Thursday, May 02, 2013

Obama bundler Pritzker, with bank failure and union troubles, nominated for Commerce

UNITE HERE protester, October, 2011
Hyatt Hotels billionaire Penny Pritzker, an Obama campaign bundler who was the national finance chair of her fellow Chicagoan's 2008 campaign, was nominated to be the next Commerce Secretary this morning

Part of the Pritzker empire was Superior Bank. From 1991 until 1994 Penny was the chair of the bank, which failed in 2001, Too many subprime loans sunk the bank--it was a preview of the 2008 financial meltdown. She remained on the board of the bank until 2001, and Penny was not a silent partner, as the Chicago Sun-Times reported in 2008, "{u]ntil the end, Pritzker appeared to be taking a leadership role in trying to revive the bank with an expanded push into subprime loans." Of Superior's customers, 1,400 lost part of their savings.

Big Labor is boycotting Hyatt because of an ongoing union dispute with Unite Here. The Pritzker family, after collecting tax breaks in Indiana for Union Tank Car, moved closed its plant from there and opened a new one--a non-union facility--in Louisiana.

The Chicago Teachers Union doesn't care for Penny either.

Pritzker has been the subject of ire at Occupy rallies.

As for Big Labor, will they call off their attack dogs on Pritzker and Hyatt in exchange for something dear to them, such as a renewed White House push for union card check? Or some other payback?

Stay tuned.

Related posts:
Technorati tags:

Gleneagles Hotel, Canvas Art (Google Affiliate Ad)

No comments: