Commerce nominee tangled in massive bank collapse that cost depositors millions

[bripat9643]

Now we know why the libturds are boasting about Obama's pic for commerce secretary. They are trying to divert attention from the skeletons in her closet.

President Obama's nominee for Commerce secretary was embroiled in a massive bank failure more than a decade ago, in a collapse that cost depositors and federal insurers millions of dollars.

The 2001 collapse of Superior Bank FSB now appears likely to re-emerge, more than a decade later, as Commerce nominee Penny Pritzker prepares for a confirmation hearing and Republicans already draw attention to the bank implosion.

Pritzker's family, which founded Hyatt and is one of the wealthiest in the country, co-owned Superior Bank at the time of its collapse. The lawyer who represented depositors in the case told FoxNews.com on Thursday that the Pritzker family enjoyed a "special deal" while the "little guys" ended up "footing the bill."​

Commerce nominee tangled in massive bank collapse that cost depositors millions | Fox News

 

[Clementine]

Pritzker represents everything the left claims to hate. A 1%er who made money by ruining the little people.

 

[rdean]

That's nothing. I know an ex-president whose policies cost the nation trillions and a political party that sees his misdeeds as a massive success.

 

[TheOldSchool]

Now we know why the libturds are boasting about Obama's pic for commerce secretary. They are trying to divert attention from the skeletons in her closet.

President Obama's nominee for Commerce secretary was embroiled in a massive bank failure more than a decade ago, in a collapse that cost depositors and federal insurers millions of dollars.

The 2001 collapse of Superior Bank FSB now appears likely to re-emerge, more than a decade later, as Commerce nominee Penny Pritzker prepares for a confirmation hearing and Republicans already draw attention to the bank implosion.

Pritzker's family, which founded Hyatt and is one of the wealthiest in the country, co-owned Superior Bank at the time of its collapse. The lawyer who represented depositors in the case told FoxNews.com on Thursday that the Pritzker family enjoyed a "special deal" while the "little guys" ended up "footing the bill."​

Commerce nominee tangled in massive bank collapse that cost depositors millions | Fox News

Why aren't Republicans holding her up as a hero? I thought you guys got off on this kind of thing?

 

[OKTexas]

That's nothing. I know an ex-president whose policies cost the nation trillions and a political party that sees his misdeeds as a massive success.

Deflection much. Don'cha know off topic post are against the rules? So how about you give it another try, on topic this time.

As for my on topic bit, this is just another slimy Maobama appointment that is just as unqualified as he is. But I bet she gave a butt load of money to his campaign. Typical Chicago pay to play.

 

[RoadVirus]

Obama sure knows how to pick em!

 

[LordBrownTrout]

Corrupt, scandalous,....she'll sail on through.

 

[TemplarKormac]

That's nothing. I know an ex-president whose policies cost the nation trillions and a political party that sees his misdeeds as a massive success.

I know a current one who is doing the same thing! I'll give you three guesses and the first two don't count.

 

[TemplarKormac]

Now we know why the libturds are boasting about Obama's pic for commerce secretary. They are trying to divert attention from the skeletons in her closet.

President Obama's nominee for Commerce secretary was embroiled in a massive bank failure more than a decade ago, in a collapse that cost depositors and federal insurers millions of dollars.

The 2001 collapse of Superior Bank FSB now appears likely to re-emerge, more than a decade later, as Commerce nominee Penny Pritzker prepares for a confirmation hearing and Republicans already draw attention to the bank implosion.

Pritzker's family, which founded Hyatt and is one of the wealthiest in the country, co-owned Superior Bank at the time of its collapse. The lawyer who represented depositors in the case told FoxNews.com on Thursday that the Pritzker family enjoyed a "special deal" while the "little guys" ended up "footing the bill."​

Commerce nominee tangled in massive bank collapse that cost depositors millions | Fox News

Why aren't Republicans holding her up as a hero? I thought you guys got off on this kind of thing?

Because as the pattern goes, behind each appointee there is a political purpose. That's why we don't hold any of his appointments in high regards.

 

[Truthmatters]

Penny Pritzker - Wikipedia, the free encyclopedia


Superior Bank

In 1989, Ms. Pritzker's late uncle, Jay Pritzker, purchased a 50% stake in Hinsdale, Illinois-based Superior Bank from the Federal Deposit Insurance Corporation, which had taken over the bank when it failed.[14] Penny Pritzker was Superior's chairman from 1991-1994. In 1993, the bank "embarked on a business strategy of significant growth into subprime home mortgages," according to a report by the United States Treasury Department.[14] In 2000, it became clear the bank was faltering. In the months leading up to 2001, the Pritzkers tried to work out a recapitalization plan.[14] In July 2001, FDIC seized the bank after the recapitalization could not be resolved. .[15][16] Subsequently, the Pritzker family reached an agreement with regulators to pay $460 million.[14][17][18][19]

According to the FDIC, by 2011, the uninsured depositors of Superior had each received 81% of their uninsured monies, in addition to the $100,000 each previously received of their insured amount.[20] Industry experts have criticized the Pritzkers in regard to Superior.[21] Consumer advocates and government investigators asserted Superior "engaged in unsound financial activities and predatory lending practices."[14] Responding to the Wall Street Journal, Pritzker noted she had no ownership in the bank, either direct or indirect, and that the bank's reasons for failure "were complex, including changes in accounting practices, auditing failures, reversals in regulatory positions and general economic conditions."[14] She said the bank complied with "fair lending laws" and ethical business practices.[14] A 2001 Business Week article described the bank's other owner, Alvin Dworman, as the more dominant partner in its operation as a result of agreements made by Jay Pritzker.[15] Quoted in the New York Times, a Pritzker family friend observed Pritzker was trapped in a deal of her uncle's making: "Penny got sucked into this…this was really the legacy of Jay"[22] Jay Pritzker died in 1999.[23]

 

[Truthmatters]

there are soldiers who had their homes repossed by their banks WHO NEVER MISSED A PAYMENT.

Do you know how much some of these people who had their homes STOLEN by a bank get?


300 bucks

 

[Truthmatters]

81% on your uninsured money is a great deal.

her uncle bought this bank to try and save it.


they were a big supplier of money for homes in the inner city.


in the end it was unasvable.

they tried and when they failed they paid back the people who lost money unlike any other failed bank I have heard of

 

[Truthmatters]

the right doesnt let this resident have most of the appointments he makes.


Its one more way they try to distroy the first black president.

they dont want any more black people getting this job