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[17 Sep 2012 | No Comment | ]

David Vitale, President of the Chicago Board of Education, is the same David Vitale who was executive Chairman of Shore Bank, the crony-ridden bank specializing in everything from political fundraising to climate science.
In case you missed coverage of Shore Bank, we covered it here for several years now.
At a lunch with a retired Tribuner who was getting a charge out of the Chicago Daily Observer coverage of ShoreBank.  He related a story about a 1980′s era Tribune investigation of the questionable practice of “redlining” or steering investment out of poorer …

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[19 May 2010 | No Comment | ]

“It’s actually kind of awe-inspiring to see the effort being expended on this bank,” says the head of a U.S.-based bank’s Washington office. “You’ve had something like 70 or so bank foreclosures, and you could argue that some of those were better bets to recover than ShoreBank, but because of the Clintons, the Obamas, the Moseley Brauns of the world, and ShoreBank’s sentimental value because it supported their community organizing efforts, it should be saved. None of them were saying that about the bank in Wisconsin that kept family-owned farms …

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[18 May 2010 | 17 Comments | ]

The humbugging Chicago Tribune comes out in favor of a Federal bail out of the leftwing cronies at Shore Bank
This institution has made Chicago stronger. It deserves to be saved, so it can continue that work.
The big banks may be trying to burnish their image. They’re tired of being bashed by the White House, Congress, Main Street and everyone at the corner bar.

A list of the corporate shareholders at Shore Bank tells a story of insider trading and crony capitalism
Allstate Insurance Company
Bank of America Corporation
BP Corporation North America Inc.
Bullitt Foundation
Calvert Social …

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[19 Sep 2017 | No Comment | ]

City Treasurer Kurt Summers announced Monday morning he was depositing $20 million of the city’s funds in Illinois Service Federal Savings and Loan, breathing new life into the last black-owned bank in the city.

Summers reportedly has been working on the deal for over a year to invest city funds into the community bank headquartered at 4619 S. Martin Luther King Drive, which looked headed toward closure and the same fate as the city’s other black-owned banks two years ago.
Read more at DNAinfo
Read more about political investments in local banks here

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[16 Jan 2014 | No Comment | ]

The top executives and directors of ShoreBank, who weren’t made defendants in the Federal Deposit Insurance Corp.’s $73 million lawsuit alleging shoddy loan practices at the defunct low-income, urban lender, are likely to get caught up in the case after all.

In recent court filings, the lower-level ex-ShoreBank loan officers whom the FDIC did name in the suit assert that directors, including co-founders Ron Grzywinski and Mary Houghton, actually approved some of the larger business loans the FDIC cited in its August complaint and were aware of all of the rest. Likewise, the …

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[19 Aug 2013 | No Comment | ]

The Federal Deposit Insurance Corp. sued five former loan officers at defunct ShoreBank, alleging they disregarded the firm’s lending policies on more than two dozen loans, causing more than $73 million in losses.
The loan officers at the Chicago-based bank — James Bringley, Drextel Amy, Olga Vikki Lakes-Battle, Eric Rader and Thurman Smith — did not collect basic financial information about the loans they approved, according to the suit, which the FDIC filed Aug. 16 in U.S. District Court in Chicago.
The defendants “repeatedly failed to undertake the analysis necessary to evaluate …

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[20 Sep 2012 | One Comment | ]

The state agency managing the College Illinois prepaid tuition program expects to lose more than half its $10 million investment in luxury hybrid-car startup Fisker Automotive.

The Illinois Student Assistance Commission, which runs the $1.1 billion fund backing the college savings plan used by more than 30,000 Illinois families, disclosed the bad news at its Sept. 14 meeting, spokesman John Samuels said.
Read more at Crain’s

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[10 Jan 2012 | No Comment | ]

The Chicago Daily Observer has an education for you.