Your Guide to Sleazy Democratic Party-Backed Banks

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Chicago’s former inspector general blasted Giannoulias and his family for tapping $70 million worth of dividends in 2007 and 2008 as the real estate crash loomed.

Broadway Bank was sitting on an estimated $250 million in bad loans. The cost to taxpayers after the bank was shut down two years ago: an estimated $390 million.

ShoreBank. The “progressive” Chicago-based community development bank, a “green” financial institution whose mission was to “create economic equity and a healthy environment,” folded in August 2010. Obama personally had endorsed the politically connected bank and appeared in a video promoting its Kenyan microlending project. But it was a doomed social justice experiment. After regulators shut it down, Obama crony companies including Bank of American and Goldman Sachs took over the mess courtesy of taxpayer subsidies.

Countrywide/Bank of America. Earlier this month, the House Oversight and Government Reform Committee released a report on corruption-plagued Countrywide Financial Corp., which was bailed out by taxpayer-bailed-out Bank of America. The House investigation confirmed the notorious favor-trading scheme, which involved sweetheart home loan deals for members of Congress and their staff, top government officials and executives of doomed mortgage giant Fannie Mae.

“These relationships helped (Countrywide CEO and Democratic subprime loan king Angelo) Mozilo increase his own company’s profits while dumping the risk of bad loans on taxpayers,” according to the new report. Mozilo copped a $67.5 million plea to avert a high-stakes public trial in the heat of the 2010 midterm election season. Since then, Obama’s Justice Department has taken no action to prosecute Countrywide officials on federal bribery charges.

Among the influence-peddling operation’s most prominent beneficiaries: the aforementioned Obama top adviser Jim Johnson, who accepted more than $7 million in below-market-rate Countrywide loans, and former Senate Banking Committee Chairman Chris Dodd, whose ill-fated 2010 re-election bid was personally endorsed by Obama. Obama stood by Dodd even as sordid details of his two discounted Countrywide loans and record Countrywide PAC donations mounted.

Bank of America, which raked in $45 billion in Obama-supported TARP bailout funds and billions more in secret emergency federal loans, footed the $50 million restitution payment bill for Mozilo and another Countrywide official. In 2008, BofA’s political action committee gave its biggest contributions to Obama, totaling $421,000. And as I noted in January, Bank of America supplied the Democrats with a $15 million revolving line of credit, along with an additional $17 million loan during the 2010 midterms.

Embarrassed by the party’s ties to shady Bank of America, progressives are now trying to rebrand the Bank of America Stadium in Charlotte, N.C., where Obama will give his nomination acceptance address. They’re referring to it as “Panthers Stadium” instead.

Obama’s copious crooked friends and funders are going to need a lot more whitewash than that to cover up their ill-gotten gains.

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  • Chas Holman

    Ir becomes real clear, real quick.. while reading this..

    That the author doesn't have a clue what they are even writing about, and are just doing a knee jerk hit bit.


      Care to elaborate "comrade"?

      • kong.ming

        Oh it's obvious. Michelle Malkin dares to mention Obama ties to Senate Democrats whose fraud and started the financial collapse, without any socialist feel good buzz words like

        Volker Rule, which will dry up investments for cancer research, AIDS research, energy and agriculture

        The evil 1%, who donate to children hospitals oppressing the innocent 99%, who rape and murder each other while trying to burn down cities and blow up bridges.

        Dodd/Frank, written by Chris "Friend of Angelo" Dodd and Barney Frank who was having sex with GSE board members he should have been regulating.

        The Robin Hood Tax, which will steal money for the mob to spend on pills, heroin, cocaine, crystal meth and all other garbage to shove down their fat mouths

    • kblink45

      Not impressed by facts: data, dates, names, etc.,? But I bet you are swayed by messages: hope, change, warming, robber barons, etc.

      You must be very proud of yourself.

    • Lustmorde

      It becomes real clear, real quick.. while reading this post..

      That the author doesn't have a clue.

  • Rifleman

    Everywhere hussein and the msm attacks, he's more vulnerable to his own charges than Romney. The dp/left/msm are the very ones they claim to warn you about, they just project themselves onto the GOP.

  • WilliamJamesWard

    If Obama was able to go down into Hell and bring back a crew to help him politically,well he
    could not do better, come to think of it, that may be how they got together…………..Willim

  • coffre-fort ignifuge

    Intersting point of view so far !
    I read about that in a security website ragardings safes (coffre fort et armoire forte)
    coffre-fort A2P

  • Achard Baradeer

    I have got some valuable information about the Superior Bank. One of the Obamas’ oldest Chicago friends and wealthiest billionaire bundlers, former Obama national finance chairwoman Penny Pritzker, headed up this subprime lender. I can say that all the people in the world can get this valuable info through this website at all.