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In reply to the discussion: The Invisibility of U.S. Oligarchs: The Case of Penny Pritzker [View all]Octafish
(55,745 posts)19. The Privilege of the Pritzkers
An Interview with Tim Anderson on Obama's Commerce Nominee, Penny Pritzker, the Sub-Prime Queen
The Privilege of the Pritzkers
by DENNIS BERNSTEIN
CounterPunch, May 3-5, 2013
EXCERPT...
TA: $38 billion. One publication listed eight casinos, another listed 13, with each license worth a half a million dollars. There is another $5-7 billion in casinos. When you own 13 casinos for 5-7 billion, you are a player in the casino business. Thats just the hotels and casinos. There are many other companies they own such as the second largest chewing tobacco company, which they sold for 3.5 billion dollars. They actually owned the second and third largest chewing tobacco company, but have since off-loaded those for billions of dollars. Many of their assets are not what society considers clean assets, but hey dont care. As far as money goes, they want it. When it comes to casinos or chewing tobacco companies, they dont care. Their wealth is almost incalculable, because according to Forbes magazine, they are the only family in America to have off shore tax-free trusts because they were grandfathered in. Their off shore trust can ship money back to their family tax-free. It was grandfathered in because their grandfather got it through Congress he was smart to see the future and got it done. Congress closed the loophole and grandfathered him in. Forbesmagazine wrote about the Pritzkers off shore trust, they emphasized that there are over 1000 separate trusts. Many families have two or three different savings accounts to keep track of what money belongs to who, but when you have over 1000 different trusts to handle the family estate its very hard to comprehend how much wealth there is and how many businesses they control. A few years ago, Penny sold TransUnion, the largest credit reporting agency in America, but theres a question about whether she sold it to herself by selling it to various hedge funds which her family has a large interest in. Until she sold it, you could say that Penny Pritzker had more files on every citizen in America than the CIA and FBI combined, because everybody has a credit score and credit report. Penny Pritzker had the credit scores and report on every single citizen in America.
SNIP...
TA: She had TransUnion while she had Superior Bank, so she controlled the credit scores of everybody who was getting a subprime loan. You pay a higher interest on your subprime loan based on your credit score. Whether or not it was ever brokered between the credit bureau and the bank, we dont know, but we know the same people control both entities.
SNIP...
TA: Superior Bank was acquired back in 1989 as part of the original savings and loan giveaway by M, D and E Wall. As I wrote a in a paper for an economic conference in Denver, Superior Bank was sold to the Pritzkers for 42.5 million dollars. They changed the name from Lion Savings and Loan to Superior Bank after they acquired it. Lion Savings and Loan was sold to the Pritzkers just to put up money for the capital. But as government reports show, they only put up a million dollars cash and pledged their assets as the difference, the capital. Thats not supposed to be done, but they are privileged people so they get privileged deals. After they acquired this for $1 million they also got $640 million in tax credits.
SNIP...
TA: The tax credits were designed so they could use it in any entity they wanted. They didnt have to use it on what they bought. It could be sold on the open market for value, the credits could be used to file back taxes or warehouse them for future taxes. So for a million dollars, they got 640 million dollars for agreeing to take over Superior Bank, which they then looted for years then gave it back to the government with an enormous loss to the uninsured depositors and the whole subprime industry.
CONTINUED...
http://www.counterpunch.org/2013/05/03/the-privilege-of-the-pritzkers/
PS: I don't have anything against rich people, per se. I'd just like to see the offices and powers of the government go toward helping somebody other than the rich. For a change.
PPS: OP from 2013 -- http://www.democraticunderground.com/?com=view_post&forum=1002&pid=2797134
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Important to note the Harvard pipeline to Obama. Such a close little circle they live in.
WhaTHellsgoingonhere
Apr 2016
#25
"Their" claims in favor of the TPP are lies. Just as their claims in favor of past "trade deals".
Enthusiast
Apr 2016
#30
Pritzker was the money bags behind Obama which is why I voted for Hillary in the primary in 2008.
fasttense
Apr 2016
#10
That's why the next Revolution will need a decidedly more French flavor to it!
FighttheFuture
Apr 2016
#14
I hope not, but... Power concedes nothing without a demand. It never did and it never will.
FighttheFuture
Apr 2016
#22
There are some greedy selfish hateful people at the top in this country and the Dem nomination is
SammyWinstonJack
Apr 2016
#29