ShoreBank President Uses Saul Alinsky Playbook
Submitted by Paul Chesser on Fri, 07/02/2010 - 13:11
Last week the Chicago Tribune reported that Illinois Finance Authority chairman Bill Brandt threatened “a firestorm” in the Windy City if the Federal Reserve did not follow through with a bailout of South Side-based ShoreBank. This followed some reported pressure applied by the Obama Administration on companies like Goldman Sachs, Citigroup, GE Capital, Bank of America, and Chase, who were asked to kick in $20 million each to make politically-backed community lender appear eligible to receive TARP funds.
Turns out the preference for Chicago-type coercion goes right to the top (and the origins) of the troubled bank itself.