Super Obama Save Us!

[WhiskeyGirl]

I frequently hear Obama say something like 'I saved us from another Great Depression'...

At the same time, there are all the videos talking about the immorality of debt, the evil big banks and oil companies, Wall Street...where does it end?  Need more CRA...

Where is the trial for all the wrong doers?  The ones that created the financial collapse of 2008?  The ones that helped cause the 'Great Depression' Obama saved us from?  Someone had to package

I found a few snips that might offer some clues -

I keep in mind that John McCain tried to reform Freddie/Fannie in 2005.  Barnie insisted something like 'they're sound, you just don't want poor people to have houses'.

In his few years as a U.S. senator, Obama has received campaign contributions of $126,349, from Fannie and Freddie...What makes Obama so special?

His closest advisers are a dirty laundry list of individuals at the heart of the financial crisis: former Fannie Mae CEO Jim Johnson; Former Fannie Mae CEO and former Clinton Budget Director Frank Raines; and billionaire failed Superior Bank of Chicago Board Chair Penny Pritzker.

Obama denies ties to Raines but the Washington Post calls him a member of "Obama's political circle." Raines and Johnson were fined $3 million by the Office of Federal Housing Oversight for their manipulation of Fannie books. The fine is small change however, compared to the $50 million Raines was able to obtain in improper bonuses as a result of juggling the books.

Most significantly, Penny Pritzker, the current Finance Chairperson of Obama's presidential campaign helped develop the complicated investment bundling of subprime securities at the heart of the meltdown. She did so in her position as shareholder and board chair of Superior Bank. The Bank failed in 2001, one of the largest in recent history, wiping out $50 million in uninsured life savings of approximately 1,400 customers. She was named in a RICO class action law suit but doesn't seem to have come out of it too badly.

Why is Obama so opposed to banker bonuses?

read more of this fascinating old article here - http://www.americanthinker.com/2008/09/barack_obama_and_the_strategy.html

[WhiskeyGirl]

"Obama’s campaign finance chair has links to subprime debacle" - 2008 article

...This collapse came amid harsh criticism of how Superior’s owners promoted sub-prime home mortgages. As part of a settlement, the owners paid $100 million and agreed to pay another $335 million over 15 years at no interest.

...

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.

...

“To give you a sense of what that kind of lobbying gets you,” Obama said, a “CEO of the largest sub-prime lender was promised a $100-million severance package at a time when more than two million Americans were facing foreclosure, including nearly 14,000 right here in San Antonio.”

...

“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.”

read more here - http://amok.asianweek.com/2008/02/28/obamas-campaign-finance-chair-has-links-to-subprime-debacle/

The odd thing about this, I do not recall hearing about this is 2008.

Why has no one gone to jail for masterminding the packaging of the sub prime mortgages?

Didn't anyone have a reporting system in place?  Anyone to analyze the reports and determine years before the the collapse that it was bad business?

[WhiskeyGirl]

"SECRET RETIREMENT PLANS: DOES OBAMA EXPECT TO LOSE?" - 09-2012 article

Very quietly, Obama’s chief financier, Penny Pritzker, has entered the Hawaii housing market to buy a retirement home for the president and his family that will be available not in 2016, but in January 2013, according to a confidential source within Pritzker’s Chicago organization

Pritzker, a wealthy Chicago business executive and heiress to the Hyatt Hotels fortune, served as national finance chairman for Obama’s 2008 campaign and is the co-chairman of his 2012 effort.

Kevin DuJan, founder and editor of HillBuzz.org, first reported Pritzker was acting as a proxy to purchase a $35 million oceanfront estate in Kailua, the “Beverly Hills of Hawaii,” on the northeast shore of the island of Oahu.

DuJan reported billionaire Pritzker herself may contribute up to half the $35 million purchase price of the future Obama residence.

read more here - http://www.wnd.com/2012/09/secret-retirement-plans-does-obama-expect-to-lose/

When the currency collapses and the Greek style riots begin, where will the Obama be?  In the middle of the action calling for civil discourse?

[WhiskeyGirl]

"CPS Parent Matt Farmer Puts Penny Pritzker on Trial at CTU’s STANDS STRONG RALLY"

Apparently, the Chicago Teachers Union has some issues with board member Penny Pritzker.  Pritzker sends her children to the elite University of Chicago Laboratory schools.  Apparently this school is favored by the wealthy and elite in Chicago.

Watch video and read more here - http://www.progressivefox.com/?p=3763

Poverty is for everyone except the elite. 

Why hasn't anyone been charged or sent to jail for the next big 'Great Depression'? 

Before the US can get to broke, it has to pay for $18 TRILLION in debt.  Anyone feel better after that $18 TRILLION?  Stimulus?  Son of Stimulus?  QE1,2,3...?

just my humble opinions and questions.

[WhiskeyGirl]

Why isn't OWS having a peaceful protest outside the homes of folks like the Obama's?  Pritzkers?

[WhiskeyGirl]

“a wealthy person’s pass.”

A billionaire Chicago family that donated and raised hundreds of thousands of dollars for President Obama got a $3.5 million discount last year for paying off early a $460 million settlement deal it agreed to in the 2001 failure of a Chicago-area bank it owned.

And while the wealthy Pritzker family got a multimillion-dollar break, 1,400 former depositors were not so lucky — they are still owed more than $10 million in savings they lost when the bank’s doors were shuttered, and there is little chance they will ever get those funds back.

“The Pritzkers shouldn’t have had an interest-free deal upfront, and they shouldn’t have gotten a discounted payoff at the end,” he said. “And the uninsured depositors should have been made whole.”

Read more:  http://www.washingtontimes.com/news/2012/jun/25/obama-donor-got-35m-fdic-discount-in-failed-bank-s/#ixzz28viSLnE2

I wonder how many other deals like this are being made this year?

What do they get when they've paid that money off?  What were the other conditions of the original payment plan?  No XYZ until paid off?

It seems odd that they'd pay it off early, even with a discount.

jmho

[WhiskeyGirl]

This is from an old story in 2008 -

Engmann also notes that the bank "paid $201 million of dividends to its parent [Coast, where Penny Pritzker was on the board] that reduced [Superior Bank's] capital" and that the bank "incurred negative cash flows which contributed to its failure."

Engmann reports that the owners and managers of Superior Bank ignored repeated warnings by government bank regulators that they were loading-up the bank with too-risky assets. Engmann quotes OTS examination report warnings in the reports dated July 6, 1993; August 8, 1994; September 11, 1995; October 27, 1997; and January 24, 2000.

read more here - http://spectator.org/archives/2008/09/26/obama-in-the-tank-for-pritzker/3

Didn't anyone notice the negative cash flow?  I would image someone would know the $201 million was there for dividends.

This is really odd about the warnings.  How is it possible that 'government bank regulators ' warned Superior about the too-risky assets and later claimed no one saw the melt down of 2008 coming?  Who else did those government regulators warn? 

The job rotation of Treasury and Fed and Obama and others make it sound like EVERYONE was blind sided.  Really?

Were bank regulators doing their job?  Why didn't they shut Superior down for failing to take corrective action?

Blindsided by the 2008 collapse?  Obama's Depression?

jmho