In a crowded field, Chicago billionaire, bundler, sub-prime banker and union buster Penny Pritzker is clearly the worst nominee that President Barack Obama has chosen for his second term cabinet.
Though the position for which she has been nominated, Secretary of Commerce, often goes to a presidential crony or political insider, Pritzker would exceed all her predecessors and peers with her shocking record of cronyism and failure.
Pritzker ran Superior Bank into the ground by dealing in sub-prime mortgages. As Breitbart News noted recently, the bank’s depositors lost $6000, on average, and the taxpayers got fleeced–but the investors got paid out first. Pritzker recently served on the board of the Chicago Public Schools during a period of abject educational failure, and earned a bad reputation with labor unions both there and at her family’s Hyatt hotel chain.
The Senate Commerce Committee will hold Pritzker’s confirmation hearing on Thursday. Janet Novack of Forbes suggests that Senators ask Pritzker about her extensive offshore accounts and her $250,000-plus debt to American Express. The Senators, Novack writes, could expose broader evasion by the wealthy: “Congress could finally make public one of the grandest and most successful family tax-avoidance schemes ever.”
But will they?
There could hardly be a worse representative of the American business community. Pritzker’s only notable success, aside from being born into wealth, is helping to get Barack Obama elected to the U.S. Senate and then the White House, using her connections and cash to propel his unlikely career. Her nomination is nothing more than Chicago-style payback. More…