Obama Finance Chair Linked To Subprime Industry

http://www.huffingtonpost.com/2008/02/28/obama-finance-chair-linke_n_88884.html

Barack Obama has slammed the banking industry for its predatory use of sub-prime mortgages, which are pushing millions of American homeowners toward foreclosure. But his campaign's Finance Chair, Penny Pritzker, owned a failed Chicago thrift that helped pioneer sub-prime financial instruments and faced accusations of abuse.

One might wonder why Hillary Clinton's campaign hasn't jumped on this issue. Maybe it's because Penny's little brother, J.B. Pritzker, is a mover and shaker in the Clinton campaign.

In May of 2007, Jay Robert, aka, (J.B.) Pritzker, threw his support behind Hillary Clinton, representing a coup for her campaign by wresting the billionaire out of Obama's home town of Chicago, and better still, the brother of Obama's Campaign Finance Chair.

J.B. Pritzker announced he would head a new grassroots organization called Citizens for Hillary Clinton. Pritzker told reporters at the time, the new organization would go into states "where we haven't fully organized" and seek out campaign supporters as well as raise funds.

Apparently the Pritzkers will be sitting at the head table at the Inaugural Ball if either Democrat wins.

:popcorn:

pic---i thought you did the dasterly act----then i read the word and gave a hoot

.

I can't hear you until Hillary releases her tax returns....
Posted by scheming daemons

Subprime loans are pretty shitty. Perhaps more transparency is needed in the future. But these people who took out these loans (in some cases by falsifying their income on the application) and didn't read the contracts also have to take some responsibility.

ready to make a quick buck.

there needs to be some regulations in place.

Barack Obama has slammed the banking industry for its predatory use of sub-prime mortgages, which are pushing millions of American homeowners toward foreclosure. But his campaign's Finance Chair, Penny Pritzker, owned a failed Chicago thrift that helped pioneer sub-prime financial instruments and faced accusations of abuse.

congress should really be held accountable themselves.

Are you wasting all your posts today on Penny Prizker? Too funny.


:rofl:

Twice in one day already?
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x4810519
What gives?

Thats pretty funny. I have no savior. I need no savior. I laugh at the concept of saviors.

And hey.. have you seen the recent posts entitled "I love Hillary Clinton" or perhaps "A song for Hillary".

Silly savior season is indeed upon us. But it's not the Obama people celebrating it.

obamafolk

And definitely not by Obamafolk. "Wherever you lead I will follow" ?!?!
here: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x4798791

and in that case, I didnt see the one you're referring to. My point though, is that both camps have some sort of creepy idolizing going on. I stress the word 'creepy'.

more prevalent on the BO side.

just my opine

:P

they have to take the swipes then can, while they can. They won't be able to post this after Clinton is kaput.

will run it on fox noise. along with all the other stories that put obama in a less than great light, but have so far been buried.

This is bad for Clinton and Obama BOTH, and it's the type of thing that will be used against the Dem candidate by the RW.

The Pritzkers are heavily involved in both HRCs and OBs campaign. When either one talks about ending predatory lending practices from this point forward, the opposition is going to point fingers and yell "Pritzker! Pritzker!"

I'm really a bit surprised to hear of this.

I'd hate to run for president. The scrutiny they face is unbelieveable.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=132&topic_id=4810519&mesg_id=4810519

However, this time you made sure to include the part which shows Hillary is connected to it as well.

Maybe you'll get more anti-Obama responses now.
If you don't, you can always start a 3rd thread later today. LOL

Good luck.



Texas is Obama country! VIVA OBAMA!! http://www.youtube.com/watch?v=0fd-MVU4vtU

Even yours.

subject. Heck, I wished ya luck in my previous post.


After all, what else can you expect from a poor Obamatron like me? *sigh*


Oh well, as I said before, Good Luck!! Hope this thread gets you what you're looking for.



Texas is Obama country! VIVA OBAMA!! http://www.youtube.com/watch?v=0fd-MVU4vtU

and i ignored it, so please stop posting it so i can get my head back in the sand :rofl:
as long as i pretend to ignore it, it isn't really there, and i didn't really see it. obama good :rofl:

:rofl: :rofl: :rofl:

Real Estate money is always dirty money.

It's really not as toxic as they make it seem. Penny Pritzker's "ownership" consisted of inherited majority stockholder status, IIRC. Further, the bank in question failed YEARS before and only was a "pioneer" in the sense that their mortgage department was among the early ones that used investor funds to purchase these loans for resale, like every banking operation in the country, including mine, and John Edwards' operation.

But the headline is pretty cool from a scare tactic standpoint.

are linked to damn near everything.
----------------
Penny Pritzker is ranked as the 153rd richest American by Forbes magazine, while J.B. Pritzker is ranked 160th. Each has an estimated net worth of about $2 billion.

http://www.chicagotribune.com/news/nationworld/chi-0705130653may14,1,540339.story?page=1&coll=chi-newsnationworld-hed

THIS IS NOT AN OBAMA-ONLY ISSUE. YOUR GIRL HILLARY IS EQUALLY CULPABLE


Spider Jerusalem Tue Feb-26-08 05:54 PM
Response to Reply #23
47. That just isn't true;

mortgages have been used as a basis for securities for decades. It didn't start with Superior Bank. You obviously a) don't actually know what you're talking about and b) are to lazy to do any research to attempt to verify your claims.

From Wikipedia (sourced partly from a Federal Reserve publication, the 'Asset Securitization Comptroller's Handbook', and partly from Deutsch Bank info):

"Asset securitization began with the structured financing of mortgage pools in the 1970s. For decades before that, banks were essentially portfolio lenders; they held loans until they matured or were paid off. These loans were funded principally by deposits, and sometimes by debt, which was a direct obligation of the bank (rather than a claim on specific assets). But after World War II, depository institutions simply could not keep pace with the rising demand for housing credit. Banks, as well as other financial intermediaries sensing a market opportunity, sought ways of increasing the sources of mortgage funding. To attract investors, investment bankers eventually developed an investment vehicle that isolated defined mortgage pools, segmented the credit risk, and structured the cash flows from the underlying loans. Although it took several years to develop efficient mortgage securitization structures, loan originators quickly realized the process was readily transferable to other types of loans as well."<4>

In February 1970, the U.S. Department of Housing and Urban Development created the transaction using a mortgage-backed security. The Government National Mortgage Association (GNMA or Ginnie Mae) sold securities backed by a portfolio of mortgage loans. <10>

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=132&topic_id=4785249#4785608

Warring Pritzker Clan Splits its Ticket: Obama v. Hillary
by Jason Horowitz | April 16, 2007
| Tags:

* Politics
* 2008 Democrats
* Barack Obama
* Clinton Campaign
* Fund-Raising
* Hillary Clinton
* Obama Campaign
* Penny Pritzker

The support of the warring Pritzker family is split between Barack Obama and Hillary Clinton.
Getty Images
The support of the warring Pritzker family is split between Barack Obama and Hillary Clinton.

The warring (and incredibly wealthy) Pritzker family seems to have carried its feud into presidential politics.

Penny Pritzker, Barack Obama's national finance chair, is the niece of Jay Pritzker, whose death in 1999 sparked an ugly internecine inheritance battle over the Hyatt hotel chain and other enormous family assets.

A plan to pass control of the empire to Penny and two other relatives collapsed in 2001 when another wing of the family filed suit. A settlement was eventually reached, but apparently there are still plenty of grudges, which may explain the division of Pritzker names donating to Hillary Clinton and Obama.

Hillary has the support of the California Pritzkers, a branch that includes Penny's brother, Anthony N. Pritzker -- the director, and co-founder of the Pritzker Group. Jay Pritzker's son John A. Pritzker, who served in various executive positions within the Hyatt Corporation, and his wife Lisa Pritzker, a women's health advocate, are also with Hillary.

Obama has the Chicago Pritzkers behind him. There is Penny, of course, and also her cousin Thomas Pritzker, who, like her, was supposed to inherit the bulk of the family fortune before the lawsuits came. Thomas' wife, Margot, founder and president of WomenOnCall.org, and his mother, Marian, widow of Jay, also contributed to Obama. Karen Pritzker, who is from Chicago but just bought an apartment in Manhattan for $12.5 million, also gave to Obama.

http://www.observer.com/2007/obama-pritzkers-hillary-pritzkers?observer_most_read_tabs_tab=2

:toast: :rofl:

:D

.

So sorry to hear that there are few rich people who didn't have questionable sources of income. Like we were surprised or something :shrug:

Mostly by no choice of own, we live in a country that is erected part empire and basically we often live like we do because of that. The toils of others are piled on our shores by people who knew little and know not of other ways. I hope we can turn it around so we ALL get to live in a more equitable, sustainable and just world.