Bachus asks White House to explain role in ShoreBank bailout

Bachus and Rep. Judy Biggert, (R-Ill.), ranking member on the Subcommittee for Oversight and Investigations, questioned a cash injection of $150 million from Goldman Sachs, Citigroup and GE Capital so ShoreBank could qualify for $75 million in Troubled Asset Relief Program funding.

ShoreBank is a well-known institution that is considered model for lending to middle- and low-income borrowers. 

The letter requests the White House to release all records of communication, including e-mails, phone calls and meeting records, related to the ShoreBank negotiations between the administration, ShoreBank representatives and any bank executives involved in the corporate bailout, including Lloyd Blankfein, Eugene Ludwig and the Promontory Financial Group. 

"There is no way a bank without ShoreBank's political connections would receive this kind of attention and these actions fully make the case as to why the government should refrain from subjective, ad-hoc bailout practices," Bachus said. 

To read the letter, click here. 

This story was updated at 4 p.m.