26 May 2013

All You Need to Know About Barack Obama is that His Crucial Mentor is Penny Pritzker

Without Penny Pritzker, the scion of the Hyatt hotel chain, Barack Obama would have never achieved anything in politics. She was the first, and arguably the most enthusiastic, big money donor to fund the political career of that guy with the funny name.

The most recent news is that she had to modify the financial disclosure forms that she filed when she was submitted as commerce secretary, because she understated her pay from her consulting by at least $80 million.

What makes this even worse is that these wages were pay to offshore funds to avoid taxes:
And also like many of the plutocrats in America Pritzker has a lot of tax abnormalities involving offshore accounts. But now Prtizker is under fire for providing a false financial disclosure statement which she has since amended.

Chicago billionaire Penny Pritzker inadvertently understated a portion of her income by at least $80 million in a disclosure form required for her nomination to be U.S. Commerce secretary and has amended the document.
Forms released online last night by the Office of Government Ethics show that Pritzker earned additional income for consulting work on hundreds of trusts, including family trusts, beyond what she disclosed last week. The omission, discovered by Pritzker’s financial advisers, was due to a clerical error, said Susan Anderson, the nominee’s spokeswoman
Not surprisingly Pritzker makes a nice chunk of change “consulting” with other 1%ers.
Documents released last week show Pritzker received $32.2 million for a decade’s worth of consulting on the restructuring of domestic trusts. The filings released yesterday show she earned at least $80 million for that work, according to Bloomberg’s compilation of the data. The revised total is in addition to the amount reported last week, according to Anderson.
Pritzker, whose family founded Hyatt Hotels Corp, is scheduled to testify on her nomination before the Senate Commerce Committee tomorrow. She disclosed last week that she earned $54 million in consulting fees last year for a similar restructuring of trusts based in the Bahamas, also over 10 years. The Bahamas’ income wasn’t changed in the amended disclosure document.
Just what we need in a Commerce Secretary, someone who knows how to help companies offshore their profits to avoid tax liabilities.

Also, she has a long history of avoiding taxes through arcane instruments and offshoring for her own benefit.

We also have the the fact that she profited at taxpayer expense when she ran Superior Bank into the ground by aggressively pursuing subprime loans.  (Also here)

Also, as head of Hyatt, she has a long history of being virulently anti labor union, (also here.) as well as being a big supporter of Rahm Emanuel's plans to privatize public education.

And finally there are the longstanding family ties between the family fortune and organized crime.

The reason that this is important is not because of her nomination.  The Commerce Secretary's job has traditionally been the aggressive support of what is now called "the 1%".

Her relationship to Barack Obama is important because it defines his entire political career.

It's why we are not seeing a pursuit of the banksters, and we are seeing a pursuit of a "grand bargain" on Social Security, Medicaid, and Medicare, which will have grandma eating cat food.*

*In the interest of health, I would suggest that people eat dog food, and not cat food. Cats because they are one of the few true carnivores, do not need the complex carbohydrates and fats that people, and dogs do. As such, dog food is better for you than cat food because it provides carbs and essential fatty acids. A dog can go blind if it is fed on cat food, but a cat lives just fine on dog food. The phenomenon is known as rabbit starvation.


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