Wednesday Journal reports that a busload of Oak Park and Austin activists, led by Bob Vondracek, recently petitioned a U.S. House Committee, led by Rep. Luis Gutierrez, to investigate the demise of an Oak Park bank that failed. [Feds told they got it wrong, News, Jan. 27]

A lot of banks have failed in the United States over the last year, but I cannot recall another situation where a busload of community activists petitioned Congress on behalf of a bank. I join with the activists in demanding that Congress look into every nickel and dime that went in and out of that bank.

Reportedly, the bank failed due to an investment in the preferred stock of Fannie Mae and Freddie Mac (aka, Barney Frank and Christopher Dodd’s Slush Fund). The $885 million investment is now worthless. The bank was also 100 percent owned by one person, which basically translates into very little accountability. My suspicious mind leads me to think that the bank might have more correctly been chartered as the Saul Alinsky National Bank.

The sainted Bob Vondracek and I are friends and former classmates at Fenwick and Notre Dame. He once told me that it was I who inspired him to enter the Alinsky world. It seems that Bob perceived me to be an elitist and a snob. Imagine that!

Jack Hughes

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