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Penny Pritzker says she is not a candidate for Commerce Secretary. Read Pritzker statement here.

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WASHINGTON--Penny Pritzker, in the mix to be President-elect Barack Obama's Commerce Secretary, just sent me an e-mail saying she is not a candidate for the post. Pritzker is a member of the Obama transition operation and chaired his finance committee. Money she helped raise from major donors in the first quarter of the campaign was crucial to establishing Obama as a viable presidential candidate.


Pritzker said in her e-mail, "Speculation has grown that I am a candidate for Secretary of Commerce. I am not. I think I can best serve our nation in my current capacity: building businesses, creating jobs and working to strengthen our economy. It has been my great privilege to serve in the Obama campaign. I look forward to helping our new President in every way possible and am excited about the future under his leadership." Penny Pritzker, Chair, TransUnion"

13 Comments

i wish to announce that i, too, am not a candidate for any cabinet post in the obama administration.



the watcher

We are in a financial crisis--we need a Commerce Secretary skilled in trade policies and economic renewal and development.

As a hotel heiress/airport parking lot queen, Pritzker only real "commerce" experience is that of a Chairperson of a failed savings and loan--and the only reason she was Chair was because her family owned 50% of the thrift.

In 10 short years, she ran it into the ground...the thrift financially collapsed and closed in 2001.

Pritzker is as qualified to be Commerce Secretary as Sarah Palin is qualified to be President of the United States.

THIS IS A NO-BRAINER, THIS GREAT LADY HAS ENOUGH
GOING ON IN HER LIFE THAN TO GO TO WASHINGTON IN SOME
SORT OF A CAPACITY, HER GREAT WORK IN THE OBAMA
CAMPAIGN WILL NEVER BE FORGOTTEN, SHE WORKED VERY
HARD TO HELP GET PRESIDENT-ELECT OBAMA INTO
OFFICE, AND AS THE SAYING GOES, HARD WORK DOES
PAY OFF!
WHAT SHE DID FOR PRESIDENT-ELECT OBAMA AS A
FUNDRAISER WILL GO DOWN IN HISTORY!
THANK YOU PENNY PRITZKER FOR ALL YOUR HELP!
SEE YOU AT THE INAGURATION!

If Ms. Pritzker would run the nation's economy as well as Superior Bank ,which was at the time the largest bank failure in U.S. then thank goodness that she is not a candidate for Commerce Secretary.

However, this once again certainly question's President -elect Obama's judgement. That FDIC bailout cost taxpayers millions of dollars.
To borrow a campaign line from a fellow Democrat "what was he thinking?"

HER FAMILY ALSO GAVE ALOT OF MONEY TO HELP WITH
THAT BANK SITUATION ALSO, BUT YOU AREN'T GOING
TO MENTION THAT!
I DON'T THINK ANYONE PURPOSELY TRIES TO HAVE A
BANK CLOSE, SO TELL THE WHOLE STORY NEXT TIME!
SEE YOU AT THE INAGURATION!

Is Barack going to appoint Bill Clinton Mini-[Barack]?

Even if former Superior Bank board and Coast-to-Coast Financial Corporation board member Penny Pritzker isn't the Obama Administration's Commerce Secretary, she still probably won't have to worry much about the Obama Administration's Justice Department looking into the role she may have played in the 2001 Superior Bank subprime mortgage scandal and collapse. The corporate law firm of the Obama Administration's Attorney-General Designate, coincidentally, represented Pritzker's Coast-to-Coast Financial Corporation before federal regulators after Superior Bank collapsed.

U.S. Attorney-General Designate and Columbia University Trustee Eric Holder became a law partner in the Washington, D.C. law firm of Covington & Burling after serving as a Deputy Attorney General in the Democratic Clinton Administration until 2001. (See the following link: http://www.cov.com/eholder/ )

But as the Covington & Burling web site at http://www.cov.com/practice/white_collar_and_investigations/financial_insitutions_investigations/notes, Holder's law firm "represented Coast-to-Coast Financial Corporation in government inquiries and civil litigation regarding the failure of its subsidiary, Superior Bank, fsb, the largest bank failure in recent years."

As the Feb. 6, 2002 Office of Inspector General's report noted:

"Superior was orginally established in 1988 when the Pritzker and Dworman interests acquired Lyons Savings Bank...The corporate structure consisted of Superior being wholly-owned by Coast-to-Coast Financial Corporation (CCFC), the holding company, with the Pritzker and Dworman interests each owning 50 percent of the holding company..."

Yet the Office of Inspector General's Feb. 6, 2002 report also observed:

"Oftentimes the line between poor business judgment and fraud and abuse is difficult to draw. Nevertheless, based on our review of the failure of Superior Bank it appears that some of the decisions made by Superior management rise to the level of insider abuse...

"As early as 1996, Superior submitted Thrift Financial Reports that were inaccurate...

"Questionable management practices were evident at Superior for many years...

"...Examiners discovered that during the fourth calendar quarter of 2000 Superior sold loans at fixed prices to Coast-to-Coast Financial Corporation. This transaction violates various federal regulations by selling assets to an affiliate at a price less than fair market value..."

Anyone President Elect Obama appoints will be a huge improvement on what Bush, Inc. has done and continues to do to our country.

You know bobf--you must be laboring under the delusion that we don't have an oligarchy. We do. We voters pick members of the oligarchy most likely to obey international and national law. When the vote is honestly counted, that's what gets done. Americans are good people. This time, we policed the vote, and we honestly selected members of the oligarchy (the couple had come from humble roots) most likely to serve us.
And now, as if on cue from central casting, GM execs are trying to trick us into letting them go bankrupt. This will ruin the economy. It is tempting, because of their arrogance (failing to retool for 40 years during an energy crisis; monopolizing patents which could save America and the planet; arriving on private jets).
It is tempting to do so because of the misinformaton(the unions will OWN and MANAGE their own pension funds even in bankruptcy--that was taken care of 20 years ago).
IF we let GM go down, thousands of other small companies will fail but GM will be back after the shortest bankruptcy ever.

THE MAN IS INTELLIGENT, HE ISN'T GOING TO D.C.
WITHOUT KNOWLEDGEABLE PEOPLE AROUND HIM, IF THEY
PREVIOUSLY WORKED IN THE CLINTON ADMINISTRATION
SO BE IT, HE IS GOING TO BE A SUCCESS, AND THERE
IS NOTHING THAT WILL DETER HIM FROM BEING JUST
THAT, SUCCESSFUL!
HE IS THE CHANGE, BECAUSE AS PRESIDENT-ELECT WE
HEAR MORE FROM HIM THAN THE GUY WHO HAS RUN THE
COUNTRY INTO THE GROUND THE LAST 8 YEARS!

So, Phil---tell us:
Do you WORK as a PAID EMPLOYEE for the Obama campaign, the transition team?
I haven't found the info you stated below anywhere but in your statements:
"...HER FAMILY ALSO GAVE ALOT OF MONEY TO HELP WITH
THAT BANK SITUATION ALSO, BUT YOU AREN'T GOING
TO MENTION THAT!
I DON'T THINK ANYONE PURPOSELY TRIES TO HAVE A
BANK CLOSE, SO TELL THE WHOLE STORY NEXT TIME!
SEE YOU AT THE INAGURATION!..."
If you do work for the team, and you're intimidating fellow bloggers, somebody needs to give YOU some lessons in PR.
Answer the question, please.

ALL YOU HAVE TO DO IS READ PRIOR BLOGS, YOU ARE
TRYING TO GIVE ME TO MUCH CREDIT!
I WILL NEVER GIVE YOU FALSE INFORMATION, I DON'T
KNOW THESE NICE PEOPLE PERSONALLY, BUT I DO KNOW
HOW TO READ!
I ONLY GAVE THAT INFO BECAUSE SOMEONE WAS TRYING
TO JUMP ON HER FAMILY NAME!
WHAT I WROTE IS PUBLIC RECORD!
I AM NOT WITH FOX NEWS, THEY WOULD GIVE YOU IN-
CORRECT INFORMATION!
I DON'T WORK FOR PRESIDENT-ELECT OBAMA, I WOULD
LOVE TO BUT I DON'T, I JUST RESPECT THE MAN!
MY BLOGS HAVE APPEARED THE MOST, BECAUSE MAYBE
LYNN SWEET SET THIS BLOG UP FOR PRESIDENT-ELECT
OBAMA, SHE PRINTS THE TRUTH AS WELL!
AREN'T YOU ENJOYING WITNESSING HISTORY?
A MAN, A GOD-FEARING MAN, A FAMILY MAN, A FATHER
A LAWYER, A HARVARD TRAINED MAN, BECOMES PRESIDENT
OF THE UNITED STATES, ISN'T IT WONDERFUL!
SEE YOU AT THE INAGURATION, 5 MILLION EXPECTED!

Thanks for that answer, Phil. Makes me feel better. But, I do think there is a difference between pointing out that the banking industry (dems and repugs) has just spun out of control. I do not see the information provided as an ATTACK on her family name, but merely just providing information the mainstream media provides all too sporadically.

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Lynn Sweet

Lynn Sweet is a columnist and the Washington Bureau Chief for the Chicago Sun-Times.

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This page contains a single entry by Lynn Sweet published on November 20, 2008 12:03 PM.

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