Scandalous Penny Pitzker of Subprime Lending Fame Is Back on Obama’s Team

The Democrats continually attempt to put the blame for the subprime crisis on the Republicans, ignoring the leadership role held by the likes of Barney Frank and Chris Dodd. Democrats even put Dodd and Frank in charge of the bogus financial bill.

Penny Pitzker was one of the many involved in the corruption and now she is back working with Obama.

Penny Pitzker was caught flying on Air Force One recently. She is the former National Finance Chair (who better to handle the finances of the campaign than a shadowy schemer?) Pitzker now serves on Obama’s jobs council. [Politico]

She is tied to the subprime loan crisis. Shouldn’t this make Obama and his minions blanche?

via Forbes

[From 2002] “(Pritzker) represented her family’s half-interest in Superior Bank, a thrift operating in the Chicago suburbs” that “ran into trouble early in 2001 when a large number of subprime loans went into default.”

Regulators charged the bank with poor lending practices and sloppy accounting. The Federal Deposit Insurance Corp. was bracing to cover as much as $550 million in losses at Superior.

The Pritzkers initially seemed confident, offering in July 2001 to infuse the bank with $210 million. But by December, with details of Superior’s losses under increasing scrutiny, the family was forced to open its checkbook, agreeing to shell out $460 million over 15 years. No bank owner in history had ever offered anything close to that to settle a case. But the payout scuttled the possibility of Penny’s having to testify in a very public trial — or of her having to disclose her own role in the bank’s failure.

Obama executed a shady financial deal with Rezko for his own home and has chosen an individual, a billionaire, who is the Queen of subprime lending schemes, for his jobs council and, apparently, his campaign. She is a major donor.

If it walks like a duck, talks like a duck, and hangs around with a bunch of ducks, it is probably a duck.

[Check out this additional 2002 article from Forbes]

 

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