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"Obamagate" Superior Bank Scandal Link?
by bob f
Saturday, Feb. 23, 2008 at 9:44 PM
Barack Obama named former Superior Bank board member to be his campaign's national finance chair--despite her involvement in the 2001 Superior Bank Scandal.
After the Illinois-based Superior Bank S&L collapsed in July 2001, the Office of Inspector General's Feb. 2002 report concluded that "based on our review of the failure of Superior Bank it appears that some of the decisions made by Superior management rise to the level of insider abuse."
But before Superior Bank failed (at a cost of over $440 million to U.S. taxpayers) due to its board's financially reckless engagement in subprime mortgage lending and predatory lending, Barack Obama accepted a $1,000 campaign contribution on Sept. 14, 1999 from then-Superior Bank board member Penny Pritzker. And after naming Penny Pritzker to be his 2008 presidential campaign's national finance chair on Jan. 31, 2007, Obama said that he was "proud that" the former Superior Bank S&L official "has agreed to partner with me in this important venture."
For more information about the involvement of the Obama campaign's national finance chair in the 2001 Superior Bank Scandal, you can check out an article that appeared in the Nov. 8, 2002 issue of In These Times, titled "Breaking The Bank," at the following link:
http://www.inthesetimes.com/article/671/
www.bfeldman68.blogspot.com
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