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Obama's New Commerce Secretary
Posted: May 25, 2013
Don't understand this Congress. They confirm her as Commerce Secretary but she had co-ownership of Superior Bank, a Chicago-area thrift which failed in 2001 after losing millions of dollars on risky mortgage loans to borrowers with bad credit. Pritzker told the Senate Commerce Committee she felt “very badly” about the failure of the thrift.
Don't you think It’s hypocritical for Obama to nominate Cabinet members who benefit from offshore tax havens while he has criticized that practice for others. Obama’s re-election campaign criticized GOP presidential nominee Mitt Romney’s offshore accounts. She received $54 million last year from an offshore trust in the Bahamas, according to a disclosure report that describes an empire of casinos, hotels, energy companies and family trusts that may be worth more than $2 billion.
She’s also on the board of Hyatt Hotels, which was co-founded by her dad and has not only been accused of opposing higher wage standards, but of replacing long time housekeeps with minimum wage temps. "Under her leadership, Hyatt has exhibited a broad pattern of labor abuses, including aggressive outsourcing, low wages and the mistreatment of housekeepers. Together, these practices single Hyatt out as the worst hotel employer in the United States," wrote Unite Here President D.R. Taylor in a letter to Sen. Jay Rockefeller, D-W.Va.
Her Hyatt holdings are worth more than $50 million shown in the disclosure form and her shares are worth $409 million, based on proxy disclosures and yesterday’s closing price of $40.78. Pritzker’s net worth is more than $1.5 billion in the Bloomberg Billionaires Index.
Lastly, apparently $80 million seems like a big chunk to overlook when preparing a financial statement that’s what happened. In response to the missing income, her lawyer said in a letter to a Commerce Department attorney that the income was not in original filings “because of a clerical error.” Now, that’s a wee bit strange for someone who dealt in banking and has a lot of stock holdings.
Did she forget? Oh, well, no matter. She can plead the Fifth. - :))
[ In Reply To ..]nm
She sounds like a female version of - Mittens on steroids
[ In Reply To ..]just much better at what she does than he was at what he does. I agree. The hypocrisy behind this pick is just about on par with that of the GOP who we now see condemning every trait she shares with their own party pick they so staunchly defended just 6 short months ago. Since when have they given a hoot about higher wage standards, big business/corporate labor abuses, and the replacement of well-paid hotel housekeepers with minimum wage temps? In fact, as I recall, there have been scores and scores of posts on this very forum in the past defending those allegedly sound capitalist business practices which help to push profits to the max and but plenty of denouncements of well-paid workers who make wages comparable to union pay. I think $15/hr housekeeping pay certainly qualifies in that regard. I find this whole line of attack to be patently disingenuous.
For the record, it's hard for me to believe that any dem is thrilled with this nomination. I know I'm not and I'm a consummate progressive liberal. I do think it's worth mentioning, though, that the Senate did not seem to be particularly hung up on any of the personal background issues being raised here. According to one of your links, she sailed right though the hearing process. Could be that was at least part of President Obama's motivation for choosing a billionaire for the position he knew would appeal to his GOP Senate detractors.
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