Subprime Queen Penny Pitzger Will Be Commerce Secretary

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PENNYPITZKERONAIRFORCE1

Meet Penny Pitzger.

Penny Pitzker was one of the many elite who was heavily involved in the subprime debacle.  It didn’t hurt her career ambitions. She is the former National Finance Chair and served on President Obama’s jobs council. [Politico]

And we wonder why our economy is in trouble.

She will soon be his Commerce Secretary. What’s that saying about the fox and henhouse?

Her ties to the subprime loan crisis should eliminate her from the job:

via Forbes

[From 2002] “(Pritzker) represented her family’s half-interest in Superior Bank, a thrift operating in the Chicago suburbs” that “ran into trouble early in 2001 when a large number of subprime loans went into default.”

Regulators charged the bank with poor lending practices and sloppy accounting. The Federal Deposit Insurance Corp. was bracing to cover as much as $550 million in losses at Superior.

The Pritzkers initially seemed confident, offering in July 2001 to infuse the bank with $210 million. But by December, with details of Superior’s losses under increasing scrutiny, the family was forced to open its checkbook, agreeing to shell out $460 million over 15 years. No bank owner in history had ever offered anything close to that to settle a case. But the payout scuttled the possibility of Penny’s having to testify in a very public trial — or of her having to disclose her own role in the bank’s failure…keep reading

Penny Pitzker was caught flying on Air Force One last year at taxpayer expense. One has to wonder how often she does that.

We are living through the USA remake of Versailles. Penny Pitzger, billionaire, owner of a bank with shady and shoddy banking practices, is now our Commerce Secretary-to-be.

[Check out this additional 2002 article from Forbes]

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