Tuesday, September 16, 2008

Obama's Contributors Benefit From Sub-prime Crisis

Contrairimairi forwarded this story from M. Simon's Power and Control blog. Simon writes of the Superior Bank of Chicago's bankruptcy:

"The uninsured depositors were dealt another blow recently when the U.S. Supreme Court let stand a lower court decision to put any recovered money toward the debt that the bank owners owe the federal government before the depositors get anything.

"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.."


“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."

Simon adds:

"Well, isn't that special. Kind of reminds you of O's special friend Tony Rezko who worked the low income housing scam in Chicago. Small potatoes that Tony. He only destroyed millions in housing value. Pritzker was involved with trillions. But you know the Democrats really have a heart for the poor. As long as they can rob them blind."

Simon discusses another "thief for Obama", Jim Johnson. As well, he discusses ACORN's many links to Fannie Mae. He asks:

"Which politicians did Freddie Mac and Fannie Mae's Political Action Committees support? How about a look at the top five.

1. Dodd, Christopher J D-CT $133,900

2. Kerry, John D-MA

3. Obama, Barack D-IL

4. Clinton, Hillary D-NY

5. Kanjorski, Paul E D-PA

Well what do you know. They're all Democrats. Change we can believe in. Read it all here.

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