New Study Finds Democrats Fully to Blame for Subprime Mortgage Crisis that Caused 2008 Financial Disaster | The Gateway Pundit
December 27, 2012
Barack Obama wants to crush an investigation that’s getting too close to him and some really close friends:
Eric T. Schneiderman, the attorney general of New York, has come under increasing pressure from the Obama administration to drop his opposition to a wide-ranging state settlement with banks over dubious foreclosure practices, according to people briefed on discussions about the deal.
In recent weeks, Shaun Donovan, the secretary of Housing and Urban Development, and high-level Justice Department officials have been waging an intensifying campaign to try to persuade the attorney general to support the settlement, said the people briefed on the talks.
But here’s where it gets interesting:
Mr. Schneiderman and top prosecutors in some other states have objected to the proposed settlement with major banks, saying it would restrict their ability to investigate and prosecute wrongdoing in a variety of areas, including the bundling of loans in mortgage securities.
If allowed to be completed, this investigation would pull the scab off the grave wound inflicted on this country by Bill Clinton, Robert Rubin, and Andrew Cuomo with the assistance of Penny Pritzker and Obama’s good friends at Goldman Sachs.
The involvement of Clinton, Rubin and Cuomo in creating the housing/financial crisis has been written about extensively in FA.
Penny Pritzker, not so much.
Pritzker is the financial genius who took a solvent bank and helped destroy it.
Chicago’s billionaire Pritzker family and their partners bought Lyons Savings for a quite reasonable $42.5 million, but were also given $645 million in tax credits. The kicker was that the buyers only had to come up with $1 million in cash, and got access to the $645 million, and all the bank’s deposits insured by the Federal Savings and Loan Insurance Corporation (FSLIC).
The Pritzker family’s Superior Bank “started life with enormous tax benefits and a substantial amount of FSLIC-guaranteed assets under a FSLIC assistance agreement,” said financial consultant Bert Ely in a Oct. 16, 2001, statement before the U.S. Senate Committee on Banking, Housing and Urban Affairs.