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.
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.
then they called it "predatory lending."
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  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.
ran the campaign's finances for Obama and was considered by him to be
the Secretary of Commerce in his administration.
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.
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.