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KoKo

(84,711 posts) Fri Jun 14, 2013, 06:04 PM Jun 2013

Penny Pritzker Still Looms Before Us for Senate Confirmation...

Penny Pritzker..The Subprime Queen...Obama's Pick for Dept. of Commerce

An Interview with Tim Anderson on Obama's Commerce Nominee, Penny Pritzker, the Sub-Prime Queen
The Privilege of the Pritzkers
by DENNIS BERNSTEIN

President Barrack Obama has nominated his long time friend and top fundraiser, Chicago-based Multibillionaire, Penny Pritzker, to be the next Secretary of Commerce. According to the Chicago Tribune, “Pritzker’s nomination could prove controversial. She is on the board of Hyatt Hotels Corp., which was founded by her family and has had rocky relations with labor unions, and… She could also face scrutiny over the collapse of Superior Bank, which was co-owned by her family. The bank, based in Hinsdale, Ill., was involved in subprime mortgage lending, and its failure in 2001 stirred charges of fraud and mismanagement.”

Penny Pritzker, says Chicago-Based independent banking investigator Tim Andersen, played fast and loose with the American Dream. Anderson, who has been investigating for many years Pritzker’s pioneering sub-prime operations, says Superior Bank in Chicago, specifically targeted poor and working class people of color across the country. He asserts that her extreme wealth and privilege has not only made her virtually untouchable by law enforcement, but now her appointment to Sec of Commerce, will allow her to cleanse her sub-prime banking record by becoming the Secretary of Commerce.

D.B Let’s start with some deep background on Penny Pritzker and the family holdings…

TA: There are 11 senior Pritzkers, the descendants of A. M Pritzker, who is the 11th wealthiest person after Forbes. But they are different as far as their wealth goes. Before they broke up the family dynasty because of a suit between two of the junior siblings, they had about 15 billion dollars. Bloomberg thought it was more like 38 billion because so many of the assets are major companies that are privately owned, it’s hard to evaluate that.

DB: $38 billion, with a B.

TA: $38 billion. One publication listed eight casinos, another listed 13, with each license worth a half a million dollars. There is another $5-7 billion in casinos. When you own 13 casinos for 5-7 billion, you are a player in the casino business. That’s just the hotels and casinos. There are many other companies they own such as the second largest chewing tobacco company, which they sold for 3.5 billion dollars. They actually owned the second and third largest chewing tobacco company, but have since off-loaded those for billions of dollars. Many of their assets are not what society considers clean assets, but hey don’t care. As far as money goes, they want it. When it comes to casinos or chewing tobacco companies, they don’t care. Their wealth is almost incalculable, because according to Forbes magazine, they are the only family in America to have off shore tax-free trusts because they were grandfathered in. Their off shore trust can ship money back to their family tax-free. It was grandfathered in because their grandfather got it through Congress – he was smart to see the future and got it done. Congress closed the loophole and grandfathered him in. Forbesmagazine wrote about the Pritzker’s off shore trust, they emphasized that there are over 1000 separate trusts. Many families have two or three different savings accounts to keep track of what money belongs to who, but when you have over 1000 different trusts to handle the family estate it’s very hard to comprehend how much wealth there is and how many businesses they control. A few years ago, Penny sold TransUnion, the largest credit reporting agency in America, but there’s a question about whether she sold it to herself by selling it to various hedge funds which her family has a large interest in. Until she sold it, you could say that Penny Pritzker had more files on every citizen in America than the CIA and FBI combined, because everybody has a credit score and credit report. Penny Pritzker had the credit scores and report on every single citizen in America.

DB: That’s amazing because before she had TransUnion, she had Superior Bank, through which she destroyed the credit of tens of thousands, hundreds of thousands. You might say she helped destroy the credit of the United States of America.

MUCH MORE AT:

http://www.counterpunch.org/2013/05/03/the-privilege-of-the-pritzkers/