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THE BANK FAILURE I REFER to is the 2001 failure of Superior Bank, right in Senator Obama's Chicago hometown. Superior Bank, a part of the $15 billion, 1,500-company "Pritzker Family Business Unit" as testified under oath by Glen Miller, a key manager of the "FBU," was the biggest bank failure of the early 2000s, losing hundreds of millions of dollars. Superior Bank failed because of the same problem that is bringing down all the banks now: subprime loans. Who got the bank into those loans? Obama's own finance chair, Penny Pritzker. Sworn deposition testimony puts Penny Pritzker not only on the board of the bank and its holding company, Coast, but personally leading the meeting to persuade regulators to let the bank into the subprime market. You have Enron-style accounting that hid the real asset values, two disgraced bank executives under her supervision whom the government forced out of the banking industry with official cease-and-desist orders, a Department of Justice Expert Report placing the blame squarely on the executives and owners, and the Pritzkers agreeing to pay $460 million over 15 years to escape government lawsuits and sanctions. This all happened in Illinois while Obama was an Illinois state senator. What did he know about it? According to his website, the accountants were to blame. Should a presidential candidate accept such an excuse from a failed bank owner? On 60 Minutes last Sunday (Sept. 21), Senator Obama blamed the current banking crisis on "greedy CEOs and investors taking too much risk." Well, Senator, you've got one of those "greedy CEOs and investors taking too much risk" financing your campaign, and writing your website for you, passing the buck to the accountants. (more...)
Why in the hell is the media totally ignoring the Demonrats/Obamas ties to this mess? They are up to their eyeballs in this crap, yet all we see is that it's Bush's fault.
