Obama Knew His Jewish Finance Chairman Was Subprime Loan Queen!

[MShakur]

EVEN AS HE ADDRESS THOSE BROTHAS QUESTIONS ON PREDATORY LENDING, HIS CAMPAIGN FINANCE CHAIR, THROUGH SUPEIOR BANK, ORCHESTRATED THE WHOLE THING! WTF!


Earl Ofari Hutchinson: If Obama's For Real on the Sub-Prime Crisis, He'll Dump His Campaign Finance Chair

Democratic presidential contender Barack Obama says he'll crack down on fraudulent sub-prime lenders. If he really means it he can start by firing his campaign finance chair, Penny Pritzker. Before taking over Obama's campaign finances, she headed up the borderline shady and failed Superior Bank. It collapsed in 2002. The bank's sordid story and its abominable role in fueling the sub-prime crisis are well known and documented. It engaged in deceptive and faulty lending, questionable accounting practices, and charged hidden fees. It did it with the sleepy-eyed see-no-evil oversight of federal. It made thousands of dubious loans to mostly poor, strapped homeowners. A disproportionate number of them were minority.

Obama's home state, Illinois, ranked near the top of thee states in the percentage of sub-prime mortgages. Nearly 15 percent of home loans were sub-prime according to the Mortgage Bankers Association. But that only tells part of the tale. According to the Woodstock Institute, a Chicago non-profit that studies housing issues, the sub-prime fall-out was far higher in the predominantly black and Latino neighborhoods of South and Southwest Chicago.

The predictable happened when many of those lost their homes. When the bank collapsed Pritzker and bank officials skipped away with their profits and reputations intact. Aside from the financial and personal misery sub prime lenders caused the thousands of distressed homeowners, sub-prime lending has been a major cause of the housing crisis in many areas, and has dealt a sledgehammer blow to the economy. Obama has said nothing about Pritzker, Superior Bank, or their dubious practices.

Instead, there was a touching, even teary eyed photo op, moment during one of Obama's Texas campaign swings. There was Obama talking to a group of San Antonio residents and lambasting the CEO of a sub-prime lender for greedily snatching at a $100 million buy out package while thousands of home borrowers that his company snookered into loans at below market rates faced foreclosure or the threat of foreclosure.

The problem with the staged scene in Texas and Obama's words to the residents is that he left a couple of things out. One is Pritzker's name. He's also been mum on what the bank that she once headed up did.

Other than Obama's quip about the greedy sub-prime lender CEO to San Antonio residents, a Google search found no Obama statement on Superior Bank, no detailed statement on the sub-prime crisis, or what he did as Illinois legislator to deal with the crisis helped along by his finance chair's bank. There was a length list of topics on Obama's official campaign website that detailed the candidate's position on everything from the environment to the Iraq war. Yet there's not one sub-topic on housing, or the sub prime crisis on his campaign website.

Obama has not publicly called for a moratorium on lending, or tough civil and criminal penalties for lenders that engage in deceptive lending practices, or called for an interest rate freeze. Former Democratic presidential contender John Edwards and Clinton called for a moratorium, and providing generous aid to strapped homebuyers face with foreclosure. Obama's rescue plan has been roundly criticized as tepid, cautious and not much better than what Bush has called for to deal with the crisis.

Obama blew off questions about Pritzker and the Superior Bank fiasco with the terse (through a spokesperson) quip that he'd crack down on fraudulent lenders. So again, the two ways he can prove that he means business is to dump Pritzker as his finance chair and then retool his campaign pledge to support a full moratorium on sub-prime lending, tighter regulatory oversight over lending practices, and debt relief for the thousands of homeowners that have already gotten the boot from their homes. Obama boosters will try to muddy the water by fingering Pritzker's brother, Jay Robert Pritzker, who heads up a campaign committee for Hillary Clinton. That's irrelevant. Jay Robert did not head up Superior Bank when it ran roughshod over homeowners in Illinois and nationally. He does not head up Clinton's campaign finance committee. The campaign committee he started is one of dozens of Clinton campaign committees that operate in many states.

Obama's message is one of hope and especially change. He can prove it by changing his finance chair, and doing it now. And then telling the public what he will do to stop bank's like the one his financial point person headed from bleeding needy and desperate home buyers dry.

[MShakur]

Well He In Fact Lied To Those Brothas On Every Point That He Said He Spoke Out On Or Supported. I WISH THE BROTHAS WOULD HAVE DONE THEIR HOMEWORK AHEAD OF TIME, BUT THEY STOOD FOR ALL OF US WHEN THEY SEIZED THE MOMENT.

Penny Pritzker Is A Billionaire And One Of The Wealthiest Women In America. She Was Among The First Jews To Finance Obama In Chicago As A Young Senator. In Fact It Was Mostly Jews Who Coached Him And Mentored Him As A "community Activist". The Pritzker Family Owns The Hyatt Hotel Chain, They Are Zionist Jews Who Strongly Advocate For Israel, And They Are One Of The Wealthiest Families In America With Strong Political Influence In American Politics.

[Pragmatic]

STOP FRAUD Act:

A bill to stop transactions which operate to promote fraud, risk, and under-development, and for other purposes.

S. 2280 [109th]: STOP FRAUD Act
Last Action: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Status: Dead

.... "The stories highlight, for example, the plight of the good folks on May Street in Chicago, who saw a block's worth of homes go boarded up in the span of a just few years, as swindlers racked up hundreds of thousands of dollars in bad loans, and left shells of houses behind"......

S. 2286 [109th]: Equality for Two-Parent Families Act of 2006
Last Action: Read twice and referred to the Committee on Finance.
Status: Dead

Sen. Barack Obama [D-IL]: [Introducing S. 2286] Mr. President, I rise today to speak about the "Equality for......





Legislation > 2005-2006 (109th Congress)
S. 2280 [109th]: STOP FRAUD Act A bill to stop transactions which operate to promote fraud, risk, and under-development, and for other purposes..

Sponsor: Sen. Barack Obama [D-IL]show cosponsors (2)
Cosponsors [as of 2007-01-08]
Sen. Richard Durbin [D-IL]
Sen. Robert Menéndez [D-NJ] *right
Cosponsorship information sometimes is out of date. Why?
Bill Text: Summaries (CRS)
Full Text
Status: Introduced Feb 14, 2006
Scheduled for Debate -
Voted on in Senate -
Voted on in House -
Signed by President -

This bill never became law. This bill was proposed in a previous session of Congress. Sessions of Congress last two years, and at the end of each session all proposed bills and resolutions that haven't passed are cleared from the books. Last Action: Feb 14, 2006: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Show All Related Votes
Other Titles: -- Stopping Transactions which Operate to Promote Fraud, Risk, and Underdevelopment Act

Committee Assignments:

This bill (*was) in the first stage of the legislative process where the bill is considered in committee and may undergo significant changes in markup sessions. The bill has been referred to the following committees:

• Senate Banking, Housing, and Urban Affairs
  
• Related Legislation
  
• Other Bills with the Same Title

The list below shows legislation in this and previous sessions of Congress that had the same title as this bill. Often bills are incorporated into other omnibus bills, and you may be able to track the status of provisions of this bill by looking for an omnibus bill below. Note that bills may have multiple titles.

110th Congress: S. 1222: Stopping Mortgage Transactions which Operate to Promote Fraud, Risk, Abuse, and Underdevelopment ActIntroduced
Crowd-Sourcing

Users tracking this bill are also tracking...

H.R. 1295 [109th]: Responsible Lending Act (5 users)
Subject Terms
This bill is related to other bills in these subject areas as identified by the:

• Congressional Research Service
  
• Actions and defenses
  
• Administrative procedure
  
• Budgets
  
• Consumer credit
  
• Consumer education
  
• Consumers
  
• Counseling
  
• Criminal investigation
  
• Criminal justice
  
• Criminal justice information
  
• Data banks
  
• Department of the Treasury
  
• Executive departments
  
• Federal aid to housing
  
• Federal aid to law enforcement
  
• Finance
  
• Fines (Penalties)
  
• Fraud
  
• Government information
  
• Housing
  
• Law
  
• Mortgage banks
  
• Mortgages
  
• Real estate appraisal
  
• Social services
  
• Technology

--------------------------------------------------------------------------------

Senate Banking, Housing, and Urban Affairs Committee


To cite this information, we recommend the following:
GovTrack.us. S. 2280--109th Congress (2006): STOP FRAUD Act, GovTrack.us (database of federal legislation) (accessed Aug 13, 2008)
Because the government takes a day or two to post legislative information online, GovTrack is usually one legislative day behind.

http://www.govtrack.us/congress/bill...bill=s109-2280

[MShakur]

"McCains economic guru is Phil nation of whiners Gramm. He is the vice-chairman of the investment bank UBS, which according to the Politico.com wrote down more than $18 billion in exposure to subprime loans and other risky securities and is considering cutting as many as 8,000 jobs. As a Texas senator, Gramm spearheaded Congresss radical deregulatory agenda in the 1990s, including authoring the bill repealing the Glass-Steagall Act (i.e., the Depression-era law preventing consolidation that many experts say could have prevented, or at least softened, the current emergency).

Obama, meanwhile, has long relied on Gramms boss, UBS chairman Robert Wolf, as one of his top economic advisers and fundraisers. Worse, during his emergency meeting to discuss the crisis last week, five of the nine people he said would be directing his response have played a role in the crisis they claim expertise in fixing. They are:

** Former Clinton Treasury Secretaries Robert Rubin (now an executive at Citigroup, which is embroiled in the meltdown) and Lawrence Summers, who the Politico notes both supported and helped negotiate the bill [repealing Glass-Steagall].

** William Daley, the Clinton administration architect of corporate-friendly trade pacts like NAFTA and now a top official at J.P. Morgan Chase.

** Gene Sperling, the top economic adviser in the Clinton White House that deregulated Wall Street.

** Paul ONeill, the former Bush Treasury Secretary, who despite occasionally criticizing the White House, is a lockstep conservative on economics.

Other than Joseph Stiglitz, Obama included not a single progressive, nor even one of the many visionaries like economist Dean Baker, who has for years been predicting exactly this kind of meltdown. Indeed, the one major labor-affiliated economist officially affiliated with his campaign, Jared Bernstein, ?was not part of the crisis meeting, according to the Washington Post."

[MShakur]

OBAMA A TOP RECIPIENT IN CONTRIBITIONS FROM FANNIE MAE, FREDDIE MAC AND LEHMAN BROTHERS

Obama Ranks Second Among Donations From Fannie Mae And Freddie Mac Among All Members Of Congress Since 1989:

In Just Four Years, Obama Has Received More Money From Fannie Mae And Freddie Mac Than Any Other Member Of Congress In The Past Two Decades (Since 1989) Except Senate Banking Committee Chairman Sen. Chris Dodd. (Lindsay Renick Mayer, "Fannie Mae And Freddie Mac Invest In Lawmakers," Center For Responsive Politics' "Capital Eye" Blog, OpenSecrets.org: Money in Politics -- See Who's Giving & Who's Getting, 9/11/08)


IF YOU BITE THE BOOTY YOU GOTTA PAY UP WHEN THEY CALL ON YA.



Investment banks, hedge funds and Wall Street

"Obama received more donations from employees of investment banks and hedge funds than from any other sector, with Lehman Brothers, Goldman Sachs and JP Morgan Chase among his biggest sources of support.

"Individual donors included Ken Griffin, the multi-billionaire founder and chief executive of Chicago-based Citadel Investment Group, one of the world's biggest hedge fund companies," the UK's Financial Times reported July 17, 2007.[57]

"Obama's fundraising was more heavily dominated by financial professionals than other main candidate. He received $160,760 from employees of Lehman Brothers, just over $100,000 each from employees of Goldman Sachs and JP Morgan Chase and $61,125 from Citigroup employees," the Times reported.

[Insatiable]

Obama has all kinds of handlers for those who care to look.

Penny Pritzker's presence is a major contradiction--especially in the wake of the current economic crisis.

As I always tell people, Wall Street bundlers raised all kinds of money for Obama's run. If he's about true change, why would they [Wall Street folks] jeopardize their stake in the system by financing the change agent? It's counterintuitive. It's akin to suicide!

If his campaign were truly about economic parity, folks like Warren Buffett and investment banks/bankers, hedge funds, corporate law firms, and others would have been hesitant to embrace him. They all but swarmed to him!

One other thing people missed last night was Joe Biden's plug for Israel. Obama didn't pick Biden. The Jewish Lobby selected Biden. In his words, Biden is Israel's "best friend" in the Senate!

The last entity Obama will be responsive to is the people! Our people should understand that sooner than later.

[Tehuti-4]

This is one of the primary reasons why you cannot trust a republican OR a democratic candidate. Both are beholden to, financed by, and made corrupt by the same people.

[MShakur]

GOLDMAN SACH, WHERE TREASURY SEC. HENRY PAULSON COMES FROM, PUSHED FOR SUBPRIME LOANS AND MADE MILLIONS. GOLDMAN ALSO WAS SERVED ON SUPERIOR BANKS BOARD AND ONE OF OBAMA'S TOP DONORS.

REMEMBER YOUR BOY GOV. ELLIOTT SPITZER, HE TRIED TO EXPOSE THE BUSH ADMIN PARTNERSHIP WITH GOLDMAN SACHS SUBPRIME SCHEME IN A WASH POST EDITORIAL. LESS THAN A MONTH LATER THEY TOOK HIM DOWN IN A SEX SCANDAL. POLITICAL ASSASSINATION!
READ HIS EDITORIAL AND YOU SEE WHY THEY TOOK HIM DOWN.




Gov Spitzer on how the Goldman Sachs White House helps Predatory Lenders

by Governor Eliot Spitzer Saturday, Mar. 15, 2008 at 4:30 PM

Predatory Lenders' Partner in Crime
How the Bush Administration Stopped the States From Stepping In to Help Consumers
Eliot Spitzer - Predatory Lenders' Partner in Crime - washingtonpost.com

By Eliot Spitzer
Thursday, February 14, 2008; Page A25

Several years ago, state attorneys general and others involved in consumer protection began to notice a marked increase in a range of predatory lending practices by mortgage lenders. Some were misrepresenting the terms of loans, making loans without regard to consumers' ability to repay, making loans with deceptive "teaser" rates that later ballooned astronomically, packing loans with undisclosed charges and fees, or even paying illegal kickbacks. These and other practices, we noticed, were having a devastating effect on home buyers. In addition, the widespread nature of these practices, if left unchecked, threatened our financial markets.

Even though predatory lending was becoming a national problem, the Bush administration looked the other way and did nothing to protect American homeowners. In fact, the government chose instead to align itself with the banks that were victimizing consumers.

Predatory lending was widely understood to present a looming national crisis. This threat was so clear that as New York attorney general, I joined with colleagues in the other 49 states in attempting to fill the void left by the federal government. Individually, and together, state attorneys general of both parties brought litigation or entered into settlements with many subprime lenders that were engaged in predatory lending practices. Several state legislatures, including New York's, enacted laws aimed at curbing such practices.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge? As Americans are now painfully aware, with hundreds of thousands of homeowners facing foreclosure and our markets reeling, the answer is a resounding no.

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye.

Let me explain: The administration accomplished this feat through an obscure federal agency called the Office of the Comptroller of the Currency (OCC). The OCC has been in existence since the Civil War. Its mission is to ensure the fiscal soundness of national banks. For 140 years, the OCC examined the books of national banks to make sure they were balanced, an important but uncontroversial function. But a few years ago, for the first time in its history, the OCC was used as a tool against consumers.

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks. The federal government's actions were so egregious and so unprecedented that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules.

But the unanimous opposition of the 50 states did not deter, or even slow, the Bush administration in its goal of protecting the banks. In fact, when my office opened an investigation of possible discrimination in mortgage lending by a number of banks, the OCC filed a federal lawsuit to stop the investigation.

Throughout our battles with the OCC and the banks, the mantra of the banks and their defenders was that efforts to curb predatory lending would deny access to credit to the very consumers the states were trying to protect. But the curbs we sought on predatory and unfair lending would have in no way jeopardized access to the legitimate credit market for appropriately priced loans. Instead, they would have stopped the scourge of predatory lending practices that have resulted in countless thousands of consumers losing their homes and put our economy in a precarious position.

When history tells the story of the subprime lending crisis and recounts its devastating effects on the lives of so many innocent homeowners, the Bush administration will not be judged favorably. The tale is still unfolding, but when the dust settles, it will be judged as a willing accomplice to the lenders who went to any lengths in their quest for profits. So willing, in fact, that it used the power of the federal government in an unprecedented assault on state legislatures, as well as on state attorneys general and anyone else on the side of consumers.

Eliot Spitzer - Predatory Lenders' Partner in Crime - washingtonpost.com