'Glenn Beck': ShoreBank's Tangled Web

This is a rush transcript from "Glenn Beck," May 20, 2010. This copy may not be in its final form and may be updated.

GLENN BECK, HOST: I want to talk to you a little bit about ShoreBank.

And all you need to know about ShoreBank in Chicago is it's a really good local bank — that's it — a really good local bank.

I want to start over here. Do you remember Crime Inc.? This is a story that we've been telling you here for a while. And I just want to run this down.

Joyce Foundation, when Barack Obama was on the board of the Joyce Foundation — this is a really nasty kind of liberal slush fund — he decides that he's going to funnel money to start CCX. This is the climate exchange board in Chicago, the Chicago Climate Exchange.

Barack Obama, $1.1 million to CCX, OK? Who are some of the other investors? Generation, what is it? Generation something or other — I don't remember — of Al Gore. And Goldman Sachs — they invest in CCX. I think Goldman Sachs has 10 percent of it.

Is this the one that just bought it, right? It's just been sold to a global company now. It's great. So the investors are all there.

Oh, and then — and then, Fannie, Franklin Raines, he's — you know, he's got, what, I think he's inflated the earnings of Fannie Mae so he can, you know, walk away with I think it was $90-some million in bonus money, which is great. They did an investigation. He was discredited but never went to jail, just had to pay money back. Then he's just — he's just back in the mix with everything. He's great.

But he started Enterprise and while he was at Fannie Mae, he bought a couple of pieces of technology. It's amazing technology. One of them is to measure your carbon for the exchange at your house — at your house — so they know exactly how much energy you are using and carbon so you can pay.

It's good, ain't it?

Oh, and there's another one that we haven't really figured out yet. It's a way for the — I guess, the government or whoever would be — Fannie Mae probably to be able to lock your outlets in your house. We got a couple of congressmen trying to get information on that but we — they can't seem to get it from Fannie Mae. But strangely, they purchased this technology for CCX. So, there seems to be some sort of money that's going to be funneled here.

And then what's great is this guy who started the Apollo Project and he's part of all of this, with Emerald Cities Collaborative — it's a brilliant way to "green our cities." What they're going to do is they're going to take money from the carbon exchange using this technology from Fannie Mae and they're going to — all of that money is going to come and it's all going to go through Emerald Cities Collaborative. This is just going to be able to help your town get greener.

And on the board of directors, members of the AFL-CIO, members of Green for All — Van Jones' organization — SEIU, the Apollo Alliance it's fantastic. It's fantastic!

No reporters. No reporters on the story. I'm sorry — Business Insider I believe is doing a couple of stories, but nobody else. Pay no attention to this. No big deal.

Anyway, I want to tell you about a really good, good local bank: ShoreBank.

Yes. Chicago, Illinois — hey, Chicago, Illinois, that's a carbon exchange place! Chicago! It's a community development bank — these guys are in the community development, too. We should get these two together. Who thinks it might end that way?

Their focus is on domestic and foreign micro-financing. Look into micro-financing. I always thought it was a good thing. Now, I'm beginning to think — uh-oh, something there maybe I didn't see.

Since 2000, they've engaged in the financing of green projects. Oh my gosh! They lost more than $100 million last year due to huge losses from real estate loans in its low income neighborhoods. And they've been seized by the FDIC. Oh, no, I'm sorry. They were almost seized. But some people have come to the rescue — private sector bailout. Yes! They don't want any of that government money.

I'm going to fill in a few more details on ShoreBank and the people riding to the rescue — next.


BECK: They don't want any of that government money. I'm going to fill in a few more details on shore bank and the people riding to the rescue, next.


BECK: America, this you could not make up. You could not make this up. You couldn't write this. Hollywood could not write this. Wait until you meet the really good local bank — Shore Bank — surprisingly not in the news. Chicago, Illinois.

Let me introduce you to them and see if you — you kind of recognize some of the people here. Shore Bank — they don't want it taken over by the FDIC. They don't want to be a burden to the people.

Here's Ron — he's the founder. Do you know he was a guy who was testifying for the Community Reinvestment Act, 1977, Jimmy Carter? This is great! Because the Community Reinvestment Act is really kind of a Cloward and Piven kind of scheme that really led to all of the things that, well, we're now having to bail banks out for.

But he was the only banker that said, I want you to know, that's an important deal. In fact, it was so inspirational, so inspirational that the Clintons thought it was — that was great. They were inspired. They were inspired. They thought it was wonderful. Back when they were in Arkansas, they saw this bank and they said, I'll tell you what we got to do. We've got to have a bank like that down here, down in Arkansas.

Hey, isn't there another — didn't, yes, the — here it is. I'm pretty sure that was in Arkansas. And they were working with banks like this in Arkansas, all inspired by him.

OK — now, on the list of shareholders for the really good bank, ShoreBank — the list of shareholders — do you know who the big shareholder is? This is going to be — oh, where did we go? Oh, the Joyce foundation. The Joyce Foundation from Crime, Inc., the one who started the climate change that Barack Obama was on and by the Fannie Mae and — that is a good one.

No big deal so far — still just a really good local bank.

By the way, the co-founder — the co-founder was at the signing of the Bill Clinton community reinvestment thing, too. That was — that was good.

Oh, a V.P. — where is she? Jan — Jan, the V.P. — I love her. Look at her. Doesn't she look like a sweet lady? She is so nice. Oh, boy. She is the V.P. of the bank. Yes. Yes. Yes. Oh, you know what's weird? She was actually Hillary Clinton's roommate in college. Yes.

Oh, and there is a couple of other things that aren't even really worth-looking at, really. She is on the board of Vital Voices and Women Advancing Micro Finance. Remember "micro finance" — we're going to come back to that one. She is also — she is also a member of the Council of Foreign Relations. And she is looking on working on ways to develop talent pool for the presidential appointments.

But she is — just a really good local bank.

Now, let me introduce you to the former vice president here, former executive vice president. This is Bob. Hi, my name is Bob. I'm the former executive vice president. He is kind of a key player in a lot of things. He has been active for over 25 years in community and civic organizations. He's — let's see, he has been on the — he's on the Center for Neighborhood Technology. He's on the Visiting Committee of the University of Chicago Law School. The University of —

Hey, wasn't he the — I wonder if he knows Bob because he was at the university. Oh, I bet he does, because he also was on the board of the Business People in the Public Interest, BPI, that received $375,000 in grants from the Chicago Annenberg Challenge, which — see, Barack Obama was on the — and Bill Ayers was on the — he didn't know Bill Ayers, he probably doesn't know Bob either.

No, he has to because he was actually part of the Biden-Obama transition team.

Then we have Howard Stanback — here's Howie. He's another board member. Hi, Howard. Howard is a good guy. He's — wait a minute. He is a former board chairman of the Woods Foundation, which is weird. If I'm not mistaken, Obama and Bill Ayers were also on the board of the Woods Foundation.

Isn't that — I got to check some of these facts out, because you'd think — oh, by the way, he also was employed — this can't be right. He was also employed at New Kenwood, LLC, a real estate development co-owned by Allison Davis and Tony Rezko.

Tony Rezko — didn't he like give, like, amazing deal on Barack Obama's house? And they were on the board together? This is getting interesting and we've just got it started.

Back in a minute.


BECK: OK, we are just talking about a really — completely unrelated to Crime, Inc., except for — it seems to be the same players. ShoreBank in Chicago needs a bail-out. A lot of people coming to help them. Wait until you see who is.

But it's kind of going through it. Roommate of Hillary Clinton. Joyce Foundation who started, Crime, Inc. Ron is the founder and he was for the Community Reinvestment Act, the only banker who said that.

Here is a guy who is a board member. And there are just so many, so many crazy coincidences. Let me to go to now Adele. Adele is a board member. Here she is — here. She is a board member. She is also the chair of Fair Labor Association, on the Council of Foreign Relations, Environmental Defense, Union of Concerned Scientists. She's also — this is great — she is also a member of the Commission on Global Governance and the U.N. high-level advisory board on sustainable development.

Glad we're not trying to figure out any kind of banking that we could tie the whole world together, huh?

She now — Mary is the next one. Do you have Mary's picture? This is Mary. She is one of the co-founders and I like to say she's just an advice giver, because she has given a lot advice. She is an expert on micro loans and micro lending is kind of a big important thing. You should do some research, Watchdogs on micro lending — because you will be amazed what you find.

For instance, we have found micro lending was a big thing to the Ford Foundation. In fact, Mary was giving advice to this woman. Do you know who this woman is? Barack Obama's mother.

Mary giving advice to Barack Obama's mother — and do you know who Barack Obama was doing micro financing with? The Ford Foundation. Guess who was also doing micro financing on the Ford Foundation. His dad. Timothy Geithner. Isn't that — what are the odds?

Man, it's just — it just becoming a very, very small, small world. Very small.

I would like to go into a couple people that are receiving loans. For instance, $10 million line of credit for this man's business and also his retirement home: Jeremiah Wright, which is weird.

Somebody else who has a bank account there — now, I know — can I tell you something? I live in New York so I don't have a bank account in Milwaukee. If live in Los Angeles, I have a bank account in Los Angeles. I live in San Francisco or Washington — I have a bank account. Doesn't live there. I don't think ever has. Van Jones has a bank account there, and he's doing a lot of promotion for them, too, because they're very important on green jobs.

Now, stimulus money? Well, they've got $35 million of stimulus money right now, but only because they're building green communities. That's all they're doing, like Crime Inc. over here, just about greening. That's how they got stimulus money. Not bailout money — stimulus money — $35 million in stimulus money.

But that's not enough, because they're in trouble. Friends, we got trouble. Trouble right here in Chicago, Illinois at ShoreBank. Let's change the world. Oh, fundamental transformation is happening at ShoreBank. Let's change the world. Well, they can't if they don't have the money. And they certainly don't want to be a burden to the taxpayers. No, not at all.

So they've reached out to some friends and asked them, could you just — could you help just a little bit, please? We're just trying to save the world. Let me introduce you to some of the people stepping into save them.

You thought it was a small world? It is going to be so small, you are going to feel like a pillow is over your face. Yes, next.


BECK: It's amazing. I'm looking at this and I'm seeing Crime Inc. over here. I'm seeing how it's been cannibalized. You know, the magnets at least have been catalyzed because we had to use a lot of them over here.

For a really good local bank, ShoreBank, that you have never heard of, there's a lot of weird coincidences that are going on. For instance, the Joyce Foundation, you know, the one that Barack Obama was, you know, working on that funded the Climate Exchange and all the money funnels down here.

And Van Jones, which is also over here. It's weird. It's weird. Bill Ayers connections all over. Barack Obama. It's really interesting. I didn't know — did you know that Timothy Geithner's dad, the Ford Foundation with Barack Obama's mom? I didn't know that. That is an interesting tidbit you would think you'd see it on Wikipedia or something. You know, you'd see it somewhere.

But apparently, nobody is looking for any of this stuff, which is strange. Because this is what we did in a couple of days. Can you imagine if you were like — had all the reporters and journalists and everything at The New York Times? Can you imagine — imagine the Pulitzer that could be won?

But anyway — so they're in trouble. They're in trouble even they took stimulus money, not TARP money. Not a burden to you. Stimulus money — $35 million. But that's not enough, so they're really having problems. So they need someone to bail them out because they don't want the government to take over.

Yes. So who is going to bail them out? Just one of the biggest investors in Climate Exchange, Goldman Sachs. But Goldman Sachs — now, why would they want — Goldman Sachs. I thought they were dirty. I thought they were causing all kind of problems. I thought we had to stop the evil Goldman Sachs.

So they're going to pony up. They decided they'd do that. And oh, oh, oh. And Bank of America, which is weird, because this is SEIU. They were just protesting. But I'm sure that's completely unrelated and they're just going to help. They're just going to help what is being described as a politically connected bank. Oh, yes, there are connections here. Yes.

And one more, just one other — I mean, you know, Citi is involved and I think J.P. Morgan Chase is involved. But one more I really wanted to point out. I mean, who else? Who else should be up here?

Wait for it. Come on, you really want to know, don't you? [G.E.] That's it. Circle complete. I bet we have more for you on this on Monday because we'll have a few days to look into it. Back in a minute.


BECK: I have to leave you with this little cherry on the top. ShoreBank — just a really good local bank. Looks pretty — on their Web site they say they are the leading what-based lender?

The leading faith-based lender.

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