Obama’s ShoreBank: Jeremiah Wright’s $10 Million Cash Machine
posted at 8:51 pm on June 29, 2010 by directorblue
This is Rev. Wright in 2008, after a public repudiation by then-candidate Obama, for his series of incendiary and racist remarks such as “The government invented the AIDS virus as a means of genocide.”
This is Rev. Wright, earlier in his career, railing against whites, Jews, and America. Wright built a small church called Trinity United into one of the largest of Chicago’s south-side congregations with heated and divisive rhetoric sometimes called “Black Liberation Theology”.
At 10,400-square feet, the home includes a large family room with wet bar, an exercise room, and a spare room that could be for a large home theater or indoor pool, based upon building plans.
This is one of the loan agreements that Trinity United Church used to purchase the home for Rev. Wright. In addition to a $1.6 million mortgage, the agreement also attached a $10 million line-of-credit. As a non-profit entity, Trinity United did not have to report any of these financial dealings to the IRS, according to an April 2008 Fox News report.
Since that time, Trinity United Church sold the property to a trust company called ATG Trust, the executives for whom are all pictured above. Presumably ATG Trust, which specializes in tax shelters, trusts and investment management, created a trust and other investment strategies for Rev. Wright to minimize his tax exposure and maximize his returns.
Curiously, Wright appears to have utilized a firm with a distinct lack of diversity among its key executives in order to set up his tax shelters or whatever legal structures he used to protect his assets.
And what bank underwrote Wright’s mortgage and $10 million line-of-credit? That would be none other than the troubled ShoreBank, a favorite of the Obama family and other Democrat politicians, who have worked mightily to have the feds rescue it despite the fact that it would otherwise not qualify for a bailout.
In fact, while other banks in ShoreBank’s boat have been permitted to fail, the Obama administration allegedly pressured Goldman Sachs, Citigroup and others to prop up the bank. According to news reports, this infusion would permit ShoreBank to receive an additional $75 million in TARP funds. The Central Illinois 9/12 Project has described the bank’s ties to the president and his associates, including Rev. Wright and Obama’s self-described “Communist” associate Van Jones. In fact, according to Republican Congressional candidate Joel Pollak, incumbent Illinois Democrat Rep. Jan Schakowsky — one of Nancy Pelosi’s favorite far left House members — has strenuously argued for the bailout of the bank.
Scum is too kind a word to use to describe the Rev. Jeremiah A. Wright. Here is a man who lives in the lap of luxury, surrounded by the very white people he claims to despise. A man who hypocritically uses a lily-white firm to shelter and protect his own millions, though he preaches a poisonous form of Marxism and wealth redistribution for others.
Here is a man who attacks the very society that has allowed him to prosper — the most magnificent society ever created on the face of the Earth — and then stealthily embeds himself in that society, with law firms and gated communities protecting himself from the very rabble he claims to protect.
So, Mr. and Mrs. Taxpayer, just remember that when ShoreBank receives its inevitable bailout — with money that you, your children and your grandchildren will have to repay — you’ll be pleased to know you’re also helping to subsidize the despicable, racist and amazingly hypocritical teachings of one Jeremiah A. Wright, Jr.
Cross-posted at: Doug Ross @ Journal.