Rep. Schakowsky and ShoreBank: New Evidence of Conflict of Interest
by Joel B. PollakI have found evidence that may explain the intense interest of Rep. Jan Schakowsky (D-IL) in bailing out ShoreBank, the “community development” bank that has received extraordinary assistance from her and several other “friends in high places.”
The New York Times confirms that Rep. Schakowsky played a leading role in the ShoreBank bailout. Yet ShoreBank is not based in Rep. Schakowsky’s congressional district, and she did not help the Bank of Lincolnwood–which is in her district, and failed in 2009–or Park National Bank, which was also active in community development in Chicago until it was closed by federal regulators last year.
Now, court documents that I have obtained reveal that ShoreBank was one of several banks that Rep. Schakowsky’s husband, Robert Creamer, used in the check kiting scheme for which he was convicted and sentenced to federal prison in 2006.
31925793-Defendant-brief-Sentencing-March-21-2006
When another bank, Cole Taylor Bank, refused to continue honoring his checks, Creamer turned to ShoreBank for help. ShoreBank evidently provided him with extra time to find over $1.4 million to cover the overdrafts.
As Creamer wrote to the U.S. Probation Officer prior to sentencing: “When I learned that Cole Taylor would no longer pay on uncollected funds, I immediately contacted South Shore Bank (now ShoreBank)–the bank most likely to incur an overdraft…”.
31925957-ShoreBank-Probation-Letter
That helped Creamer’s organization, Illinois Public Action, avoid a catastrophic series of defaults, and enabled his attorneys to argue that no bank lost money as the result of his actions.
The result was that Creamer was given a fairly light sentence–five months in federal prison and eleven months of house arrest during which he was allowed to travel to and from Washington, DC.
Given these facts, Rep. Schakowsky’s role in the ShoreBank bailout is completely inappropriate. At best, she has a conflict of interest. At worst, she may be attempting to pay ShoreBank back for helping her husband and his organization.
The court documents also raise additional questions about the ShoreBank bailout. In his letter to the U.S. Probation Officer, Creamer also wrote that he kited checks because he was sure he would be bailed out by powerful friends: “…I knew of the receivables in the pipeline and I always knew that in the event of a serious problem there were many supporters who were ready and willing to come to the aide [sic] of the organization.”
That same pattern is reflected in ShoreBank’s recent operations, in which the bank made reckless investments, believing it could count on powerful friends to bail it out.
Indeed, ShoreBank obtained $35 million in federal stimulus funds, then used Rep. Schakowsky, Sen. Dick Durbin (D-IL), and former president Bill Clinton to press Illinois authorities for another $100 million. Finally, unable to raise the necessary capital from a near-bankrupt state, ShoreBank was able to obtain apparently politically-brokered favors from Wall Street, with personal help from Goldman Sachs CEO Lloyd Blankfein.
In addition, if Creamer was able to obtain special help from ShoreBank when his check kiting scheme fell apart, it is possible that ShoreBank has helped other powerful clients similarly.
A privately-funded bailout will allow ShoreBank to avoid close federal scrutiny of its operations. As taxpayers, we deserve to see a full, independent forensic audit before ShoreBank receives the $75 million in additional federal funds it needs to avoid closure, or obtains any other public assistance of any kind or from any source.
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361 Comments
These guys should try to make an honest living. Maybe the mafia is hiring.
These guys are to incompetent for the Mafia.
"………In addition, if Creamer was able to obtain special help from ShoreBank when his check kiting scheme fell apart, it is possible that ShoreBank has helped other powerful clients similarly…….."
If only the Chicago media had the slightest semblance of journalistic integrity,………….
the names of all the Jesse Jacksons (Srs. and Jrs) that were ever in Chicago would somehow,………..
appear on ShoreBank's,…………… Who's who list.
Even the Mafia has standards.
Great research Joel! Keep digging.
Just some background on good old socialist Creamer to start.
http://www.newsrealblog.com/2009/12/09/ex-con-rob...
I was going to add to the comment, but it pretty much says it better than I can. Notice carefully the socialist propaganda for health care. and the slap on the wrist this progressive socialist crook received. It was a joke. I will doubt no more that all dims are crooks and liars.
This bank is an arm of the Crime Inc family no surprise that there is new evidence. Yes yes Beck has been covering it… because NO ONE ELSE will.
There are elements at play folks positioning themselves to once again screw you. But what do you do? What are you doing while this Chicago style crime syndicate routed in the White House continues on? Oh I am sooo sorry is it not as important to you American Idol, Dancing With The Stars etc? Go back to your shows and delusional life… or are you in denial? Oh its happening while you are too busy to do anything, sit back nothing to see here someone will take care of it b/c you are too busy to speak up and stop these animals. Who is that someone? Hmm, who? Its a domino effect everyone thinks someone will take care of it while they are busy with there little world, that someone is you!
You are losing your freedoms, your country while you still sit idly by… when will it be enough? Come out of your shell, cross the line within yourself and TAKE BACK AMERICA through http://www.savingtherepublic.com
Much in the same way that CASH bribes are fungible so too is pollitical influence, peddlers all of them.
Journalistic Integrity (laughing hard)…Chicago (wiping tears from eyes, clearing throat)..sorry about that
You and I both know that the Trib (including WGN), Sun, CBS2, NBC5, ABC7 and Fox32 will not do anything without his Honors permission. They're not stupid, Daley would shut them down faster than Chevaz did. Look at what he did to Meigs Field.
*For those outside da Region, Meigs Field was a small airport on Northerly Island in Chicago. Daley had been trying to shut it down since 1994 for real estate development. On March 31, 2003, after nearly 10 years of loosing battle after battle and signing an agreement with the State to keep it open for another 25yrs, Daley had crews go in, at night and with out notifying ANYBODY, FAA, the City, the State, the Federal Gov., the aircraft owners that keep their planes there, NO BODY, and rip-out a giant X in the airports single runway strip.
Oh ya, the penalty for closing an airport with a charted instrument approach, the City had to pay a $33,000 fine for not giving the proper 30 day notice to the FAA.
All the orgiastic corruption connections are making my head swim! UGH!
These corruptocrats really take the cake. Their injustices serve their fallacy of 'social justice'.
Justice Is lost, Justice Is raped, Justice Is gone…http://www.youtube.com/watch?v=CQ4GbcuBvUQ
You should study more of the history of Shore Bank if you want to understand it. It was set up by left-leaning businesspeople as a pro-community development bank. Most progressive organizations in Chicago have, at one time or another, had accounts at Shore Bank. It was considered your patriotic duty as a good progressive.
if it weren't for a conflict of interest, this bank would pay no interest at all.
And we all think elections will cure this?
We can expect no more info on this as Rep. Jan Schakowsky (D-IL) is Nancy Pelosi's best friend. Who needs integrity, ethics or honesty with that friend?
Well well well, bombshell after bombshell about Shorebank, and it's keepers, just keep on dropping.
I am left to wonder if the mainstream media is going to try and outdo it's own willful negligence, regarding it's attempted sweeping under the rug of the ACORN scandal, by trying to ignore the Shorebank scandal now.
Joel, a big thanks goes to you, and to everyone else who has toiled to bring to the attention of the American people a scandal of mega proportions.
The Shorebank scandal isn't going away any more than the ACORN scandal did, and the mainstream could regain some much needed credibility if it actually did the right thing and gave this story it's due scrutiny.
If Rand Paul is any indication of what's to come the Tea Party is going to screw up America worse than the Democrats could ever possibly dream of.
You are right on that, old crazy a$$ Glenn Beck as the LSM like to call him. I only hope he and everyone on this website doing the good work can get it all out before we're all in concentration camps or worse. I'm surprised someone hasn't killed Beck yet or at least attempted to.
Joel, you give Harvard Law School graduates a good name. You obviously didn't drink the koolaid or go to the brain washing sessions. Your opponent, Ms Schakowsky is an anti war liberal that makes Nancy Pelosi look like a centrist. It's time she retire back to Illinois. Go get her.
Sorry,…….there Indy,……I like to daydream.
I am totally into giving that a try and think you're mostly a fool.
Anyways, it is worth taking yet another point from you.
She should be removed from office for even emplying to bail out this bunch of theives.
America STANDUP and fight crimes like this.
So far I have yet to see anything come out of Illinois worth saving, except my friend Brian, and sometimes I wonder about him too…Since he now lives in AZ, I think it's ok to go ahead and sell the state to Canada.
As i recently heard Al Sharpton say: he is not interested in 'equal rights', he wants 'equal stuff'
Really? I am interested to hear your thoughts on how.
You sound very confident and believable.
It's the libertarian part that scares the Hell out of them! Any answer from Rand that mentions personal responsiblity and common sense approaches puts them into orbit.
It's like the old Commodore 64 computers when you put in the wrong DOS command, " Does Not Compute" is all that happens.
Actually taking responsibility for your own lot in life is not in their vocabulary!
This mope is obviously on the Guvmint Take. It isn't enough to suck the GuvTit, eh, Larr? Lemme guess, it's a government given right as opposed to God given…..oops, almost forgot, Progressives like you are godless. You're nothing more than a taker and with that why don't you take your schtick to Rachel ManCow's forum….they have no clue over there either.
[...] MORE [...]
Nope, neither fiscal and personal responsibility are in their vocabulary.
So, its no surprise they are scared of anyone like Rand Paul, since he is everything they are not. I just hope he and others like him live up to their claims and responsibilities, since that is basically all we are asking for.
I've been learning that EVERYTHING has a circle of connections.
Typical Good Ole' Boy stuff, you scratch my back, I'll scratch yours.
It's just really mindblowing when you really get involved in politics on any level. This is not just a national political problem. Some of your local school boards and small municipalities are evert bit as corrupt as these high profile dirt bags, in fact that's where a lot of them learned the trade.
I think a public post at any level should have a two term limit maximum, but even then if it's a four year term they can do alot of damage that takes longer to straighten it out. Just look how much damaged Fearless Leader has done in less than 2 years, we may never fully recover!
This whole thing reeks to high heaven of corruption. All the players names arre coming up even Van Jones, who lives in Maryland but has an account there.
Don't hold your breath and I don't think the mafia would stoop this low. For some reason, everytime I hear anything about these two, I feel sick to my stomach. Even the mafia does not invoke such a reaction in me.
This thing stinks to high heaven. If we had a fair press, Obama would be on his way out now. This guy is as dirty as they come.
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Democrats release themed versions of new Money Grubbing Turd symbol for illegals & SEIU: http://bit.ly/csPVzj
I don't have much doubt that Rep Schakowski will be relected for as long as she wishes. Some voters are just that stupid or lazy or both.
No, but just as the old joke: "what do you call 2000 lawyers at the bottom of the ocean?" … It Is A Good Start!!!
Talk about showing our age!
Commodore 64, Atari 400, actually a pretty good analogy because they operate slow and don't accept commands from the user very well. 
Only if he has more then you….Some animals are more equal than others…..
It's called "The Kevin Bacon Effect"…..I think Al Gore invented it…………
I have found evidence that may explain why someone named Joel B. Polack is a Smuck!
And BTW, I too have changed my name but not my mission: richardporter, new and improved!
I need someone to tell me what we can actually do to stop these thieves. Half of the country knows what's going on, but more than half don't pay taxes. How can we stop this stuff?
we the people will have to hunt this guy down because Eric Holder anfd Obama won't do anything because it will lead to Obama being exposed as a co-conspirator and depths of his corruption. Every where you turn there is another crook inthe Democratic controled congress and senate! This clown needs to go to jail, but Obama will pardon him so he won't tell on him. Wake up America! The White House is filled with corruption and the American People need to take back their country from these crooks. Wake up America! Obama and his friends are stealing us blind.
There's no jail big enough to hold these thug politicians. I say send 'em to Guantanamo. They'd be happy yukking it up with the murdering terrorists. Let them spend some time remembering the good old days of Obama and the Chicago way. How many of his buds are commies, Marxists, domestic terrorists, mafia and just plain crooks?
Birds of a feather fly together, so maybe Obama will get the presidential suite. He loves Cuba.
I hope Republicans will begin a complete INVESTIGATION of the corruption in the Obama administration and everyone connected to the Chicago Climate Exchange and SHORE BANK. Obama is in bed with Goldman-Sachs, George Soros, Van Jones, Valerie Jarrett, Tim Geitner, Al Gore et al in a phony Climate Change SCAM to sell carbon credits. It will mean skyrocketing energy costs for all Americans. This Chicago THUG needs to be IMPEACHED and I hope it happens as soon as possible. Republicans MUST win the majority in November or our country is toast and the Marxist Messiah will continue with his agenda to bring down America. Treasonous Bas***d!
We must make sure that Republicans win the 2010 elections and take over as the Majority so they will have subpoena power to investigate this corrupt bunch of thieves, crooks and thugs! I say IMPEACH Barack Obama and send his butt back to the corrupt Chicago cesspool he crawled out of.
Crooked is as crooked does….
you're dreaming alright. go back to sleep now.
Cronyism in chicago? Gasp AND Swoon!
What worries me most about Rand Paul is the fact that he's only 4'9". I believe one should bring stature to bear on the office and I'm afraid he wouldn't meet the many height requirement policies for boarding a ride in Disney World.
The den of corruption that is Chicago politicians and their spouses needs to be weeded out, yesterday! How do these people stay out of prison?
I would love to see the commie Schakowsky go down.
She's the witch that said the plan for the progressives was to shut down the insurance companies.
I want to see her go down and be impeached!
[...] The views represented do not necessarily represent those of the Chicago Daily Observer.] Rep. Schakowsky and ShoreBank: New Evidence of Conflict of Interest Joel Pollak, Big GovernmentJan Schakowsky is corrupt to the core. She needs to be thrown out of [...]
The Obama regime and his thugs are creating the Amway of criminal behavior by establishing front organizations, trusts and companies in preparation to ripping off the American public aided by the full force of the federal government and it's corrupt agencies. Obama and his close circle capos will become billionaires while the American worker will see their average pay drop to support his Ponzi scheme and protection racket.
And of course Eric Holder will stand around with his head up his a$$ claiming he can't find the crap that's smeared under his nose drawing flies.
Yeah, I hit one out every now and then. How's it go, " I ain't as good as I once was but I'm as good once as I ever was". I know Toby Keith sang it but we used to say that before Toby Keith was born.
Anyway, proud to associate with you Flame, and any other vet that graces the boards. I never had a chance to serve but I have many friends and family members that are vets. I may not always agree with the opinions but the way I see it is anybody that's willing to put his ass on the line for my freedom has the right to say whatever the hell is on his mind!
Appreciate the service and that of your family as well!
I spent over 22 years defending everyone's right to speak freely. Besides I've always said opinions are like asses, everyone has one and most of them stink.
Sent from my Verizon Wireless BlackBerry
[...] » Rep. Schakowsky and ShoreBank: New Evidence of Conflict of … [...]
[...] » Rep. Schakowsky and ShoreBank: New Evidence of Conflict of … [...]
[...] by Joel B. Pollak at Big Government [...]
James Madison was 5' 4" and he brought much more stature to the office than does the 6' 1" Dear Leader.
This article begs for some one to ask the question : Who financed Obama's home and who now holds the mortgage?
[...] Read more at Big Government [...]
Without establishing dependency how else can they control the vote?
[...] » Rep. Schakowsky and ShoreBank: New Evidence of Conflict of … [...]
[...] Rep. Schakowsky and ShoreBank: Robert Creamer’s Check Scam Steve Bartin 26 May 2010 No Comment [This article was syndicated via RSS from Newsalert. The views represented do not necessarily represent those of the Chicago Daily Observer.] Big Government [...]
This Shit has to " STOP" , Laws need to be ""Enforced"" , Judges need to up hold the "LAWS" , Crony -ism , beware how you use it , Some -one will be Watching you "Elites" .
[...] » Rep. Schakowsky and ShoreBank: New Evidence of Conflict of … [...]
[...] connections to the White House and Capitol Hill, as well as to the green jobs movement, have been documented [...]
[...] connections to the White House and Capitol Hill, as well as to the green jobs movement, have been documented [...]
[...] connections to the White House and Capitol Hill, as well as to the green jobs movement, have been documented [...]
[...] An old fashioned seat-kicking makes me feel warm and fuzzy about a couple of guys running for congress–Pollak, along with Rev. Isaac Hayes who thinks Jesse Jackson, Jr. is a lousy representative for CD IL-2 by the way–taking their megaphones to protest a crony bailout of the infamous Shorebank, which unfortunately was bailed out for reasons Joel wrote about here. [...]
Obama's Collapsing Base! By Daniel Greenfield.. How true is this? Great Read!
Democrats have lost faith in Obama’s political invulnerability. http://votedemocraticparty.com/?p=927
This is the same Jan Schakowsky that said that it IS their intention to destroy the private insurance companies with the health care bill (youtube the video) that consists of a strategy written by her husband, Robert Creamer, while he was in prison for basically a Ponzie scheme.
Does the CrimeInc ever stop?
[...] our district, and even Democrats are tired of her bullying style of politics. My blogs have exposed her role in the corrupt ShoreBank bailout, and her husband’s role in planning the Democrats’ health care [...]
[...] “As Creamer wrote to the U.S. Probation Officer prior to sentencing: “When I learned that Co… [...]
[...] convicted felon husband Robert Creamer used to partially extricate himself from the consequences of his fraud scheme; the bank provided critical assistance to Creamer that allowed him to avoid default – which [...]
[...] convicted felon husband Robert Creamer used to partially extricate himself from the consequences of his fraud scheme; the bank provided critical assistance to Creamer that allowed him to avoid default – which would [...]
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