ShoreBank bailout probe kicked out of Wall Street reform bill

ShoreBank Corp. won a reprieve from a potentially crippling federal investigation of alleged Obama administration pressure on some of the nation’s biggest banks to invest in the ailing South Side financial institution.

Before finishing the massive Wall Street reform bill early this morning, Senate negotiators killed a provision that would have required the inspector general of the Federal Deposit Insurance Corp. to examine all bank bailout deals since January 2009 for political pressure by the executive branch.