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Failure Of Obama’s Pet ShoreBank Costs Taxpayers $368 Million, Transferred To Goldman Sachs

After a lengthy attempt to bail out his pet bank, ShoreBank Chicago, Illinois, which included several alleged armtwisting episodes by the administration, the president has finally let the bank die (with its assets valued at about 50% of face). Yet instead of going to hell, it was immediately resurrected with a bevy of new owners, among them Goldman, Morgan Stanley, and BofA, all of whom received nearly $400 million in taxpayer money for their “generosity” to keep the bank zombified even in the afterlife.

http://www.zerohedge.com/article/failure-obamas-pet-shorebank-costs-taxpayers-368-million-which-immediately-goes-goldman-sach

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