Look! Goldman Sachs (GS) is committing an act of generosity.
The much-reviled Wall Street firm is in discussions to make an investment in South Side Chicago-based community bank ShoreBank, according to WSJ.
Apparently the bank has one more day to become adequately capitalised, or else.
As the article notes, though, there appears to be a political angle. ShoreBank is from Obama’s old neighbourhood, and in fact the bank is involved in microcredit, and Barack Obama once traveled to Kenya to promote the bank’s microcredit mission. A video of his trip is posted on ShoreBank’s website (and embedded below ht). Bill Clinton has also talked up the bank’s work. See this video from Charlie Rose.
Other Wall Street firms that will probably invest include Bank of America and JPMorgan. We can’t fathom why they’re all so eager to help out this one firm.