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Woodstock Institute and its board of directors are pleased to invite you to the 2012 Community Investment Awards Reception and screening of David Sington’s documentary The Flaw. With the ongoing turmoil in the housing market and continued household financial insecurity, The Flaw highlights what community reinvestment stakeholders in the Chicago region have long recognized—that perverse incentives to make unsustainable loans and an overreliance on credit to drive economic growth will not self correct without government intervention.
Immediately preceding the screening of The Flaw, we would also like to recognize the accomplishments of community leaders who have contributed greatly to community investment in Chicago. This year, we are honoring Cook County Commissioner Bridget Gainer, BPI’s Adam Gross, and the Chicago Tribune’s Mary Ellen Podmolik with Community Investment Awards. Illinois Attorney General Lisa Madigan will deliver the keynote address.
In November 2002, Attorney General Madigan became the first woman elected to serve as the Illinois Attorney General, and one of only a handful of female Attorneys General in the country. In 2010, she was elected to her third term as Attorney General and now is the senior-most female Attorney General in the country. Madigan has made protecting consumers during tough economic times a priority. Her efforts to safeguard consumers include filing lawsuits to stop financial fraud and recover losses on behalf of harmed consumers, mediating consumer complaints, and educating consumers—especially seniors—on prevalent financial scams and product recalls. With tens of thousands of Illinoisans facing foreclosure, Attorney General Madigan has combated the devastating results of predatory lending and mortgage fraud. Read more
Bridget Gainer is the Cook County Board Commissioner for the 10th District, representing the North Lakefront and Northwest side. Commissioner Gainer has over 20 years of experience in the non-profit, public and private sectors and her career has provided her a strong foundation in finance, human services and the workings of local government. Commissioner Gainer’s most recent accomplishment has been the passage of the Cook County Vacant Building Ordinance, the County’s most comprehensive policy to address vacant and abandoned buildings. Moving forward, Commissioner Gainer will build on her housing policies by working to launch a Cook County Land Bank. A native of Chicago, Bridget lives on the North side with her husband and their three children. Read more
Adam Gross directs Business & Professional People for the Public Interest (BPI)'s Affordable Housing Program, which works to create and preserve affordable housing and to ensure that it is distributed equitably throughout the Chicago metropolitan region. In recent years, much of Adam’s work has been devoted to developing and building support for state and local policies to address the foreclosure crisis. He has drafted several pieces of state legislation and amendments to the City of Chicago’s Vacant Property Ordinance, helped to develop the Cook County Circuit Court’s foreclosure mediation program, and begun to develop a land bank. He received his B.A. from Yale University, his Master in Public Policy from the John F. Kennedy School of Government at Harvard University and his J.D. from the University of Chicago Law School. Read more
Mary Ellen Podmolik has been covering the local housing market for the Chicago Tribune since July 2008. On her second day on the job, she quickly learned she’d be writing about more than buying and selling homes when she interviewed a Logan Square homeowner who had fallen five months behind on her mortgage payments and was worried about losing her home to foreclosure. She previously worked for the Chicago Sun-Times and the Southtown Economist, and was a contributor to Crain’s Chicago Business and cnbc.com. Podmolik holds a journalism degree from Marquette University. She lives with her husband, three sons and overgrown puppy in a 104-year-old Oak Park “starter” home they bought more than 15 years ago. Read more
Agenda
4:00 pm Reception and networking with drinks and hors d’oeuvres
4:45 pm Presentation of the 24th annual Community Investment Awards
5:30 pm Screening of The Flaw
About The Flaw
In October 2008, a humbled Alan Greenspan admitted to the US Congress that he had been mistaken to put so much faith in the self-correcting power of free markets and that he had failed to anticipate the self-destructive nature of wanton mortgage lending and the housing and credit bubble it generated. Taking for its title Greenspan's description that he'd found a flaw in his model of how the world worked, The Flaw attempts to explain the underlying causes of the crisis in more depth than any documentary to date.
Made by international award-winning documentary maker David Sington, The Flaw tells the story of the credit bubble that caused the financial crash. Through interviews with some of the world's leading economists, including housing expert Robert Shiller, Nobel laureate Joseph Stiglitz, and economic historian Louis Hyman, as well as Wall Street insiders and victims of the crash, including Ed Andrews—a former economics correspondent for The New York Times who found himself facing foreclosure—and Andrew Luan, once a bond trader at Deutsche Bank now running his own Wall Street tour guide business, the film presents an original and compelling account of the toxic combination of forces that nearly destroyed the world economy.
The film shows how excessive income inequality in society leads to economic instability. At a time when economic theory and public policy are being re-examined, this film reminds us that, without addressing the root causes of the crisis, the system may collapse again and next time it may not be possible for governments to rescue it.
About the Community Investment Awards
Since 1990, Woodstock Institute has given Community Investment Awards to honor policymakers, community organizations and financial institutions that have made outstanding contributions to community investment and prosperity. In 2011, Woodstock Institute presented Community Investment Awards to Curtis Monday of WVON, the Coalition for Community Banking, and Casandra Slade of Lake Forest Bank and Trust.
When & Where
31 W. Ohio Chicago,
60654
Thursday, May 10, 2012 from 4:00 PM to 7:00 PM (CDT)
About the Keynote Speaker
Bridget Gainer is the Cook County Board Commissioner for the 10th District, representing the North Lakefront and Northwest side. Commissioner Gainer has over 20 years of experience in the non-profit, public and private sectors and her career has provided her a strong foundation in finance, human services and the workings of local government. Commissioner Gainer’s most recent accomplishment has been the passage of the Cook County Vacant Building Ordinance, the County’s most comprehensive policy to address vacant and abandoned buildings. Moving forward, Commissioner Gainer will build on her housing policies by working to launch a Cook County Land Bank. A native of Chicago, Bridget lives on the North side with her husband and their three children. Read more
Adam Gross directs Business & Professional People for the Public Interest (BPI)'s Affordable Housing Program, which works to create and preserve affordable housing and to ensure that it is distributed equitably throughout the Chicago metropolitan region. In recent years, much of Adam’s work has been devoted to developing and building support for state and local policies to address the foreclosure crisis. He has drafted several pieces of state legislation and amendments to the City of Chicago’s Vacant Property Ordinance, helped to develop the Cook County Circuit Court’s foreclosure mediation program, and begun to develop a land bank. He received his B.A. from Yale University, his Master in Public Policy from the John F. Kennedy School of Government at Harvard University and his J.D. from the University of Chicago Law School. Read more
Mary Ellen Podmolik has been covering the local housing market for the Chicago Tribune since July 2008. On her second day on the job, she quickly learned she’d be writing about more than buying and selling homes when she interviewed a Logan Square homeowner who had fallen five months behind on her mortgage payments and was worried about losing her home to foreclosure. She previously worked for the Chicago Sun-Times and the Southtown Economist, and was a contributor to Crain’s Chicago Business and cnbc.com. Podmolik holds a journalism degree from Marquette University. She lives with her husband, three sons and overgrown puppy in a 104-year-old Oak Park “starter” home they bought more than 15 years ago. Read more