Posted on 10/16/2008 5:02:32 PM PDT by Onerom99
LOS ANGELES: The top federal prosecutor in Los Angeles indicates charges are coming soon from a sweeping investigation of banks and subprime lenders for their role in the nation's mortgage crisis. U.S. Attorney Thomas O'Brien tells The Associated Press he expects "dramatic results" will come from probes into some of the nation's largest lenders. O'Brien did not give a precise timetable Thursday of when indictments might be returned but says it would be in the near future. A grand jury is investigating at least three mortgage lenders — Countrywide Financial Corp., New Century Financial Corp. and IndyMac Bancorp Inc. Prosecutors are looking at whether mortgage fraud and other white-collar crimes were committed.
(Excerpt) Read more at iht.com ...
Wonder if Penny Pritzker will be on this list...she’s one of Obama’s Campaign Finance Managers....and former Chair of failed Superior Bank....
I’d like to think it would actually implicate the people who are really responsible, but my expectations are to see Bush, Rove, and Rush Limbaugh named as the true causes of the problem.
Is the House of Representatives included?
Pritzker is very much involved in the reform of Chicago’s public education system. Currently she is vice chair of the Chicago Public Education Fund, the successor organization to the Chicago Annenberg Challenge.
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In July 2001, FDIC seized the bank after the recapitalization could not be resolved. Subsequently, the Pritzker family reached an agreement with regulators to pay $460 million over 15 years toward the costs of the closure; these funds will go towards reducing the costs of the FDIC’s losses and partially reimburse depositors with accounts in excess of FDIC insurance limits.
Consumer advocates as well as government investigators have asserted Superior “engaged in unsound financial activities and predatory lending practices.”
the FDIC in 2002 noted that the bank had paid out $200 million in dividends during a time of seemingly rising profits; in reality, these profits were a product of “flawed” accounting and masked operating losses.
Obama’s billionaire finance chair Penny Pritzker’s failed bank lost money for 1,400 customers.
At the helm of Superior Bank was Obama’s national finance chairwoman, Penny Pritzker, an heiress to the Pritzker fortune.
One of the banks that went under after making a lot of subprime loans — leaving 1,400 of its customers without part of their savings — was Chicago’s Superior Bank.
At the helm of Superior Bank at least some of the time was Obama’s national finance chairwoman, Penny Pritzker, an heiress to the Pritzker fortune.
Obama’s campaign notes that Pritzker stepped down as chairwoman of the bank’s board in 1994, seven years before it failed. She then went on the board of the bank’s holding company.
But a letter obtained by the Chicago Sun-Times shows that until the end, Pritzker appeared to be taking a leadership role in trying to revive the bank with an expanded push into subprime loans.
Pritzker wrote in May 2001 that her family was recapitalizing the bank, and she pledged to “once again restore Superior’s leadership position in subprime lending.” The bank shut down in July 2001.
Probably republicans, for sure. But, maybe just maybe one of these indicted mortgage brokers or bankers will want to cut a better deal and will implicate a RAT congressmen.
We can hope.
Countrywide Financial Corp: Dodd being fitted for an orange jumpsuit and practicing the perp walk followed by the frog march (whatever the hell that is....)?
(Pssssst. Check the illegal alien file. Just a hunch...)
“The government is pursuing a “surgical approach” in its investigations and hopes to streamline its prosecutions by seeking indictments with only three or four counts, instead of spending several years seeking additional charges.”
Translation: “Don’t worry Democrats, the fix is in! Chris Dodd, Barney Frank, you are off the hook!”
They were just doing what Clinton told them they had to do.
Go after the little fish. Ignore Frank, Dodd, Palosie, congress.
Another case where a hatchet is preferable to a scalpel
>>Wonder if Penny Pritzker will be on this list.
Good question. She should be.
IMHO, McCain really let a golden opportunity slip by when Obama was touting the folks he would have advising him in his administration in last night’s debate.
Should’ve nailed Obamah with Pritzker right then.
Also Franklin Raines, Johnson, Mudd, Syron and Gorelnick.
Now we have Joe the Plumber to SMEAR! /sar
I’m sure this will be priceless. I smell a DemonRat whitewash in the making. Hillary must have a picture of GW in a compromising position with Captain Kangaroo because he’s been scared to death to cough in their general direction. His first official buckle-like-a-belt maneuver in the face of Demon Rats was when he refused to say or do anything about Air Force One being looted or vandalism done to White House offices to the tune of half a million dollars, and it hasn’t gotten any better since.
Poor Scooter is probably going to get indicted again.
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