Here comes the squeeze!

"The Congressional Black Caucus is holding back support for President Obama's legislation over financial regulation reform because it wants the administration to help minority-owned businesses, such as Inner City Broadcasting. The troubled radio company and its financial plight have been specifically identified in meetings with top administration officials, according to the New York Times. Inner City Broadcasting, which owns 17 stations nationwide, faces a possible financial collapse because of pressure by Goldman Sachs and GE Capital to repay nearly $230 million in debt.

Black Caucus members and lobbyists for Inner City have been pressing the administration for special help for black-owned broadcasters, and to help push its cause, Inner City even hired prominent Washington lobbying firm the Podesta Group. Members of the caucus asked the administration to squeeze lenders like GE Capital and Goldman Sachs to renegotiate their loans with Inner City and other black-owned radio stations, arguing that these financial institutions themselves had already received federal assistance. Some caucus members even pushed to include black-owned radio stations in the bailout.

The matter came to a head on Wednesday, when 10 members of the Congressional Black Caucus skipped a House Financial Services Committee meeting, intentionally missing a critical vote on the regulatory reform package. They were trying to send a message to reinforce their demands that the White House take steps to address the financial crisis that has hurt black businesses, the Times reported. The vote allowed the legislation to move to the full House floor, where it is expected to be taken up next week.

"There is a lot of concern about Inner City Broadcasting," said Barney Frank (D-MA), the chairman of the House Financial Services Committee. Frank also told the Times that at the request of Black Caucus members, he had called "private and public companies" on behalf of the radio station owners to urge them to work with Inner City and other media companies.

Meanwhile, White House spokeswoman Jennifer R. Psaki said in a written statement, "We share the concerns raised by C.B.C. members about struggling minority communities, and that’s why we've engaged in a positive way to make progress on these issues." Goldman Sachs spokesman Michael DuVally also confirmed to the Times that the company has been involved in talks with Inner City Broadcasting about its debt."

http://www.fmqb.com/article.asp?id=1612575