Barak Obama's Finance Chair, Penny Pritzker, one of the richest woman in America, was chair of Chicago's Superior Bank for five years and was responsible for sub-prime loans, while boo-hooing, about helping the poor of Chicago. Though the elite, like to pretend to
help the poor, they are living lifestyles of the of the rich and famous, and having their poor slob, foot soldiers out there pounding the pavement. Obama has been blaming Bush and McCain for the economy, when his chairwoman is largely responsible for this mess.

This following excerpt is from http://www.consortiumnews.com/2008/022708a.html.

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.

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.

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I am the greenest Republican I know.

There's nothing wrong with subprime mortgages. They opened up home ownership to a whole range of people who otherwise couldn't have afforded it.

The problem was when those mortgages were abused: sold to people who plainly didn't qualify.

And then banks and underwriters didn't adequately measure the risks of default, and thus overpriced the resulting portfolios of loans.

The Pritzker's biggest problem appears to be that they (like *many* other companies) created a conflict of interest with their outside accountants, so that the accounting arm failed to do its job. And when the auditors were themselves audited (and their results challenged), the Pritzkers suddenly found themselves undercapitalized.

You can call them foolish, but by that definition a whole lot of very smart people were foolish. Plus they coughed up $460 million to make investors whole after Superior collapsed. It's not like they abandoned their responsibilities or made out like bandits.

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Man up.

Why blame Bush for this? If Obama wants to use the economy, why does he have this woman in charge of finance for his campaign?

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I am the greenest Republican I know.

is something wrong with sub-prime loans and over building. That is why the economy is in the mess its in.

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I am the greenest Republican I know.

That's only one reason why the economy is in the mess it's in.

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http://www.myspace.com/peekaboutiquedecor

"How you campaign I think foreshadows how you're going to govern." --Barack Obama

"God bless America and no place else!" --Chris Rock

"Let me start off by saying that in 2000 I said, 'Vote for me. I'm an agent of change.' In 2004, I said, 'I'm not interested in change --I want to continue as president.' Every candidate has got to say 'change.' That's what the American people expect." --George W. Bush, Washington, D.C., March 5, 2008

How much did Ms. Pritzer make before the collapse of Superior Bank?

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I am the greenest Republican I know.

Did I blame Bush? If I were to blame Bush, it would be because his administration routinely sought to relax oversight of the commercial banks and securities dealers. That lack of oversight contributed to the meltdown.

Because she's good at managing his campaign finances. What does one have to do with the other?

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Man up.

this is what Obama is spouting about the economy. Too many sub prime loans and not enough government oversight. There was certainly not enough oversight on Ms. Pritzer.

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I am the greenest Republican I know.

not too good at managing finances. The bank was one of the first to collapse. I guess she took the money and ran.

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I am the greenest Republican I know.

Wow. Speculate much?

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Man up.