We are all now focused on Obama’s financial industry bedfellows, who are running his campaign. Here is a story that the main street media (aka Obama protective press) will not cover. His national chairperson, senior advisor on economic issues, and close personal friend rumored for a cabinet post or senior advisor in an Obama White House is Penny Pritzker.
· Penny Pritzker through her development of Superior Bank utilizing accounting firm of Ernst & Young and close personal business relationship with Merrill Lynch developed and pioneered the securitization of sub-prime/predatory loans. Using Pritzker reputation convinced rating agencies to give junk bond collateral investment grade status. There by making bonds available to nationwide tax payers backed pension funds (Fireman, Policemen & Teachers) Along with international pension funds which has now accumulated into the greatest credit crunch loss of personal individual wealth of every citizen in America. An economic tsunami that will affect the citizens of all 50 states.
· Pritzker running of Superior Bank in 2000 the National Community Reinvestment Coalition stated to the director of Thrift Supervision, Superior was the number one preditory lender in the land. Targeting the African American community more than two times to other preditory lenders.
· Pritzker assured that excess deposits over the FDIC insured ($100,000) were safe because the Pritzkers would not let Superior fail. Fran Sweet (a depositor in Superior Bank who deposited more than $450,000) was given the Pritzker commitment that her money was safe.
· Penny negotiated with the FDIC that her family would participate in a recovery of damages settled with Ernst & Young with the FDIC. The Pritzkers share was a money transfer of $31.5 million dollars while the 1400 uninsured depositors still are owed approximately $16 million dollars Fran Sweet and the estate of deceased depositors will never see all of the money, while Penny and her family got their dividend from the FDIC ahead of uninsured depositors.
· John McCain may own many homes, the Pritzkers own many more plus luxury hotels and casinos all over the world. While tens of thousands have lost or fighting to save their single homes from the underwriting practices of the now failed Pritzker owned Superior Bank.
· Barak Obama’s personal friend and economic advisor Penny Pritzker runs Transunion Corp the largest of three credit reporting bureaus in America. In theory she has at her disposal the credit files of every citizen in the America, and given the corruption on Wall Street today can America afford to have Pritzker sitting at an Obama’s economic table.
Work referenced by Tim Anderson retired banking industry consultant from Libertyville, IL. who has written economic papers on failed thrifts and has spent over 6 years researching the issues related to the failure of Superior Bank FSB that was given to the Pritzkers and business partner in 1988 for a $2 million dollar cash investment on their part with simultaneous saleable tax credits which could be sold for cash for approximately $645 million dollars which why on many radio shows, Anderson has stated that this is a historical business issue that goes far beyond any political considerations, and has not been covered as an business story.
Reference Points
Money Maven
Tremors in The Empire
http://www.chicagomag.com/Chicago-Magazine/December-2002/Tremors-in-the-Empire/
Breaking the Bank
http://www.inthesetimes.com/article/671/
The Power of Penny Pritzker
http://www.bloomberg.com/news/marketsmag/mm_1008_trim1.html
Thanks for those links- for anyone who isn’t familiar with Ms. Pritzker...click on them...read and weep.
Does the person who wrote that review speak English? I couldn’t read past the first paragraph. This is near gobbledy-gook.
I hope DU is reading this.
CHANGE WE CAN BELIEVE IN! /s
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