Skip to comments.A Top Obama Fund-Raiser Had Ties to Failed Bank
Posted on 09/19/2008 8:50:38 PM PDT by Perdogg
For the Pritzker family of Chicago, the 2001 collapse of subprime-mortgage lender Superior Bank was an embarrassing failure in a corner of their giant business empire.
Billionaire Penny Pritzker helped run Hinsdale, Ill.-based Superior, overseeing her family's 50% ownership stake. She now serves as Barack Obama's national campaign-finance chairwoman, which means her banking past could prove to be an embarrassment to her -- and perhaps to the campaign.
Superior was seized in 2001 and later closed by federal regulators. Government investigators and consumer advocates have contended that Superior engaged in unsound financial activities and predatory lending practices. Ms. Pritzker, a longtime friend and supporter of Sen. Obama, served for a time as Superior's chairman, and later sat on the board of its holding company.
Sen. Obama has long criticized predatory subprime mortgage lenders and urged strong actions against them.
(Excerpt) Read more at online.wsj.com ...
I’m so not surprised. He is so damn corrupt.
This is why Obama’s going to lose.
He’s entire campaign consists of nothing but people who are failures and crooks.
It’s a Chicago connection, of course it’s doomed to fail and associated with nObama.
A real beauty.
PONZI PENNY PING!!
There seem to be a number of big players in failed financial institutes that have ties to Obama. Interesting...
..anyone know if Jamie Gorelick is one of Obambi’s “advisers”?
I wish what you’re saying were true but I’m beginning to wonder. I don’t think people are getting it.
Keep it coming...
ZERO does not deserve a poll “bounce” out of a mess the RATS created!
It appears that the “Chickens” are “COMING HOME TO ROOST”!!!
Sank you Rev. Wrong!
The are SOOOOO MANY nefarious ‘connections’ to NOBAMA at this point, that the McCain campaign can do a ‘rolling scroll’ video (like the rolling credits of endless names at movie’s end) - they could play that ‘till midnight of Nov 3rd and drill it home to the public.
Makes me hurl...what a fake and a liar, amidst all this wy would people believe he won’t tax them to death with Pelosi and the bunch backing him..
Who knows? Problem is you and I know, the readers of the Wall Street Journal know....and a few blog readers....but who else.
Joe Six Pack, his 3 kids over 18, and his parents and grandparents don't know. They all watch TV....game shows and Oprah.
This will be a squeaker....the financial crisis, regardless of facts, isn't helping McCain.
“Barak Obama says running his campaign gives him the executive experience to be president. But look at who he hired to fill the top positions. His national campaign-finance chairwoman is a billionaire who ran a sub-prime lending bank closed down by Federal officials. And when he needed to make the most important decision of his campaign, picking a running mate, he picked Fannie Mae CEO Jim Johnson to head up the process. The same person who made 90 million running that organization, and left the taxpayers to pick up the bill.”
“Can we really afford that kind of experience in the White House?”
didn’t rush say today that peggy is honoring ahmadinejad at a din din?
i mean penny.
These fawning women think he is so wonderful. If those of us who are thinkers, analysts, and conservatives had a place to immigrate to, I would say let Hollywood and the brainwashed have Obama. They deserve him and the life he would give them.
My mortgage broker friend in Chicago says you can’t turn around without hearing Pritzker’s name. He’s known she was bad news for the last 25 years.
I’m glad this is finally starting to hit the “service roads”, at least. Maybe the MSM will have to report on the reporting, if not carry the story themselves.
Maybe if they accompany it with pictures of Britney Spears’ latest shoes, it’ll get some attention.
Mars is still unoccupied. LOL
So lets review.
CRA started the ACORN / unsecured Fannie Mae deal.
Fannie Mae was lead by an AA baby that ran it aground.
We now have another AA baby running for president that is using the AA baby head of the failed Fannie Mae as an adviser and this chick too?
With this gal and Raines so strongly connected to Obama...no wonder BHO is not talking much about the problems with Fannie Mae/Freddie Mac nowadays. We have all observed that he has been strangely silent most of the time on this. Still waters run deep...and the deep pockets of the Obama strategists and fund raisers are all suspect now. Obama can’t point fingers. They have probably ordered him to keep quiet as much as possible while they try to figure a way to shovel their frauds and criminal acts under cover.
Subprime Pritzker pure gold for Obama
Mar 15, 2008
If the first woman doesnt become president of the United States, isnt it ironic that it may be due to the billionaire white woman who serves as the mastermind for the Obama fund-raising operation?
Penny Pritzker, a Chicago-based scion of the Hyatt Hotel fortune worth more than $2 billion, has helped Obama raise $188 million. Thats reported to be the largest ever for a primary race.
A weekend Wall Street Journal article is an informative piece, but reveals itself to be a puff piece by the way it buries the real news. Toward the end of the article is this mention about Pritzker:
Her business career hit a bump in 2001, with the costly failure of Superior Bank FSB, a Chicago-area thrift that was seized by federal regulators after it ran into problems with subprime lending.
The Pritzker family held a 50% stake, and Ms. Pritzker had been on the board of the banks holding company.
Anxious to avoid further embarrassment and liability, the Pritzkers and their co-owner settled with federal officials by agreeing to pay $460 million over 15 years. Nearly all of the funds came from the Pritzkers. Ms. Pritzker says she regrets what happened.
Some critics of Sen. Obama have cited Ms. Pritzkers role in the bank failure, arguing that it undermines the candidates criticisms of subprime lenders who target low-income borrowers.
You bet it does. Read an earlier entry on this blog linking to Dennis Bernsteins excellent piece on Pritzker. The mainstream press hasnt really addressed it.
Now that the Pritzker connection comes up as it has in the Journal, she gets a free pass from the financial worlds paper of record with a glowing piece headlined Money Maven.
The real news is buried after the jump at the end of the story, well off the front page which coincidentally blares away about the rescue of Bear Stearns.
Isnt the subprime mess related to what got Bear into its mess in the first place? Sure it is. Pritzkers past shouldnt be excused as old news. And when subprime is driving the economic distress in the U.S. , how can it not be addressed by either the paper or the Obama?
If the Journal wasnt trying to sugar coat Pritzker, it would have more prominently connected Bears rescue with the bailout and seizure of the Pritzkers Superior Bank FSB.
But why connect all the dots? Well do it for you.
Of course, you wont see Obama react to Pritzkers past either.
Aides and confidants can call Hillary a monster (Samantha Power), or say politically incorrect things about race and 9/11( Rev. Jeremiah Wright) and can be expected to get publicly dumped by the candidate. But subprime Pritzker? Shes pure gold to Obama.
As they say, campaign donations are the mothers milk of politics.
Ping. #25 post.
Thanks to Starwise for posting this.
Add on to:
A NJ reporter was on the our local radio last night. He was reporting on a meeting Gov. Jon Corzine was in. Corzine is working Obama’s campaign. Word is Corzine is promised a high level position in the Treasury in an Obama Presidency. Corzine was former CEO of Goldman Sachs. The reporter said that Corzine told his Wall Street buddies that this financial crash will be fixed in an Obama admnistration. No details on how though.
I DO know that Maurice Strong is involved with Chicago’s Climate Exchange. Al Gore is chairman of a private equity firm called Generation Investment Management. That firm invests money from institutions and wealthy investors in companies that are going green. Generation Investment Management purchases carbon dioxide offsets. The co-founder of Generation Investment Management is former Goldman Sachs CEO Hank Paulson, who is currently the Secretary of the U.S. Treasury. Goldman Sachs bought 10% of Chicago’s Climate Exchange shares for $23 million. Chicago’s Climate Exchange owns half of the European Climate Exchange, Europes largest carbon trading company.
Lots of good links at that link. Thanks!
This was interesting: (in the comments section at one of the links)
” The Pritzkers philanthropy comes at the expense of Superior Bank depositors and the loan shark interest rates Superior Bank charged for subprime mortgage and auto loans. One year after stiffing 1,406 depositors of Superior Bank for $42 million, the Pritzker family donated $30 million to the University of Chicago. The University of Chicago Directors having full knowledge of the Superior Bank theft unethically accepted the money.”
Wonder if some of it went into the Annenberg Challenge/ Bill Ayers?
Of other interest concerning Ponzi Penny. The Pritzker’s also own TRANSUNION CREDIT BUREAU, which she chairs.
Sounds like the perfect set-up, doesn’t it?
A sub-prime mortgage banking company and a credit bureau!
“She has access to resources and all of a sudden, you have access to the same resources.”
Ya....I bet she does.....lol
Earlier I asked what monies from Pritzker might have gone to the Annenberg Challenge. Well, here it is:
(sorry for the long URL, but you cannot get into the page unless you subscribe..hence the long URL of the cache)
4) The role of the Chicago Public Education Fund led by Susan Crown and Penny Pritzker, among others, should be explained.
A final possible explanation of the mystery donor is that the legal successor to the CAC, the Chicago Public Education Fund, was contacted, again inappropriately, as the donor. If that was the case then it raises a concern about the potential role of Penny Pritzker, who serves on the board of the CPEF. Pritzker is the Finance Chair of the Obama campaign. Susan Crown is also on the board of the CPEF, was a board member of the CAC, and is a donor to the Obama campaign.”
I am sure Kurtz and others have already written about this extensively...but it is time to refresh the memories of the American people.
I can’t subscribe ...! Did you? Says it’s by invitation only. How did you get to see that?
I always use tinyurl.com for long link htmls .. i.e.,
this link would convert to:
You just copy and paste the long link into
their blank space, and it gives you the new
That diagram of the connections is WOW! Great digging!
"She oversees the Pritzker family's non-hotel real estate interests and chairs its TransUnion LLC credit bureau."
CAN YOU IMAGINE THE HELL SHE COULD RAKE OVER THEIR 'ENEMIES' WITH CONTROL OVER THEIR TRANS UNION CREDIT RATING ... ESPECIALLY IN THE MONSTROUS VOLATILITY AND INSTABILITY OF THE CURRENT ECONOMY AND FINANCIAL MATTERS ?????
And we thought only the Clintons had squads of subversives on steroids. At least I'm not aware that they had a documented domestic terrorist in their ranks. God, save us.
Wealth of Obama links and connections here
Thanks for the ping STARWISE.
Yes, as soon as I heard about Pritzker, I thought of The Marmon Group. They have access to some of the biggest private-sector databases on the planet. They know everyone’s secrets.
I’ve nicknamed her Ponzi Penny ;)
You always post such great resources!!
**IMPORTANT - class action award details at the bottom .. most folks will qualify for free credit monitoring.
June 29, 2008
Possible sale of private data by TransUnion (((OWNED BY OBAMA’S CAMPAIGN FINANCE DIRECTOR, PENNY PRITZKER))) provides an opportunity for fee credit monitoring
If you’ve ever been curious about the many “credit monitoring” services advertised just about everywhere, you now have an opportunity to test one of those services for free as part of a class action settlement.
TransUnion, one of the three dominant credit repositories, was accused of selling consumers’ personal data to marketers in violation of federal law.
Sixteen different class-action suits from around the country were consolidated into a single case against TransUnion in U.S. District Court in Chicago.
Under the terms of the settlement reached in the consolidated action, you are eligible for benefits if you opened a credit account (credit cards, student loans, auto loans or mortgages, for example) between Jan. 1, 1987, and May 28, 2008.
About 160 million consumers qualify for benefits under the settlement, which includes:
* Nine months of free credit-file monitoring if you agree not to sue TransUnion seeking damages.
In addition to monitoringthe bureau alerts you by e-mail within 24 hours of any significant change in your credit datayou can also lock your file so lenders, insurance companies and others cannot access your report without permission.
In addition, you can receive “unlimited daily access” to your credit report and TransUnion credit score, plus other credit analysis tools. TransUnion estimates the retail value of this at $115.50.
* Six months of free credit monitoring, credit-lock privileges and unlimited access to your credit report and score. This option, valued at $59.75, allows you to receive a possible cash payment out of the $75 million fund if any money is left over after paying lawyers’ fees (I repeat, if any money is left over - it will be interesting to see if anything is left over), notification costs and named plaintiffs.
* Even if you choose to sue the company, you can still receive six months of free credit monitoring.
There really isn’t a good reason to pass on this settlement benefit.
UPDATE: Call it “postus-interruptus,” but I left out the last, crucial piece of information, where to submit a claim.
To submit a claim, visit the web site www.listclassaction.com, or call, toll-free, (866) 416-3470.
Wonder how many names went into the Obama campaign database.
This would be the perfect source for the multitude of Soros, DNC pacs and fronts to contact and send a $25 cash card to become “one of the millions and millions of small contributors across America” for Snowbama.
Settlement results in free credit monitoring service
**On another note, looks like most folks will qualify for this class action legal recourse award.
You can file your claim beginning June 16. Go to the Web site at http://www.listclassaction.com. You can also call the TransUnion settlement number at (866) 416-3470.
PASS IT ON.
Aww .. thank you ;)
Thanks, haven’t received any thing in the mail about a class action suit, but this will be checked into.
“engaged in unsound financial activities and predatory lending practices”
Closest advisors and financiers are responsible for years of suffering that are coming for middle-class America...
Settlement results in free credit monitoring service
It was a cached page. It would not open for me either..that’s why I posted the long url. Thanks for the tip on tinyurl too! That is going to be a great help! I am so HTML challenged..lol...just muddle my way through most of the time.
Would you believe this???
I’m laying on the sofa for a little nap,
got the Food Network on .. Paula Deen ..
Michelle O is coming on next to do some
fryin’ with Paula !!!!
ARggggh ... gimme a break .. barforama.
Think the Machine isn’t hard at work ??
“TransUnion, one of the three dominant credit repositories, was accused of selling consumers personal data to marketers in violation of federal law.”
“Wonder how many names went into the Obama campaign database.”
Good question! There is something very unsettling about this whole affair with Ponzi Penny...not to mention the other nefarious folks with connections to Obama. connections
Nonsense. According to the Washington Compost, linking Obama to shady figures is a stretch.
Good lord...Please tell me she is not going to fry chicken??!! Do tell us what Michelle is fryin up though!