Mr.

Neil Barofsky
Special Inspector General
Office of the Special Inspector General
Troubled Asset Relief Program
1500 Pennsylvania Ave., N.W., Suite 1064
Washington, D.C. 20220

Dear Mr. Barofsky:

In the last week, we've seen troubling press reports regarding ShoreBank, which
was on the brink of being taken over by the FDIC, and the last minute bailout
effort led by some of the largest recipients of taxpayer funds under the Troubled
Asset Relief Program (TARP). The press reports have indicated that ShoreBank
will be eligible to receive
$75 million in taxpayer funds once the bank receives a $150 million bailout from
firms that include Citigroup, Goldman Sachs, and General Electric. These press
reports have also quoted analysts stating the bank will still fall short of the
capital it needs to survive-which raises legitimate questions as to why $75
million in taxpayer funds would be placed at risk for an institution that is not
financially healthy. We are writing to urge you to open an investigation to delve
into this important matter.

Taxpayers have been forced to fork over $700 billion, and it is our duty to not
only protect their interest but also ensure that politics has no role in
determining which financial institution will receive a taxpayer bailout.
ShoreBank's connection to Administration officials, and reported involvement by
Administration officials in orchestrating this deal, raises questions that its
political connections were key in this bailout.

Attached is a letter we sent to the White House today asking for all
communications between Administration officials and ShoreBank, and the financial
institutions involved in the bailout, including Promontory Financial Group.

According to your mission statement, "SIGTARP's goal is to promote economic

stability by assiduously protecting the interests of those who fund the TARP
programs - i.e., the American taxpayers. This is achieved by facilitating
transparency in TARP programs, providing effective oversight in coordination with
other relevant oversight bodies, and through robust criminal and civil
enforcement against those, whether inside or outside of Government, who waste,
steal or abuse TARP funds."
We feel this is a matter that deserves your attention in order to protect the
taxpayers, and we respectfully ask that you investigate this matter further.

Sincerely,

Spencer Bachus