Inside these posts: Bailouts

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ShoreBank bailout hits political snag

The bailout of Chicago-based ShoreBank has hit a serious snag as the Federal Reserve and Treasury drag their feet on whether to provide funding to the ailing South Side lender, sources close to the situation say. 

Last month ShoreBank lined up commitments from private sources, including Goldman Sachs, Bank of America, General Electric and Chase, for a capital infusion of about $135 million. That private money was to have made ShoreBank eligible for about $75 million in government funds from the Treasury’s Troubled Asset Relief Program. The bank has needed to raise about $200 million to stave off possible seizure. Get the full story »

Dimon discusses financial reform in Chicago

By Greg Burns | Speaking in Chicago shortly after President Barack Obama called on leading bankers to get behind Democratic-led financial reform, Jamie Dimon, the chief executive of JPMorgan Chase & Co., said he’s 80 percent on board.

“It’s obvious we need to reform our financial system. JPMorgan has supported most of the things that came out,” said Dimon, as he accepted an award Thursday from the Executives’ Club of Chicago. “We agree with 80 percent. We might be right on the other 20 percent.”

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