Who is Penny Pritzker and Why is She Obama's Campaign Finance Chair?

Yesterday, February 20, 2008, on Flashpoints Radio (Stream/podcast Link), an investigative report into Penny Pritzker, the Obama campaign finance chairman. She and her family were central to the innovation known as "Mortgage Backed Securities," which are now at the center of the financial crisis and real estate melt down.

Pritzker is one of the most active of celebrated Chicago patriarch Abraham N. Pritzker's 12 living grandchildren. A Harvard-trained attorney, Pritzker, 46, was chosen by her late uncle Jay to help oversee the family's vast portfolio of investments, including the Hyatt hotel chain and the Marmon Group industrial conglomerate. (Forbes Lists 2005)

One reason we don't hear the Clinton campaign raising this as an issue is because Penny's brother has apparently been playing a spokes-person role in Hillary's campaign. Reminds me of Enron buying off both Republicans and Democrats, along with accounting firms, the media, law firms, regulators, ....

Don't get me wrong. After Edwards dropped out I shifted my support to Obama, in as much as I support dismalcrats. But, if Barak Obama was smart, he'd thank her for her services and quietly let Penny Pritzker go.

As of today, Google search of Penny Pritzker Obama generates 9,700 hits. Expect that number to grow over the coming months. But today, you are led to comments on Nation Magazine article entitled "Subprime Obama" - Letters (article link in Sources below. One comment begins as follows:

One reason Barack Obama might not want to talk about the role of financially irresponsible bank board members in creating the subprime mortgage foreclossure financial disaster is that the national finance chair of Obama's campaign, Penny Pritzker, is a former board member of the failed Superior Bank S&L that engaged in irresponsible subprime mortgage lending during the 1990s.

Apparently Penny was into subprime lending before it became all the rage starting in around 2000. It continues:

Penny Prtizker's chairmanship was apparently "to concentrate on subprimelending, principally on home mortgages, but for a while in subprime auto lending, too," after the Pritzkers' bank acquired its wholesale mortgage organization division, Alliance Funding, in December 1992.

Back then they called it "predatory lending."

What else does Google dish up? Penny's contribution record. There are rumors she gives to republicans, and it's true. She gave $1,000 to both John McCain and George W. Bush in the 1999 primary. She also gave money to McCain for Senate in 1998. She also gave money to Barack Obama for his failing House bid in 1999. She gave to Bill Frist, Rudi Giuliani's exploratory fund, and several other Republicans in 2000. $4,000 to Joe Lieberman in 2006 (he's practically a Republican). Dennis Hastert in 2006, 2003. You get the idea. Our Noble Obama's campaign finance chair likes to spread money around. Grease the wheels so to speak. She's a billionaire. Woman of the people (NOT).

Impressive list goes back to 1987. Don't you love the internet? That's why net neutrality is so important.

Now that I've whet your appetite, dig a little and leave your comments below.

Sources:

Flashpoints Radio, Febrary 20, 2007 (linked above).

Nation Magazine, Subprime Obama, Max Fraser

NewsMeat Campaign Contributions.