This article ran buried in Yahoo News yesterday:
"WASHINGTON On the campaign trail, Democrats Hillary Rodham Clinton and Barack Obama have proposed cracking down on the predatory lending that they say helped fuel the foreclosure crisis.
Both presidential candidates, however, rely on close advisers who had oversight roles at financial institutions that went bust because of subprime loans.
Clinton's campaign manager, Maggie Williams, earned at least $175,000 serving from 2000-07 on the board of Long Island-based Delta Financial, which filed for bankruptcy last year after a history of high-cost loans to low-income borrowers, according to public records.
Obama's national finance chairwoman, Penny Pritzker, was chairwoman of the board of a Chicago-area bank in 1993 when it adopted a subprime business strategy that regulators say ultimately led it to collapse in 2001.
Superior's board and managers "ignored sound risk-management principles and failed to adequately oversee Superior's operations," the Federal Deposit Insurance Corporation's (FDIC) Inspector General concluded in 2002."
Come to think of it. This is not very funny. Neither are four eyed frogs.
Posted by Dread from beneath the Carolina Moon.
5 comments:
Obama made a statement about this being totally incorrect. Just so ya know:
"Penny Pritzker was never accused of any wrongdoing nor did she receive compensation in relation to the closing of Superior Bank in 2001, and instead of walking away as millions of homeowners and stockholders suffered, the Pritzker family entered into a voluntary settlement and agreed to pay the government $460 million to defray its losses. Former FDIC Chairman William Isaac said he had 'never known any investor in a failed bank to take responsibility as the Pritzkers have done.'"
And someone shelled out $460 Mill without a guilty concience? I haven't faith that there is $460 million worth of altruism out there in the whole world. On the other hand I know many who would pay $460 M to keep out of prison! The smart ones would see the handwriting on the wall and try to get out in front of a prosecutor and ante up before the indictment was handed down. I'm not saying that happened. Just wondering.
"nor did she receive compensation in relation to the closing of Superior Bank in 2001". That's kind of like saying Haliburton made no money from the US pull out of Iraq.
I left a funny comment but it got knocked out - yipes maybe it was funny only to me hahahaah
ouch..I wouldn't have knocked it out. I love funnies!
Well, you know, if you want to catch a serial killer, you got to hired yourself one, So I guess if you want to understand the collapse of our financial system, you have to hire one of the people involved in it!
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