General Electric, whose new profile as a big-government force has been detailed regularly here, is riding to the rescue of ShoreBank, the Chicago bank that describes its mission as "to create economic equity and a healthy environment."
Republican Congressman Spencer Bachus is asking the White House to answer whether it has been involved in saving the bank. Bloomberg Businessweek has a report that claims the bank "has long-standing ties to the president," which may be an overstatement. The article says, "After Obama was elected, former ShoreBank executive Robert Weissbourd served on the president-elect's transition team."
The Bauchus press release says, "When you have the Obama Administration picking winners and losers, their political friends get bailed out while taxpayers and those less politically connected get the short end of the stick...There is no way a bank without ShoreBank's political connections would receive this kind of attention, and these actions fully make the case as to why the government should refrain from subjective, ad-hoc bailout practices"