Skip to comments.Ex-subprime bank executive finances Obama
Posted on 10/29/2008 2:40:34 AM PDT by Aussie Dasher
John W. Courtney's world collapsed at dinnertime on a Friday in July 2001. That's when he learned from a television newscast that much of the $200,000 that he had saved from his construction job over a 30-year period was lost when his Chicago-area bank was shut down after pursuing a failed strategy of subprime loans.
Seven years later, the Vietnam War veteran has yet to recoup $85,000 of his uninsured losses from Superior Bank's failure. And he watches in disbelief as one of the bank's former top officials, billionaire hotel heiress Penny Pritzker, leads the record-breaking fundraising machine of Democratic presidential candidate Sen. Barack Obama.
Mr. Courtney, now 63, wonders aloud how Mr. Obama could rail on the campaign trail against the national financial crisis started by subprime lending while allowing a former advocate of the practice to hold the senior position of finance chairwoman in his campaign. The candidate has even lauded Ms. Pritzker's business practices as a model for an Obama administration.
"He knows the Pritzker family. He knows what happened in Illinois. He knows that Superior Bank was one of the first to securitize subprime mortgages," Mr. Courtney said. "He talks about change and helping people find a better way of life, but he has distanced himself from the fact that Superior helped ignite the nation's subprime crisis and that Penny Pritzker and her family walked away from it and us."
(Excerpt) Read more at washingtontimes.com ...
Let’s put John the Construction Worker/Vet in an ad, too. How many “ordinary” people will it take to convince 0’s koolaid drinkers to realize that 0bama and friends DO NOT have the country’s interest at heart?
This is so very, very sad. I recommend reading the whole article.
On page 4 of this article - ARTICLE SNIPPET:
“Chicago lawyer Clinton A. Krislov, who filed the lawsuit, said that as time goes by, the number of people who lost their money and still need to be repaid “is only going to decline by the number who die.”
Mr. Krislov, an acknowledged Obama supporter who contributed $6,500 to Mr. Obama’s federal and state campaigns, said he was not surprised that Ms. Pritzker was Mr. Obama’s top fundraiser based on her “savvy and ability to raise vast amounts of money.” But, he said, it was “ironic that in this case, she left the depositors and the taxpayers holding the bag and 1,400 depositors are still just out of luck.”
“These are people who, in the late 1990s when everyone else was putting their money into the stock market or making high-risk loans, conservatively put their money in the bank - one they thought they could trust.””
Pritzker is from the User School of Dem Politics......"Everything-For Me-Nothing-For-You" branch.
The Warren Buffet school, Obama’s advisors: “let’s control this rock star so we can be his financial advisors, everyone will be impressed and we can drive down the prices and buy it all in cheap.”