Obama’s finance chairman is a failed sub-prime banker

by Brendan Steinhauser ~ October 15, 2008

Edward Sisson over at The American Spectator has an interesting piece up about a story that isn’t getting much play in the mainstream media right now. Barack Obama’s national finance chairman, Penny Pritzker, is partly responsible for a major bank collapse in Chicago. Pritzker’s bank was a big proponent of subprime lending in Chicago.

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.

Apparently, Obama is defending Penny Pritzker on his website:

the Pritzker family entered into a voluntary settlement and agreed to pay the government $460 million to defray its losses.

So, Obama’s friends, like ACORN and Penny Pritzker encourage the subprime lending market, and then blame “greedy” Wall Streeters for the collapse of the system. Why isn’t the media talking about this, given the current housing situation and Obama’s trust in the folks who helped bring us this situation?