Of Big Banks and ShoreBank by Ralph Nader

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by Ralph Nader
The Nader Page
August 13, 2010

The Obama Administration’s treatment of its current majority ownership of bailed out General Motors and its standoffishness toward the pioneering but troubled ShoreBank, a community bank based in Chicago, are lessons in how the Big/Bad fare in Washington, D.C., as compared with the Good/Small.

Having shed its bad assets and abandoned its common shareholders, the new GM emerged from bankruptcy in 2009 with a clean balance sheet and lots of taxpayer cash. For the first two quarters of 2010, it has signaled a comeback by reporting over $2 billion in profits.

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