2 May

For sale: Obama Cabinet Appointments

                                       

pritzker and obamas

As the country is still standing following the financial crisis, Barack Obama has nominated a key figure in the disaster apparently so she can finish off the country for good.

WASHINGTON (Reuters) – President Barack Obama tapped Mike Froman and Penny Pritzker for the last two vacant Cabinet slots on his economic team on Thursday, turning to a law school classmate who is already one of his chief advisors and a billionaire businesswoman who helped put him in the White House.

As key members of his team, the two will work to boost demand for U.S. goods and workers, Obama said as he announced the nominations at the White House shortly before leaving on a trip to Mexico, a key U.S. trading partner.

He urged the Senate to quickly confirm the pair.

Quickly. Of course. Before America can be reminded of the damage the woman has done.

Pritzker, a Stanford University-trained lawyer, would bring a member of one of the country’s most successful business families to the helm of the Commerce Department.

The family might have done well, but she’s bad news. She was the Queen of Subprime Mortgages

Ms. Pritzker served as Superior chairman until 1994. During that period, Superior “embarked on a business strategy of significant growth into subprime home mortgages,” which were then packaged into securities and sold to investors, according to a 2002 report by the Treasury Department’s Inspector General.

“Superior was at the forefront of the securitizing of subprime mortgages,” says Timothy Anderson, a retired bank consultant who has studied Superior and other failed thrifts.

And she ran Superior Bank right into the Ohio River

After federal regulators closed the $2.3 billion Superior Bank in July 2001, investigations revealed that the suburban Chicago thrift was tainted with the hallmarks of a mini-Enron scandal. New legal developments are adding additional twists, including racketeering charges. And yet the bank’s owners, members if one of America’s wealthiest families, ultimately could end up profiting from the bank’s collapse, while many of Superior’s borrowers and depositors suffer financial losses.

And do read this carefully:

Wanting to avoid a lawsuit, the secretive Pritzkers quickly agreed to what the FDIC hailed in December as the biggest settlement they had ever negotiated. The Pritzkers would pay $100 million immediately, then $360 million over 15 years. But there were lots of little provisions in the agreement that benefit the Pritzkers. First, as former bank consultant and longtime thrift watchdog Tim Anderson notes, the $100 million doesn’t even quite pay back all of the unpaid loans made to the owners. The Pritzkers also pay no interest on the $360 million, and since it is paid over many years, the real cost to the Pritzkers may be only around $250 million. As of September 2002, according to FDIC figures, the insurance fund was still out $440 million after this settlement.

But it gets even sweeter for the Pritzkers. The FDIC also agreed to pay the Pritzkers 25 percent of any claim won in a lawsuit against Ernst & Young. Since the FDIC is now suing for $548 million, the Pritzker share could be $137 million. On top of that, the agreement stated that the Pritzkers get half of any civil penalties from such a lawsuit (after certain agency expenses). The FDIC is asking for triple damages, or $1.64 billion; the Pritzker share could be over $800 million.

Even taking into account the “record” settlement they made with the FDIC, the Pritzkers could make more than $700 million in additional profit for running a financial institution into the ground. They had already profited handsomely, sharing in the more than $200 million in dividends to the owners in the ’90s. They accomplished all this with an investment of about $21 million for each partner—though the Pritzkers had also already benefited from $645 million in tax credits.

Meanwhile, roughly 1,000 depositors who had deposits above $100,000 in a Superior account—money above the FDIC-insured limit—lost about $65 million. Most of them were middle-class individuals, attracted by Superior’s high interest rates. In the three months just before the bank was closed, there was a surge of $9.6 million in uninsured deposits. Since about 54 percent of the uninsured money has since been repaid as Superior was sold off, the depositors have still collectively lost about $30 million. (That just happens to be the amount that the Pritzkers gave to the University of Chicago’s Pritzker School of Medicine earlier this year.)

You’ll want to read the whole article

Her qualification for the post of Commerce Secretary is right here:

When she was finance chairman for the Obama campaign in 2008, she oversaw the raising of nearly $750 million, a record-breaker.

As Jim Geraghty pointed out in an email,

I’m so old, I remember when it was standard to just give ambassadorships to your top donors.

Pritzker is filthy rich, her fortune was in part obtained through highly questionable means and she owns those dreaded offshore accounts.

Not only can you rent the President for $500,000, Obama has put Cabinet positions up for sale.

Next: Bernie Madoff for Treasury and Dzokhar Tsarnaev for head of DHS.

That is, if Tsarnaev can come with the cash.

About DrJohn

DrJohn has been a health care professional for more than 30 years. In addition to clinical practice he has done extensive research and has published widely with over 70 original articles and abstracts in the peer-reviewed literature. DrJohn is well known in his field and has lectured on every continent except for Antarctica. He has been married to the same wonderful lady for over 30 years and has three kids- two sons, both of whom are attorneys and one daughter on her way into the field of education. DrJohn was brought up with the concept that one can do well if one is prepared to work hard but nothing in life is guaranteed. Except for liberals being foolish.
This entry was posted in Barack Obama, Disasters, Politics, Radical Relationships, Scandals, Uncategorized and tagged , , , , , , . Bookmark the permalink. Thursday, May 2nd, 2013 at 10:11 am
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15 Responses to For sale: Obama Cabinet Appointments

  1. Nan G says: 1

    Back when the Congress was totally Dem and Obama newly elected, didn’t he try to put Jamie Gorelick in a high position?
    Her ”wall of separation” that allowed 9-11-01 was not the issue to the Senate.
    It was her questionable millions in yearly earnings from running a hedge fund or sub-prime lending investment fund, or something like that.
    So, now we have more Republicans than back then and a new bad egg in Penny Pritzker.
    How much more difficult will getting HER confirmed than it was Jamie?

    ReplyReply
  2. Dc says: 2

    It’s the Chicago way! Seats for sale! Obama’s wasn’t even cool yet before it was up for sale.

    ReplyReply
  3. retire05 says: 3

    @Nan G:

    Gorelick became VP of Fannie Mae after she left the Clinton administration. Between 1997 and 2003 she earned a tony $26 million off the GSE that was failing under her wise guidance. That $26 million did not include bonuses she earned for “meeting” lending goals under the CRA, one year netting her $800,000.00.

    Pritzker is nothing more than another Chicago mafia Don[na]. She is as crooked as they come. It is no wonder that Obama climbed in bed with her, just as he climbed in bed with William Ayers, Tony Rezko, Rashid Khalidi, and Edward Said, anyone of those crooks/anti-American haters would have destroyed a Republican candidate.

    For more on little Miss Penny just take a look at her bio at DiscoverTheNetworks.org

    ReplyReply
  4. Pingback: For sale: Obama [Used] Cabinet Appointments | ConservativeWatchNews.com

  5. Smorgasbord says: 4

    Would you expect any less from obama?

    ReplyReply
  6. Anonymous says: 5

    Penny Pritzker is evil and obama doesn’t care. It shouldn’t come as a shock to anyone.

    snipped from http://www.sherrytalkradio.com/transcribe/2012/01-16-12.htm

    I don’t think they were yesterday, over the weekend, because it was the donkey show time. They have these rituals where they bring in animals. And this weekend, pretty much all the groups had donkeys. And they force all the member to have sexual relations, bestiality, with the donkey. Now could you imagine Penny Pritzker in Chicago with her little clipboard, and you know, it’s the bestiality weekend. All the groups are celebrating bestiality. The high priest is the one who decides who gets what. So can you imagine Penny Pritzker sitting there with her clipboard, “OK, you. You’ve been on my nerves for two months. You get the cat.” “And you. You’ve been on my nerves for a month. You get the dog.” “And you. The highest-ranking of us all. You get the donkey.” She chooses who gets what. And she forces them to be sodomized. They all do this. Not just her.

    They force them to be sodomized by donkeys. They force them to perform fellatio on donkeys. And nobody gets away with it. Just because you’re the president of the United States who goes to the Chicago ones where Penny Pritzker’s in charge–just because you’re the president doesn’t mean you get out, it means you have to give more. Because you’ve got the highest rank in the land, more abominable things are expected of you. Yeah. Can you imagine that? They don’t have time to pay attention to the misery and suffering of Americans because they’re too busy creating it. They want Americans to suffer. They don’t have time to read legislation. They’re too busy getting sodomized by donkeys. This stuff goes on, folks. The Lord wants it exposed. I’m exposing it. It goes on.

    snipped from http://www.sherrytalkradio.com/transcribe/2012/01-23-12.htm

    The Correlation Between Hitler and Our Leaders Today

    Yeah, these are the people that we think are the elite above us. I hate the word elite because they’re just scumbags. All of ‘em. You know, Henry Kissinger, Karl Rove, Ted Turner, the Clintons, the Bushes, the pope, the Queen, the Royal Family, Ben Bernanke, Penny Pritzker, Nancy Pelosi, Hillary Clinton, Condoleezza Rice. They’re all in it, folks. They don’t wanna save America, they wanna destroy America. They wanna get control of the world’s resources so that when America is destroyed, they still own all the world’s resources amongst themselves. They don’t care about the country America. They’re in a faction, a Satanist faction. All their own little group. And they wanna control the world’s resources.

    ReplyReply
  7. David Briker says: 6

    surprise surprise…..two more j**s in the cabinet. Must just be me who don’t understand

    ReplyReply
  8. Budvarakbar says: 7

    @Nan G: Yess — and recent events confirm the demo-commie-cRATS have re-erected that wall and put up even more.

    ReplyReply
  9. Liberal1 (Objectivity) says: 8

    As though Conservatives aren’t just as guilty of this kind of behavior.

    ReplyReply
  10. Liberal1 (Objectivity) says: 9

    @Anonymous: Right on—except for the religious connotations.

    ReplyReply
  11. Smorgasbord says: 10

    @Budvarakbar: #7
    You just came up with something else to call them: Commycrats!

    ReplyReply
  12. john says: 11

    And in other news today the Dow broke 15,000 and unemployment dropped again. And of course American corporations are still making all time record breaking profits.

    ReplyReply
  13. Nan G says: 12

    @john:
    Gee, john, if you want to shift off topic how about the news that China has invaded India?
    Not much mainstream coverage of it, but it could get REAL ugly!
    http://www.dailymail.co.uk/news/article-2318389/Two-Chinese-incursion-leaves-India-verge-crises.html

    ReplyReply
  14. Smorgasbord says: 13

    @john: #11
    And it’s only costing the government $85,000,000,000 per month to accomplish this. Why didn’t we start doing this many years ago?

    ReplyReply
  15. johngalt says: 14

    @Liberal1 (Objectivity):

    As though Conservatives aren’t just as guilty of this kind of behavior.

    Ah, the old moral equivalency argument. Wrong is wrong, no matter who is doing it, Lib1.

    ReplyReply

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