Posted on 10/31/2008 1:38:40 AM PDT by healey22
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 ...
ONE NEWS NOW.com: "CUBAN-AMERICANS 'ALLERGIC' TO OBAMA-TALK" by Chad Groening (ARTICLE SNIPPET: "A Cuban-born author and anti-Castro activist says Barack Obama won't make any inroads with voters in the Cuban-American community by pushing a wealth redistribution message. That community, he says, is all too familiar with the consequences of such a policy.") (October 30, 2008)
This could hurt.
is this the reason and the way Washington Murual went down?!!
The more I hear, the more I am sure that this snake does not have one single honest associate/friend/staffer/”neighbor” in the world. Talk about a Trojan horse. That term should have been used more often in this campaign.
I agree! I sure feel sorry for John on what will be dug up on him.
Oh you meant it could hurt Obama!? Well - here’s hoping! That Franklin Raines guy (Freddy Mac) didn’t seem to hurt the Big Zero any, so not sure that this gal from even longer-ago will. But - you never know!
why does this not surprise me?
Watch the video at this link entitled The Plot to Overthrow the United States of America. Watch it all the way to the end (55.5 min). Then send to EVERYONE you know.
http://www.viddler.com/explore/CitizenSlim/videos/1/
After Kurtz published his article, the campaign should have pushed back hard on Pritzker and Obama’s and ACORN’s involvment suing and intimidating banks and lobbying the CRA. Unfortunately and wrongly the overwhelming public opinion is that it is all Bush’s fault.
"Superior was one of the first banks in the 1990s to turn to the emerging practice of subprime lending, where loans are targeted to high-risk borrowers at higher interest rates. Recipients of those loans often have loan delinquency or default histories, bankruptcies or limited debt experience, and by the middle of this decade, they began defaulting on their new mortgages. A dramatic rise in those defaults and foreclosures is blamed, in part, for the recent financial crisis.
During a campaign speech in July in Pennsylvania, Mr. Obama said the nation's mortgage crisis "has to do with the fact that people got suckered into loans they could not pay"- adding that the banks and financial institutions that made the loans were "making money hand over fist" but knew that many of the deals were "just too good to be true."
Superior Bank's failure in his home state of Illinois has not been a topic of Mr. Obama's campaign speeches, but he has often praised Ms. Pritzker as a "no-nonsense, no-drama, no-ego person." He told reporters during a flight on his campaign jet in July that he and Mrs. Pritzker "share certain core values about how to run organizations, and hopefully that will inform how we manage the government."
We are officially living in an alternate universe. In that other, carefully controlled world out there, Pritzger is a successful executive whose history has no significance or bearing on the economic crisis, and Obama's praise of her "core values" is admirable.
I am starting to believe that the election of Obama is about Chicago criminal elements being given the key to raid the treasury under the guise of wealth redistribution. We all know how the wealth is going to be redistributed. The same way the Soviet Union did.
With some animals being more equal than others...
“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.
Penny Pritzker, like Barry Hussein, obviously believes in spreading the wealth of middle class people making more than $100,000, so Jim Courtney just was making his contribution to The Poooor a little sooner than the rest of us.
Pritzker is the one overseeing the wormhole by which tens of millions, perhaps hundreds of millions, of dollars have been raised by untraceable, unverifiable credit card transactions. I sincerely hope this woman goes to prison.
Obama....the Democrats’ Nixon.
No, he’s much worse than Nixon, and he hasn’t even won the election yet.
At this point its easier to list the psychopaths and crooks that Obama doesn’t have ties to. As far as I know he’s not a Scientologist. That’s the most we can say at this point.
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