Please read the links and refute the info without the personal
attacks.
It is notable that Obama's finance chair has been involved in
at best, dubious financial management and statements.
Penny Pritzker is the National Finance Chair of 2008 Democratic Party presidential candidate Barack Obama's campaign. Yet the Obama campaign's national finance chair served as chairman of the Superior Bank from 1989 to 1994, before this savings and loan institution collapsed in July 2001.
snip
Less than two years after the U.S. Senate’s Committee on Banking, Housing and Urban Affairs held a hearing on “The Failure of Superior Bank,” former Superior Bank Chairman of the Board Pritzker, coincidentally, began to financially back Obama’s 2004 campaign to become a U.S. Senator from Illinois: As David Mendell recalled in his 2007 book "Obama: From Promise To Power:"
snip
“Obama was confident that he was destined for more than a day job running a foundation or practicing law or languishing in the minority party in the Illinois senate…He invited a group of African-American professionals to the house of Marty Nesbitt, who had served as finance chairman of his congressional campaign. Nesbitt is…vice-president of the Pritzker Realty Group, part of the Pritzker family empire…Nesbitt arranged a weekend gathering to help Obama reach inside the deepest pockets he knew—those of the Pritzker family…
snip
Given the past involvement on the board of a failed savings bank that engaged in financially reckless subprime lending of the 2008 Obama presidential campaign’s National Finance Chair, it’s nor surprising that an article in "The Nation" magazine (2/11/08) by Max Fraser, titled “Subprime Obama,” reported that “only Obama has not called for a moratorium and interest-rate freeze;” and that Josh Bivens of the Economic Policy Institute said that “There’s been less emphasis from the Obama campaign on the really dysfunctional role of the financial industy in the subprime mess.”
link:
http://diurnal.bostonnow.com/blogs/oldmole/2008/02/12/obama-campaign-finance-chair-involved-in-superior-bank-sampl-scandal------------------------------------------
Obama Campaign's Predatory Lending Link?
The Obama Campaign's National Finance Chair, Penny Pritzker, was a director of a failed bank, Superior Bank, that was accused of engaging in predatory lending practices. As an article in the November 8, 2002 issue of "In These Times" (
http://www.inthesetimes.com/article/671/ ), titled "Breaking The Bank," noted:
"The National Community Reinvestment Coalition, which monitors bank lending, last year accused Superior of participating in a variety of predatory practices, including aggressive telemarketing, targeting low-income minority borrowers, and disproportionately incorporating problematic `balloon payments' in the loans. One borrower in Philadelphia, represented by attorney Brian Mildenberg, ended up in bankruptcy partly because Superior didn't properly credit him for payments he had made. In another case, Cleveland construction worker Dan Sutton claims that a broker for Superior falsified papers to inflate his mortgage and charged exorbitant fees."
Coincidentally, 2008 Democratic Party presidential candidate Obama hasn't been that eager to mention the role that Superior Bank's financially irresponsible subprime mortgage operation and its apparent predatory lending practices played in helping to create the current U.S. economic crisis, when the Obama Campaign's national finance chair sat on Superior Bank's board of directors.
link:
http://diurnal.bostonnow.com/blogs/oldmole/2008/02/13/obama-campaign039s-predatory-lending-link-------------------------------------
The money scandal of predatory lending by the Pritzkers outlined here...
Breaking the Bank
http://www.inthesetimes.com/article/671/Meanwhile, in a case that has received no public notice, uninsured depositors are bringing a charge of financial racketeering against one-time board chairwoman Penny Pritzker, her cousin Thomas Pritzker, Dworman, other bank principals and Ernst & Young. In this federal class-action suit filed under the RICO (Racketeering Influenced and Corrupt Organizations) statute, plaintiffs’ attorney Clint Krislov claims that those who controlled Superior induced depositors to put money in the bank, “corruptly” funneling money out of the bank to “fraudulently” profit the owners. Pritzker attorney Stephen Novack says that the defendants will ask to dismiss the case as having no merit. Such a RICO suit has rarely, if ever, been used to recover money lost in a bank failure, partly because the owners in such cases, in the words of bank consultant Bert Ely, “usually don’t have a pot to piss in.” But the Pritzkers have a gold-plated pot.
snip
What looked like a good deal for the FDIC in resolving Superior’s failure is now looking like yet another opportunity for the wealthy Pritzkers to further profit from their misdeeds. Certainly, the record suggests that Ernst & Young bears responsibility, but so do the Pritzkers and Dworman. The question is not just who will extract money from whose pocket in the aftermath of the bank failure, but also whether the rich are simply above the law. The RICO lawsuit against bank managers, owners and auditors raises the issue of criminal conspiracy and at least attempts to recover damages for the uninsured depositors. But beyond that, argues thrift watchdog Anderson, “I think there ought to be a criminal investigation.”
-------------------------------
Relevant or not?
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore
