Is Obama for the People or the Banks?
Let’s get something straight here America.
The President of the United States is to work for the common good of the people for which they represent and serve. Yes, represent and serve. They do not take the oval office to work for the “special interests” of corporate America and the money that fills their campaign buckets.
Or do they?
I have been watching Barrack Obama for quite sometime and what I have seen, has been nothing short of disappointing. Obama has been mostly silent in regards to his policy on the mortgage and housing crisis. He has done little to address the millions of Americans that are “suffering” as a result of these loans they were sold by irresponsible lenders.
I came across this interesting article in the Huffington Post by Earl Ofari Hutchinson. Here are some quotes that I thought I would share with my readers. Since they need to know what candidates truly have their backs. Meaning, which candidate is truly here for the people which they represent and the millions of homeowners that were swindled by the banks.
Democratic presidential contender Barack Obama says he’ll crack down on fraudulent sub-prime lenders. If he really means it he can start by firing his campaign finance chair, Penny Pritzker. Before taking over Obama’s campaign finances, she headed up the borderline shady and failed Superior Bank. It collapsed in 2002. The bank’s sordid story and its abominable role in fueling the sub-prime crisis are well known and documented. It engaged in deceptive and faulty lending, questionable accounting practices, and charged hidden fees. It did it with the sleepy-eyed see-no-evil oversight of federal. It made thousands of dubious loans to mostly poor, strapped homeowners. A disproportionate number of them were minority.
I am not really familiar with this Penny Pritzker. So, I thought I would do a Google search and this is what I found. This is from wikipedia.
On February 20, 2008, Flashpoints Radioproduced an investigative report segment into how Penny Pritzker’s possible role in the current predatory lending(aka. sub-prime) crisis. According to investigative reporter Tim Anderson, Superior Bank, FSB of Hinsdale, Illinois, was owned by the Pritzker family until closed by the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. Superior Bank was among the original lending institutions who used their investors money to purchase “subprime” mortgages for securitization. Pritzker banking resources working with Ernst & Young and Merrill Lynch developed the original mortgage securitation package, putting mortgages into a bond and then selling the bond. Like many banks nationwide, the decision to participate and underwrite subprime business ultimately proved fatal for their mortgage division.
Here is the podcast that I feel everyone should listen to from Flashpoints Radio.
Wednesday, February 20, 2008 Listen D’load Podcast - Today on Flashpoints: Today on Flashpoints, An investigative report into Penny Pritzker, the 2008 campaign finance chairman for Barack Obama, who was a key mover and shaker in creating the sub-prime meltdown;
It doesn’t end there and keep in mind, this is all as easy as doing a 30 second Google search. This is a November 8, 2002 article is from Inside These Times:
After federal regulators closed the $2.3 billion Superior Bank in July 2001, investigations revealed that the suburban Chicago thrift was tainted with the hallmarks of a mini-Enron scandal. New legal developments are adding additional twists, including racketeering charges. And yet the bank’s owners, members if one of America’s wealthiest families, ultimately could end up profiting from the bank’s collapse, while many of Superior’s borrowers and depositors suffer financial losses.
The Superior story has a familiar ring. Using a variety of shell companies and complex financial gimmicks, Superior’s managers and owners exaggerated the profits and financial soundness of the bank. While the company actually lost money throughout most of the ’90s, publicly it appeared to be growing remarkably fast and making unusually large profits. Under that cover, the floundering enterprise paid its owners huge dividends and provided them favorable loans and other financial deals deemed illegal by federal investigators.
Wanting to avoid a lawsuit, the secretive Pritzkers quickly agreed to what the FDIC hailed in December as the biggest settlement they had ever negotiated. The Pritzkers would pay $100 million immediately, then $360 million over 15 years. But there were lots of little provisions in the agreement that benefit the Pritzkers. First, as former bank consultant and longtime thrift watchdog Tim Anderson notes, the $100 million doesn’t even quite pay back all of the unpaid loans made to the owners. The Pritzkers also pay no interest on the $360 million, and since it is paid over many years, the real cost to the Pritzkers may be only around $250 million. As of September 2002, according to FDIC figures, the insurance fund was still out $440 million after this settlement.
But it gets even sweeter for the Pritzkers. The FDIC also agreed to pay the Pritzkers 25 percent of any claim won in a lawsuit against Ernst & Young. Since the FDIC is now suing for $548 million, the Pritzker share could be $137 million. On top of that, the agreement stated that the Pritzkers get half of any civil penalties from such a lawsuit (after certain agency expenses). The FDIC is asking for triple damages, or $1.64 billion; the Pritzker share could be over $800 million.
Even taking into account the “record” settlement they made with the FDIC, the Pritzkers could make more than $700 million in additional profit for running a financial institution into the ground. They had already profited handsomely, sharing in the more than $200 million in dividends to the owners in the ’90s. They accomplished all this with an investment of about $21 million for each partner—though the Pritzkers had also already benefited from $645 million in tax credits.
Meanwhile, roughly 1,000 depositors who had deposits above $100,000 in a Superior account—money above the FDIC-insured limit—lost about $65 million. Most of them were middle-class individuals, attracted by Superior’s high interest rates.
Here is the failed Superior Bank information from the FDIC
So, what does all this tell the American people? The suffering American homeowner that is struggling in one of the very same loans that Penny Pritzker used to pedal at her “Superior Swindle of a Bank”?
How can Barack Obama say you have a splinter in your eye when there is a log in his?
Personally to me, it shows that Mr. Obama is all about the Benjamin’s (AKA Money) and speeches with his big white toothed grin and hollow words that seem to have Americans under his spell and hanging on to his every word as his pockets are lined by the very sharks that feed off of suffering Americans.
Isn’t Obama supposed to protect the people against these corporations or is he to align himself with them to win an election? Hell, it seems like it doesn’t matter where that money came from to fund his campaign. As long as it serves his purpose and this purpose seems to be rearing its ugly head in the form of campaign contributions from the very same people that he criticises.
You are contradicting yourself Obama. Why don’t you read exactly what this means and I’ll help you by posting the wikipedia version of the term “contradiction.”
In logic, a contradiction consists of a logical incompatibility between two or more propositions. It occurs when the propositions, taken together, yield two conclusions which form the logical inversions of each other. Illustrating a general tendency in applied logic, Aristotle’s law of noncontradiction states that “One cannot say of something that it is and that it is not in the same respect and at the same time.”
More from Inside These Times:
Ernst & Young provided inaccurate audits, resisted regulators, and did not test or properly disclose crucial financial assumptions. The OTS didn’t investigate or follow up on problems adequately, ignored warning signs for years, and unduly relied on the expertise of managers, the auditor’s report, and the promise of the wealthy owners to put their money behind the bank’s strategy, which they ultimately refused to do. While the FDIC lawsuit against Ernst & Young correctly highlights the accounting firm’s sorry record of accounting malpractice, it ignores the dubious history of the Pritzkers and Dworman in cases ranging from tax evasion to bank mismanagement, instead praising the Pritzkers for their charity.
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.”
More wise words from Earl Ofari Hutchinson from the Huffington Post:
Obama boosters will try to muddy the water by fingering Pritzker’s brother, Jay Robert Pritzker, who heads up a campaign committee for Hillary Clinton. That’s irrelevant. Jay Robert did not head up Superior Bank when it ran roughshod over homeowners in Illinois and nationally. He does not head up Clinton’s campaign finance committee. The campaign committee he started is one of dozens of Clinton campaign committees that operate in many states.
Obama’s message is one of hope and especially change. He can prove it by changing his finance chair, and doing it now. And then telling the public what he will do to stop bank’s like the one his financial point person headed from bleeding needy and desperate home buyers dry.
The predictable happened when many of those lost their homes. When the bank collapsed Pritzker and bank officials skipped away with their profits and reputations intact. Aside from the financial and personal misery sub prime lenders caused the thousands of distressed homeowners, sub-prime lending has been a major cause of the housing crisis in many areas, and has dealt a sledgehammer blow to the economy. Obama has said nothing about Pritzker, Superior Bank, or their dubious practices.
Instead, there was a touching, even teary eyed photo op, moment during one of Obama’s Texas campaign swings. There was Obama talking to a group of San Antonio residents and lambasting the CEO of a sub-prime lender for greedily snatching at a $100 million buy out package while thousands of home borrowers that his company snookered into loans at below market rates faced foreclosure or the threat of foreclosure.
So let me get this straight Obama. You can berate a CEO like Angelo Mozilo (I assume that is who you are speaking of) for taking profits as a result of snookering the American people. But when it comes to accepting money for your campaign, it is quite all right to take money from a woman who snookered American Homeowners and was made rich off the backs of people for which she made toxic loans to.
Excuse me Barack Obama, Penny Pritzker is guilty of the very same thing for which you had a lambasting fest in San Antonio. Now, lets see if main stream media is also under Obama’s goofy grinned spell and if they will pick up this very important information that the American people “need” to know.
Read Moe’s newest article, Penny Pritzker and Obama Superior Bank Scandal.
Popularity: 76% [?]
Mar 2nd, 2008 at 1:03 pm
[...] leo wrote an interesting post today onHere’s a quick excerptThe President of the United States is to work for the common good of the people for which they represent and serve. Yes, represent and serve. They do not take the oval office to work for the “special interests” of corporate America and … [...]
Mar 2nd, 2008 at 1:17 pm
[...] Read the rest of this great post here [...]
Mar 2nd, 2008 at 3:21 pm
Moe, nice post.
I remember Superior from some years back. They did business in my area as Alliance Funding. I personally saw some evidence of the above allegations. They were known for their no income, no assets loans. The rates reflected the risk, so they were high.
I would love to have your permission to cross post this on my blog. Please visit my contact page and leave me a message if it’s okay with you.
Mar 2nd, 2008 at 7:41 pm
You’re talking about a lending institution that went bankrupt in 2002. Someone who took out any kind of motgage then has considerable increase in value today, maybe as much as 100%. This was the assumption (correct at the time) that banks and buyers were making at the time. I appears that Penny was a great servent of the bank and public interest. There should be no complaint now. That was a timely investment.
Angelo
Mar 2nd, 2008 at 8:15 pm
If you call it being a great servant by swindling the American people and getting rich while you’re doing it. Then yes, she was a servant. Sevant to the devil. Hey, wait, are you really Angelo Mozilo?
Mar 2nd, 2008 at 11:04 pm
http://abclocal.go.com/wjrt/story?section=news/local&id=5980917
Follow up to the Mortgage Stabbing.
Mar 2nd, 2008 at 11:09 pm
After Superior Bank collapsed in July 2001, the Office of Inspector General’s Feb. 2002 report concluded that “based on our review of the failure of Superior Bank it apears that some of the decisions made by Superior management rise to the level of insider abuse.”
Yet after Barack Obama named Penny Pritzker to be his 2008 presidential campaign’s national finance chair on January 31, 2007, Obama said that he was “proud that” the former Superior Bank official “has agreed to partner with me in this important venture.”
Mar 3rd, 2008 at 11:32 am
Did I just read that Penny Pritzker got out of the sub-prime business 5-6 years ago?
Well, if that’s the case. this person was NOT a part of what has transpired over the past 5-6 years? The major profits,record earnings and large volumn of sub-prime loans occurred during the period Penny Pritzker was OUT of the sub-prime busness.
This article is another case of “fear mongering”!!! Who better to see and respond to the evils of the sub-prime crisis than someone who understands the birth of the problem?
Please … use your not so common sense …
Mar 3rd, 2008 at 12:15 pm
Gerald,yes, she got out of the subprime business AFTER she was forced out by the FDIC sir. That is a BIG difference then voluntarily.
Your comment is what I read as another “blind American” refusing to see the writing on the wall……………………..
“Under that cover, the floundering enterprise paid its owners huge dividends and provided them favorable loans and other financial deals deemed illegal by federal investigators.
Wanting to avoid a lawsuit, the secretive Pritzkers quickly agreed to what the FDIC hailed in December as the biggest settlement they had ever negotiated. The Pritzkers would pay $100 million immediately, then $360 million over 15 years.”
Mar 4th, 2008 at 2:49 am
Why dosn`t someone ask “Obama” about all of this while Obama stands in front of his supporters?
Why isn`t someone telling of Ron Paul`s rightness on the economy/FED..and other things?
Mar 6th, 2008 at 7:56 pm
I think loan modifications are the answer. But only when there is a principal reduction included that makes sense. This could prevent A LOT of foreclosures.
Mar 7th, 2008 at 10:03 am
And I think my credit card debt should be wiped out, then I can purchase the 52 in. LCD TV I want and thereby stimulate the economy.
There should be LOTS of foreclosures, the price of houses should drop back to prebubble levels, and lenders and borrowers should suffer the consequences of their foolish, ignorant speculation.
Mar 7th, 2008 at 3:12 pm
I cannot believe the comment the previous ‘Proud Home Owner’ made. Either the person is living in some kind of HOLE or obviously has NO understaning of anything known as BASIC COMMON SENSE. If there were LOTS of foreclosures, and everyone would suffer the consequences of their foolish, ignorant speculation, it is also VERY likely that our national economy will FAIL (thanks to people running our country and where they’ve brought us) and this so-called ‘Proud Home Owner’ could lose their job and may not, in fact, be a ‘Proud Home Owner’.
God, what barrel do they get these people out of?!!!!!!!
Mar 7th, 2008 at 7:54 pm
ok, so didn’t get on the bandwagon when it was taking off, even though I had informal offers for “liar’s loans”. I was responsible. I waited. I’ve been saving my down payment. I have no debt. My wife and I and our one year old are now getting ready to buy with a full 20% down payment.
And you want to give my tax dollars (remember, I rent, I don’t get the mortgage tax deduction) to someone who got in way over their heads, and also took out a HELOC? You’ve got to be kidding me!!! Oh, it’s just the bank’s money? Ya, like they’re a charity!
This is supposed to be a free market capitalist economy here.
No, it’s not going to be pretty. In fact it’s going to be very ugly, but this country got itself into this mess, and the longer we put off the pain, the worse it’s going to be. I know your foreclosure is going to affect my life in very negative ways. I’m not THAT selfish. But we can’t solve this by wishing it away!
Mar 7th, 2008 at 11:05 pm
if there is not some assistance to the market then the home you are saving for to buy may be cheaper than a year ago however you will pay very dearly in the rate that is offered to you. It is all tied together…there is more to it than just some foolish ignorant speculation, agreed there was a lot of that going on but remember that builders were allowing people to buy as many homes as they could sign a contract for…it was the lender guidlines that actually prevented some speculators from buying more.
the fact almost all confidence has eroded in the mortgage market means fewer buyers of that paper right now which means a higher yield is required to tempt the buyers…hence your rate will be higher than it should be when you attempt to get financing. It is critical we get some type of assistance to the market…. like yesterday or there may not be a mortgage market to provide financing to you and the others doing it the “responsible” way.
quick question-
do you have any credit cards that you ever used? Did you state your income from your w2 or the front page of your tax return under the AGI? Did you make sure to list your income after deductions?
if you happened to list your w2 income and you take any deductions then you basically have the oldest type of liar loan there is- credit card financing….and talk about predatory lending…..the credit card companies have been getting away with this type of behavior for so many years it makes the mortgage scamers look like petty theives.
Mar 9th, 2008 at 3:30 am
The all idea is that if the government and banks don’t do anything soon, as lower the rate and the banks keep it at low rate too, banks will make some money and help the homeowners, at the same time the lenders and loss mitigation, loan modification with the approval as soon as possible (as Right Now) from servicers and banks to write the second and/or first to the actual market based on the current appraisal and modify that loan for the borrowers, many borrowers they want to stay at their home but government, lenders, don’t see the big picture here, they prefer to foreclosure their homes and write them out of their books to get more money out of the government, tax write off, etc. ( from our paid taxes)and not helping the borrowers, how many billions and billions of dollars from Investors and lenders lost and the government pumping billions of dollars into the market to keep it the flow, and thousand and thousand of borrowers walking away from their homes because the banks don’t listing they go around and around like nothing is happening? wait until your situation shift to your side then is when you will be crying for HELP! what the banks are waiting for?? just write the loans down and take them out of your books or re-write them! and help the borrowers, the investors lost their money already!, did you waiting for WHAT!?? HELP THE BORROWERS! AND KEEP THEM IN THEIR HOME SO LONG THEY CAN MAKE THE PAYMENTS AND IF NOT FIND A BUYER FOR THAT HOME and look for a home for that particular borrower that you previously foreclosure from another borrower, the banks got so many foreclosure homes in their books and more are coming!!!many short sales and banks are not answeering soon enought to save the borrowers, you guys are foreclosing homes just because you want, but many homeowners are calling you and you guys turn your back on them! NO EQUITY NO HOME! WAKE UP, Smell the low earnings( at least you guys making something, better than losing more, and help the Borrowers! So Many people lost their jobs because many business closed their doors! due to many people are trying to save money and not buying almost nothing, just the basic items and products, just look at the discount stores, like something cents , xxx mart,xxxget, xxxwill, (cheap)stores, their sales are up, because people are looking for basic items at lowest price, I would like to see Mr. xxxzilo and the other Ceo’s shopping in those stores, give the money back to the borrowers, who need help! you guys don’t reserve those millions, don’t matter what excuse you have! pulling more money out of the Federal Banks! and selling your stocks! give me a break, who is behind in all this mess?? you wonder who!$$$$
this is just something out of my chest, I just let it out, keep the economy healthy, keep our jobs, our Proud, our Families & Kids together and our Country! KEEP USA ALIVE AND STRONG!!! Let the World Know How USA can turn it’s Country Around in no time!
if any misspelling, please! just look into the meaning of this massage.
Thank you,
Mar 10th, 2008 at 9:58 am
@gatorbait
“the fact almost all confidence has eroded in the mortgage market means fewer buyers of that paper right now which means a higher yield is required to tempt the buyers”
I’ve seen the same argument the other way. If banks are forced to forgive (either principle or rate) they’ll make up the difference with higher rates on new loans.
Rates are going up no matter what happens. Do I wait a year to see if prices drop another 20%, and risk paying another 5% in interest? Somewhere in between? Will we get the double digit rates of the 80s? Who knows.
I don’t think the market is going to turn around any time soon, and it’s going to be flat for a good long while. I’m not in a hurry. And a lot of people are going to lose their homes. And that’s sad. And a lot of people are going to lose their houses. And frankly, that’s not so sad.
Mar 10th, 2008 at 3:12 pm
http://www.signonsandiego.com/news/business/calbreath/20080309-9999-1b9dean.html
\’e2\’80\’9cWhen you goof around with a contract, you get away from the stability that investors count upon,\’e2\’80\’9d said T.J. Knowles, a mortgage broker at CalBrokers in San Diego. \’e2\’80\’9cWho in the world would invest in mortgages if they know the bank might rewrite the terms? And then banks will get more restrictive in their lending because they won’t know which investors will buy them.\’e2\’80\’9d
Oh, but gee, I didn’t know my house value could go DOWN!!! Real estate ALWAYS goes up, right?
As for that credit card question:
“quick question-
do you have any credit cards that you ever used? Did you state your income from your w2 or the front page of your tax return under the AGI? Did you make sure to list your income after deductions?”
Forgetting me, because I’m abnormal (don’t carry any credit card debt, never have. pay in full every month) there are two differences: Credit card debt is generally at most in the 10s of 1000s, not 100s of 1000s. Credit card companies string consumers along, and keep making money. Mortgage lenders lent money that people had no way of paying back short of winning the lottery, or refinancing out. They’re both thieves, but the mortgage lenders were dumb thieves.
Mar 11th, 2008 at 9:08 am
Geez’s, It is not just people that got loans they could not repay, where do you live????
We lost jobs, J-O-B-S!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
We had a job when we got this loan, one week later he lost his job. Regerstered with five temp services and out of unemployment killed us. HELLO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Mar 12th, 2008 at 9:20 am
Geez!!!!!!!!!!!!!! People lose jobs every freaking day! It’s still the number one reason people lose their homes. It’s also why they tell you to have six months to 1 year living expenses in the bank before you commit to buying the house. It also does not relieve you of the obligation to pay your debts.
HELLO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Mar 13th, 2008 at 5:22 pm
Truly the only way to save homes is to re-negotiate the loan terms that borrowers initially signed for the home. All borrowers with adjustable rate loans should be given a fixed rate on either an interest only or prin/interest payment that is affordable to the homeowner. Anyone that purchased a home at the highest point in the market should have a loan reduction and the loan re-negotiation. Local Government should also lower the rate at which they are charging Property Taxes, because these amounts are astronomical and out of touch with what is going on in the housing market.
Mar 13th, 2008 at 8:37 pm
YourMom - you are truly a fucking idiot. I think the only way to save our future, let alone our homes, is to have fools like you “fixed” so that you can’t produce more fucking idiots.
Mar 13th, 2008 at 10:30 pm
LMAO,
My guess is that you can probably get your point across just as effectively without dropping the f-bomb.
Mar 14th, 2008 at 3:08 pm
Probably - BUT AT LEAST I DIDN’T USE ALL CAPS WHICH I FELT LIKE!!!
Mar 15th, 2008 at 1:19 pm
There is some logic in this, the problem is it cannot be applied across the board - which is why I don’t think we’re seeing it. I don’t think you can compare credit card debt to mortgage debt. Two very different animals: I also don’t think you can compare an auto loan to a home loan - different depreciation standards entirely. Nonetheless, credit card companies do often write off balances, or portions of them, either in bankruptcy or even when a debtor goes into Consumer Credit Counseling. There is also the infamous ‘charge-off’ that is an option as well. Each of these processes results in a hit to the mighty FICO score though.
The problem is, if you begin writing off mortgage balances to make current mortgages more affordable - everyone will want this as well regardless of their current affordability in their own mortgage. How do you implement a system of ‘fairness’ in this? I don’t think its possible. A short pay off - or short sale - basically accomplishes the same thing but gives the borrower the appropriate ding to their credit report and removes them from title to the property. The problem is, no one is seriously shopping for homes right now and short sales aren’t having much success accross the board. I think you will see another option with similar characteristics emerge that possibly keeps the original noteholder with title to the property - but there has to be a negitive side; especially to the credit report and the FICO score, so that not everyone finds it all that enticing.
I guess what I’m trying to say is that any reductions in principal must carry a downside risk to one’s credit to be successful. In that manner, possibly only folks who truly need the assistance will want to entertain the idea. Otherwise, how does the average Joe bring $150,000 plus cash to closing in places like SoCal, Las Vegas, and Florida? No one’s buying homes all that much right now, the inventory of homes for sale is way too high given current demand, and if some other means were available to keep folks in their homes this may just bring some stability back into the markets - assuming stability is what we’re looking for. Not a perfect solution, maybe not even remotely possible but could minimize losses in some instances.
We’ve put ourselves into a position where a mortgage is much more valuable that the collateral. At this point in many real estate markets it seems that it would make financial sense to hold onto the loan, rather than risk ending up with the collateral in the majority of cases. Just a thought.
Mar 16th, 2008 at 11:40 am
i have a loan reset scheduled for july however i have had several late payments during 07. if my lender decides to extend the loan via a reset, do they have to stay within the 5% basis points that was promised on the original note?
Mar 24th, 2008 at 2:45 pm
I’m the person mentioned in the article “Breaking the Bank” published in In These Times, 11/08/02. As of this date I have not been repaid full the amount stolen from me by Penny Pritzker & Superior Bank. To add insult to injury approximately one year after stealing $42 million, the Pritzker family gave a $30 million dollar gift to the University of Chicago. My letters sent to Edgar D.Jannotta, Chairman of the Board of Trustees University of Chicago and other board members asking them to examine their conscience on receiving this money from the same family that stole $42 million dollars from Superior Bank depositors went unacknowledged. I wonder if Michelle Obama was associated with the University of Chicago Board of Directors at during this time? In addition, except for Stephanie Tubbs-Jones, letters sent to the 21 U.S House of Representatives Committee on Financial Services Subcommittee on Oversight & Investigation members regarding the Pritzker theft went unacknowledged. Included in this committee were Luis V. Gutierrez (IL) and Janice Schakowsky (IL). These people have no regard for everyday people, caring only about the billionaire class. Needless to say, I have no respect for Senator Obama who has aligned himself the likes of these people. Could Senator Obama actually be considering Ms. Pritzker for a position on his administration? If we are to use a person’s judgment as a voting criterion, as Senator Obama suggests over and over again, then the best thing would be a vote against a man with such poor judgment, i.e. Barack Obama. He was in Chicago at the time of the Superior Bank failure & has full knowledge of what went on and the cause of the collapse.
Mar 25th, 2008 at 1:34 pm
[...] about Penny Pritzker, 2008 campaign finance chairman for Barack Obama 2 weeks ago titled, “Is Obama for the People or the Banks?” and in that post I quoted Earl Ofari Hutchinson from the Huffington [...]
Apr 3rd, 2008 at 10:33 am
[...] national finance chairwoman, Penny Pritzker, was chairwoman of the board of a Chicago-area bank in 1993 when it adopted a subprime business [...]
Apr 18th, 2008 at 9:05 pm
Fran. I totally agree with your comments. I was also one that was screwed by the wonderful Pritzkers. Penny is so giving and alway looking to help the less fortunate, Its easy to be so generous and giving to others, when you are using other people money. NOTHING GOOD will every come of there wrong doing.
Families, that were working and saving for a better life for there children and family that lost the American Dream Mr. Obama talks about, by his financial campaign manager Penny Pritker, what a joke.
Jun 12th, 2008 at 6:14 pm
[...] heiress (Hyatt) and president of the Pritzker Realty Group. Also notably former president of the failed Superior Bank in Chicago. Currently she is the national finance chairwoman of Barack Obama’s presidential [...]