Chicago businesswoman Penny Pritzker, national campaign finance chairwoman for the Obama campaign, has taken herself out of the running to be secretary of Commerce because of vetting issues, a Democratic official said.
Posted on 11/20/2008 10:41:12 AM PST by Islander7
Chicago businesswoman Penny Pritzker, national campaign finance chairwoman for the Obama campaign, has taken herself out of the running to be secretary of Commerce because of vetting issues, a Democratic official said.
(Excerpt) Read more at news.yahoo.com ...
Good. From what I hear she is already deep into the mess that is our economy. I doubt she culd pass the vetting.
When Donks run the show, they would’ve welcomed her as one of their own.
Well well well. Good. Chalk one up in the ‘win’ column for our side.
She was one of the first to start the ruination of our country with the sub-prime mortgage mess. She was ahead of the game, the bank she was Chairman of the Board for, Superior went broke in 2001.....
Unfortunately, this wasn’t the case for the 1,406 people who lost much of their life savings when Superior Bank of Chicago went belly up in 2001 with over $1 billion in insured and uninsured deposits. This collapse came amid harsh criticism of how Superior’s owners promoted sub-prime home mortgages. As part of a settlement, the owners paid $100 million and agreed to pay another $335 million over 15 years at no interest.
The uninsured depositors were dealt another blow recently when the U.S. Supreme Court let stand a lower court decision to put any recovered money toward the debt that the bank owners owe the federal government before the depositors get anything.
But this seven-year-old bank failure has relevance in another way today, since the chair of Superior’s board for five years was Penny Pritzker, a member of one of America’s richest families and the current Finance Chair for the presidential campaign of Barack Obama, the same candidate who has lashed out against predatory lending.
Is this a recent picture? She doesn’t look very happy!
Though Superior Bank collapsed years before the current sub-prime turmoil that is rocking the world’s financial markets – and pushing those millions of homeowners toward foreclosure – some banking experts say the Pritzkers and Superior hold a special place in the history of the sub-prime fiasco.
“The [sub-prime] financial engineering that created the Wall Street meltdown was developed by the Pritzkers and Ernst and Young, working with Merrill Lynch to sell bonds securitized by sub-prime mortgages,” Timothy J. Anderson, a whistleblower on financial and bank fraud, told me in an interview.
“The sub-prime mortgages,” Anderson said, “were provided to Merrill Lynch, by a nation-wide Pritzker origination system, using Superior as the cash cow, with many millions in FDIC insured deposits. Superior’s owners were to sub-prime lending, what Michael Milken was to junk bonds.”
In other words, if you traced today’s sub-prime crisis back to its origins, you would come upon the role of the Pritzkers and Superior Bank of Chicago.
Oh, darn....I wanted to see her try and defend her being CEO of failed Superior Bank, and defend being a developer of SUBPRIME loans.....
That’s the look of a SLIME
Thanks for the info. The Dems will preside over the complete financial ruin of our country. They made the mess and the MSM lied to the people that it was the Republicans fault. The Dems created it, they own it.
And the country is the better of it today.
You can just tell that she has some serious issues.
She KNOWS she can't pass any legitimate scrutiny.
How ANY demonRAT thug from Chicago, INCLUDING Hussein, could be allowed to be in ANY position of NATIONAL power and responsibilty is beyond me.
Didn’t one of her hotels host a dinner gala for the Iranian presidential turd when he was last here? I can’t begin to spell his name.
Bump, bump, and bump.
What does it say about Obama that his first choice for Secretary of Commerce was one of his corrupt Chicago cronies bearing primary responsibility for the kind of financial misconduct that started the mortgage credit meltdown?
Nothing good.
ROTFLMAO!
0bama’s friends are so corrupt they can’t even pass his own vetting process!!!
Hussein will just put another loyal (probably one he has something on) Chicago thug in the same job.
He'll just do a better job of picking a fellow scumbag that has done as good a job of HIDING his slime as he has.
Someone else who can’t finish the 66 page questionnaire, eh?
Oh, do they vet DimocRATS?
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