Clyburn photoHouse Speaker Nancy Pelosi (D-CA) has signified that she’s open to reigning in the power of an independent congressional ethics board, even though she urged the creation of the board in 2008, reported The Hill.

Two years ago, House Speaker Pelosi strongly backed the establishment of the Office of Congressional Ethics (OCE), a bipartisan board made up of private citizens, saying that it would “bring an additional measure of transparency to the ethics enforcement process.” But at a meeting with the Congressional Black Caucus – a group which wants to "reform" the OCE – Pelosi and House Whip Jim Clyburn (D-SC), in photo, reportedly indicated that they were willing to reconsider changing some of the OCE’s rules.

2,766 reads
06/21/2010 - 14:38

Today I discussed whether BP can ever get it right in the wake of Tony Hayward's yacht outing with John Kilduff of Round Earth Capital and CNBC hosts Trish Regan, Melissa Francis and Larry Kudlow. Here's a transcript:

2,915 reads
06/19/2010 - 16:35

Floyd Flake photoRev. Floyd Flake, a former member of Congress, is a political force in Queens where he is the pastor of a 23,000-member church.  His protégés include U.S. Rep. Gregory Meeks and state Senator Malcolm Smith, both under a grand jury investigation apparently triggered by NLPC’s expose of a charity called New Direction Local Development Corporation, and Meeks’ sweetheart deal on a home.

According to a story by Russ Buettner in yesterday’s New York Times, Flake and his partners ended up as owners of two eight-story apartment buildings that were “built and subsidized with public money.” In addition, the 300 units were “well maintained by one of the church’s charities.”

6,086 reads
06/17/2010 - 21:11

Tonight on The Kudlow Report, I discussed the appearance of BP CEO Tony Hayward before the House Energy and Commerce Committee today with Jeffrey Sonnenfeld of the Yale School of Management and psychologist Dr. Tim Irwin. Here's a transcript:

2,891 reads
06/17/2010 - 11:15

Shorebank logoCongressman Spencer Bachus of Alabama must feel like he’s experiencing déjà vu all over again.

The Ranking Republican on the Financial Services Committee last month asked the Obama Administration to explain its role in the bailout of Chicago-based ShoreBank, a lending institution favored by the community organizing and green job creating crowds. Hundreds of similar-sized others were allowed to fail, but several “too big to fail” banks (who survived thanks to TARP money) were reportedly pressured into a joint effort to rescue ShoreBank. Bachus sent the president a letter, then issued a press release:

6,479 reads
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