2008-07-21 — wsj.com
In 2001, under regulatory pressure, the Pritzkers agreed to a $351 million recapitalization plan, which would help "once again restore Superior's leadership position in Subprime lending," Ms. Pritzker wrote in a May 31, 2001, letter to employees.
The Pritzker name lent credibility. In June 2001, Fran Sweet deposited about $480,000 of retirement funds with Superior. The 64-year-old former telephone-industry employee recalls that when she asked if Superior was sound, an official told her, "Don't worry. The Pritzkers own it."
See also this companion piece on FDIC complicity:
The Superior situation could be costly for the FDIC. Texas-based Beal Bank SSB, which bought a portfolio of Superior loans, about half of them originated under the FDIC, is suing the agency in U.S. District Court in Washington. The suit claims many of the loans were made improperly and are plagued with problems.
Finally the WSJ shines some light on the Obama/Pritzker connection and Pritzker's activities -- just four months after we did. Not bad timing for the mainstream media!
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