Penny Pritzker

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Penny pritzker

 

Predatory Lender
 



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Billionaire business mogul Penny Pritzker is a member of one of Americaís richest families and was the Finance Chair for the presidential campaign of Barack Obama.  It was Pritzker that led the prolific, and illegal, fundraising that helped power Barack Obamaís presidential campaign.  She was the chair of Chicago-based Superior Bankís board for five years. 

 

Pritzker was into subprime lending before it became all the rage starting in around 2000.  Prtizker's chairmanship was to concentrate on sub prime lending, principally on home mortgages, but for a while in subprime auto lending, too, after the Pritzkers' bank acquired its wholesale mortgage organization division, Alliance Funding, in December 1992.

Back then they called it "predatory lending."

 

Superior Bank went belly up in 2001 with over $1 billion in insured and uninsured deposits; 1,406 depositors lost much of their life savings.  This collapse came amid harsh criticism of how Superiorís owners promoted sub-prime home mortgages.

On Nov. 1 [2002] the Federal Deposit Insurance Corp. pointed the finger at Ernst & Young, Superiorís auditor, in a fraud suit filed in federal court here.  But that action came two months after a group of Superior depositors accused the bankís owners and directors, including two members of the Pritzker family, of racketeering, claiming they lined their pockets with money looted from Superior savings accounts.

Superior, a suburban Chicago savings and loan, collapsed in early 2001 under the weight of half a billion dollars in subprime loan defaults and improper accounting that had overstated the thriftís assets by $420 million.

 

This woman ran the campaign's finances for Obama and was considered by him to be the Secretary of Commerce in his administration.


And Obama claims he is against these kinds of banks.  Ha!  It is all smoke and mirrors.  It is all talk.  The people that are financially raping Americans and robbing them of the American dream with these predatory loans, are the same kind of people running Obama's campaign.

 

Pritzker is chairman of Classic Residence by Hyatt, luxury senior living communities in 11 states; chairman of The Parking Spot, which owns and operates off-airport parking facilities in nine cities; chairman of the credit data company TransUnion and chairman of Pritzker Realty.  She also sits on the board of Global Hyatt and plays a role in numerous non-profit groups, including serving as chairman of the Olympic village portion of Chicagoís bid to win the 2016 Summer Games. 

 

©  Copyright  Beckwith  2009

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