Thursday, November 18, 2010

Mr. Quarter Follows Up - Coming Obama Scandal

I stumbled on this in the NY Post today in an article by Charles Gasparino:

"Execs of the big Wall Street firms, including Goldman, tell me they felt compelled to bail out a failed Chicago bank a few months ago, because of Shorebank's close ties to the president and his senior adviser Valerie Jarrett. Even when the bank went under, the Wall Street money remained in a newly constituted institution that later emerged when the federal government (ie, the taxpayers) took over all the bad debts while the old management went back to the same mission of unprofitable albeit politically correct lending.

Why would some of the most savvy businessmen in America throw good money after bad? Because offending the administration might be suicidal."

Could this be the bud of the banking scandal that insiders are intimating will bring down the Obama administration? Stay tuned.

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