Lucille
11-20-2008, 08:54 AM
Sources: Pritzker, Napolitano being vetted for Cabinet (http://www.cnn.com/2008/POLITICS/11/20/transition.wrap/index.html?iref=werecommend)
Also, multiple Democratic sources say billionaire Chicago businesswoman Penny Pritzker is Obama's choice for commerce secretary. Pritzker ran Barack Obama's record-breaking fundraising effort, serving as the campaign's finance chair.
The sources say Prtizker would accept the job, which would be formally offered after vetting is complete. But whether the rigors of the Obama vetting process will present a challenge to a businessperson with no record in public office -- and presumably extensive financial holdings -- is still a question.
Superior Bank involvement (http://en.wikipedia.org/wiki/Penny_Pritzker#Superior_Bank_involvement)
Ms. Pritzker has been associated with the Subprime mortgage crisis. Ms. Pritzker's late uncle, Jay Pritzker, purchased a 50% stake in Hinsdale, Illinois-based Superior Bank of Chicago in 1989 from the Federal Deposit Insurance Corporation, which had taken over the bank when it failed in the late 1980s.[16] Penny Pritzker became chairman of the bank in 1991. Under Ms. Pritzker's chairmanship, the bank "embarked on a business strategy of significant growth into subprime home mortgages," according to a 2002 report by the United States Treasury Department.[16] She stepped down from the chairmanship (a largely titular role) in 1994 but continued to serve on the board of the holding company, Coast to Coast. In the months leading up to the 2001 seizure, the Pritzker family tried to work out a major recapitalization plan to "once again restore Superior's leadership position in subprime lending."[16]
Awesome.
Also, multiple Democratic sources say billionaire Chicago businesswoman Penny Pritzker is Obama's choice for commerce secretary. Pritzker ran Barack Obama's record-breaking fundraising effort, serving as the campaign's finance chair.
The sources say Prtizker would accept the job, which would be formally offered after vetting is complete. But whether the rigors of the Obama vetting process will present a challenge to a businessperson with no record in public office -- and presumably extensive financial holdings -- is still a question.
Superior Bank involvement (http://en.wikipedia.org/wiki/Penny_Pritzker#Superior_Bank_involvement)
Ms. Pritzker has been associated with the Subprime mortgage crisis. Ms. Pritzker's late uncle, Jay Pritzker, purchased a 50% stake in Hinsdale, Illinois-based Superior Bank of Chicago in 1989 from the Federal Deposit Insurance Corporation, which had taken over the bank when it failed in the late 1980s.[16] Penny Pritzker became chairman of the bank in 1991. Under Ms. Pritzker's chairmanship, the bank "embarked on a business strategy of significant growth into subprime home mortgages," according to a 2002 report by the United States Treasury Department.[16] She stepped down from the chairmanship (a largely titular role) in 1994 but continued to serve on the board of the holding company, Coast to Coast. In the months leading up to the 2001 seizure, the Pritzker family tried to work out a major recapitalization plan to "once again restore Superior's leadership position in subprime lending."[16]
Awesome.