We never heard of this guy Barack Obama until 2004. Less than three
years before taking the presidency, he was in the Illinois state senate,
a swamp of scammers, backhanders, and party machine tools - not a
stellar launch pad for the White House. And then, one day, state Sen.
Barack Obama was visited by his fairy godmother. Her name is Penny
Penny's from Heaven?
Pritzger's net worth is listed in Forbes as $1.8 billion, which is one
hell of a heavy magic wand in the world of politics. Her wand would have
been heavier, and her net worth higher, except that in 2001, the
federal government fined her and her family $460 million for the
predatory, deceitful, racist tactics and practices of Superior, the
bank-and-loan-shark operation she ran on the South Side of Chicago.
Superior was the first of the deregulated go-go banks to go bust - at
the time, the costliest failure ever. US taxpayers lost nearly half a
billion dollars. Superior's depositors lost millions and poor folk in
Sen. Obama's South Side district lost their homes.
Penny did not like paying $460 million. No, not one bit. What she needed
was someone to give her Hope and Change. She hoped someone would change
the banking regulators so she could get away with this crap.
Pritzker introduced Obama, the neophyte state senator, to the Ladies Who
Lunch (that's really what they call themselves) on Chicago's Gold
Coast. Obama got lunch, gold and better - an introduction to Robert
Rubin. Rubin is a former Secretary of the Treasury, former chairman of
Goldman Sachs and, when Robert met Barry, co-chairman of Citibank. Even
atheists recognized Rubin as the Supreme Deity of Wall Street.
Rubin opened the doors to finance industry vaults for Obama.
Extraordinarily for a Democrat, Obama in 2008 raised three times as much
from bankers as his Republican opponent.
So what did Citibank's Rubin get for showering Obama with gold? Obama
agreed to take care of Rubin's poodles, Larry Summers and Tim Geithner.
They became Obama's first cabinet picks: Summers as Economics Czar and
Geithner as his czarina, Secretary of the Treasury. Geithner and Summers were the gents who, under Treasury Secretary
Rubin, designed the deregulation of banking. In effect, they had
decriminalized the kind of financial flim-flammery that brought the
planet to its knees while bringing Rubin, Pritzker and the banksters
loads of lucre.
So, in 2008, Summers and Geithner were put back in the saddle - Obama's horse but Rubin's saddle.
Rubin received more than $100 million from Citigroup, the gargantuan
commercial bank/investment bank/casino created by deregulation. It is
worth a mention that Rubin's centi-million-dollar payoff went
unchallenged by Citi's new owner, the US Treasury, which had put up more
than a trillion dollars in loans and guarantees to pull Rubin's
creature out of bankruptcy.
Rubin rocked, but Penny was pissed off.
Pritzker had taken this state senator/community organizer from the
ghetto, made him a US Senator, then, as Obama's campaign finance
chairwoman, raised a mind-blowing three-quarters of a billion dollars to
make him president.
In return, in 2008, Obama decided to make his patron Penny the
Secretary of Commerce. But then, in November 2008, just as Obama was
about to submit her nomination to Congress, a bunch of Pritzker's
victims marched on Washington. They were not from her busted bank, but
unhappy workers from the lucrative nursing homes that her family owns
through a string of complex offshore trusts. Obama slammed the door on
In the 2012 campaign, Obama, to his credit, kept the door shut on
Pritzker, reducing her to hosting an election fundraiser at her Gold
Coast digs, which she had to bill as a Goldman Sachs PAC event. This
marks possibly the first time anyone has used Goldman Sachs as a PR
The Pritzker family made its billions mostly from Hyatt Hotels and
Hyatt nursing homes. Penny, on the Hyatt board of directors, is an
infamously combative anti-union apostle. UNITE HERE, the union that
represents Hyatt workers, has called for an international boycott of
Hyatt hotels. In 2012, UNITE HERE and its parent, the AFL-CIO, were
crucial to Obama's winning Ohio, Michigan and Wisconsin. So, in this
last campaign, Obama had to keep his billionairess heiress on the
But today, with the unions' money and votes already pocketed and
counted, Obama can give working folks The Finger and give Penny her
pound of flesh: the Commerce post.
The New York Times says that, "At Commerce, Ms. Pritzker could
provide the president with a new way to reach out to the business
community." The last time Pritzker reached out to the business community
was to sell them sub-prime mortgage securities, worthless bags of
financial feces manufactured by Superior Bank.
If Penny the Piggy Banker gets Commerce, we'll have to drop Obama's rating to sub-prime.
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