Instapundit links to this Wall Street Journal item suggesting Obama may have some explaining to do given his position on the Sub-prime lending crisis. His national campaign-finance chairwoman, Penny Pritzker, headed a bank which helped to fuel the crisis and was also guilty of predatory lending practices. Now, here's something of a kicker. From her website:
TransUnion: Ms. Pritzker is chair of TransUnion, a global leader in credit data information services.
Even assuming she wasn't Transunion's chair while heading Superior, can you think of a better way to identify people ripe for predatory lending, than by having close ties to one of the big three credit data services? In essence, one business relationship lent money to people with bad credit, while the other was responsible for identifying those very people for would be lenders, or extenders of credit. I smell a rat and this one ain't named Rezko.
Finally, what qualifies her to chair Transunion? She's good at identifying individuals who are credit risks because she loaned them a ton of money over the years??? Hmm....
During this time, according to the Journal, Superior funded more than 6,700 new subprime loans worth more than $550 million. Most of these loans were subsequently sold to another bank. The problems was, many of these loans suffered from the same deficiencies as other subprime loans - unqualified borrowers, inflated appraisals, and inadequate verification of borrowers' incomes.
The WSJ states, "Hundreds of borrowers who took out Superior subprime loans on the FDIC's watch - some with initial interest rates higher than 12 percent - have lost their homes to foreclosure." The FDIC stopped funding new Superior loans in early 2002 and closed the lending operation by mid-year.
The snoring is from the MSM. They couldn't care less about anything that puts Obama in a bad light.
The American press is an absolute disgrace. I can halfway tolerate it from a bunch of starstruck women. But any male member of the media complicit in this Obama nonsense deserves a rectal exam with a baseball bat. Gutless cowards.
Posted by: SAM | Tuesday, July 22, 2008 at 05:11 AM
I heard that Obama's wife's cousin's babysitter had a brother who married a Muslim! Guess we all need to vote for that sad little old man who can't even write and editorial.
The SURGE is working!! Victory is near!!
Posted by: BobInStamford | Tuesday, July 22, 2008 at 07:12 AM
BobinStamford,
Go back and read your post. Then remember the old adage, "'Tis better to remain silent and think yourself a fool, than to open your mouth and remove all doubt."
Posted by: MarkJ | Tuesday, July 22, 2008 at 07:23 AM
"--- The snoring is from the MSM. They couldn't care less about anything that puts Obama in a bad light. ---"
WELL Spoken, Comrade SAM. Finally, the proletariat shall know the truth, that Obama is the god which we shall follow until the Revolutionary People's Democratic Party is in power over all the American peoples.
Even the bourgeoisie news agencies realize that the will of the People is for the Great Leader Obama, and have joined hands with the proletariat to proclaim the gospel of a new age where our Anointed Leader shall lead us away from the mistakes of that great white devil known as Bush the Younger.
All Hail the Great Leader!
Obaaaaaaaaaaa-ma!
Obaaaaaaaaaaa-ma!
Obaaaaaaaaaaa-ma!
Posted by: Comrade Socialist Sheep for Obaaaaa-ma | Tuesday, July 22, 2008 at 08:29 AM
"-- The American press is an absolute disgrace. --"
Yikes, dude. Where were you eight years ago? People on both sides of the aisle have been bemoaning the fall of corporate media decades. You've got the Rupert Murdoch's of the world buying up periodicals and turning them into gossip rags and skin flicks. You've got cable news becoming nothing more than E! Politics. The ratings game dominates the media culture. Fanboyism runs rampant as every anchor tries to cosy up to the most popular candidate.
Chris Matthews and Chris Wallace yammer on about broad shoulders, expensive suites, and that Aqua Velva smell their favorite candidates emit. You'd think we were watching a beauty pageant.
The entire system is designed to maximize the number of eyeballs on the screen, so they cattier to the lowest common denominator. Of course, if you really don't like it, just turn it off. Nothing is compelling you to watch TV.
Posted by: IslamoLlama | Tuesday, July 22, 2008 at 10:12 AM
"The entire system is designed to maximize the number of eyeballs on the screen, so they cattier to the lowest common denominator. Of course, if you really don't like it, just turn it off. Nothing is compelling you to watch TV."
Indeed, Comrade Llama has spoken the truth powerfully, as he always does.
But fear not, gentle Comrades! Soon, the day will be at hand where our Great Leader, President Barack Obama, will nationalize the media outlets and ensure from that time on that they only tell the TRUTH™, to secure HOPE™ and to CHANGE™ our futures with his bright Red Sun of a Socialist People's Revolution.
Even bourgeois nelly bottom "reporters" who serve the capitalist machine shall be used to advance the People's Revolution of CHANGE-HOPE-PEACE™ in November!
Posted by: Comrade Socialist Sheep for Obaaaaa-ma | Tuesday, July 22, 2008 at 10:23 AM
"The snoring is from the MSM"
Isn't the WSJ part of the MSM?
Posted by: Mr DeBakey | Tuesday, July 22, 2008 at 11:42 AM
The "news" department of the WSJ is Lib, just like the NYT. The editorial/opinion dept is conservative.
Posted by: Fred Beloit | Tuesday, July 22, 2008 at 03:44 PM
"-- The "news" department of the WSJ is Lib, just like the NYT. The editorial/opinion dept is conservative. --"
Hahaha. So are you saying that facts have a liberal bias?
Posted by: IslamoLlama | Tuesday, July 22, 2008 at 04:35 PM
"--- Hahaha. So are you saying that facts have a liberal bias? ---"
More like the liberals' grasp and regurgitation/twisting of the "facts" is often more subjective than opinions offered up by conservatives, who tend to base their opinions on real, actual facts, as opposed to libs who are driven by "feelings".
Posted by: seekeronos | Tuesday, July 22, 2008 at 04:47 PM
The WSJ is just reporting old news, plus they totally didn't report the facts accurately according to this blog: http://factsaboutsuperiorbank.blogspot.com/
GO OBAMA!
Posted by: Meredith | Tuesday, July 22, 2008 at 05:31 PM
"Obama may have some explaining to do given his position on the Sub-prime lending crisis. His national campaign-finance chairwoman, Penny Pritzker, headed a bank which helped to fuel the crisis"
This is fun.
Let's all play:
"John McCain’s senior foreign policy adviser is a close business associate of Stephen Payne, the lobbyist caught on tape offering access to top administration officials in exchange for donations to the Bush Library."
http://www.crooksandliars.com/
Posted by: Mr DeBakey | Tuesday, July 22, 2008 at 08:31 PM