Rep. Bachus Investigating ShoreBank Bailout (GS)

Fox Business Network's Charlie Gasparino is reporting that Spencer Bachus, the ranking Republican on the House Financial Services Committee, wrote President Obama this morning asking for "all records of communication - including emails, phone logs, and meeting records - related to the ShoreBank negotiations that exist between the Administration and representatives of ShoreBank, and executives of the banks involved in the bailout."

According to Gasparino, "The Bachus investigation could pose problems not just for the White House, but also the firm involved in the bailout, among the most prominent is Goldman Sachs (NYSE: GS)." Goldman and several other large banks have agreed to provide around $140 million to help keep the bank afloat.

Gasparino's sources at the big banks say that they were under political pressure to provide assistance to ShoreBank, which is located in Chicago, the president's hometown and provides lending to poor communities. Gasparino's entire article can be found here.