By Greg Palast
You made fun of me when I suggested that President Barack Obama would nominate a confessed bank scammer, a loan-sharking mortgage predator, to his cabinet. But thar she blows!
Today, Obama has named Penny Pritzker Secretary of Commerce. As the President says, It's a milestone: the first female fraudster to hold that post. No longer will criminal bankers have to lobby the administration - because now they'll have one of their own in the Cabinet.
The following is taken from the Chapter, "Penny's from Heaven?" you'll find in my bestseller, Billionaires & Ballot Bandits. [Get a copy, I'll sign it, and you send it to the President.]
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 Pritzker.
Pritzker'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 (Show me more...)