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Penny Pritzker Withdraws Name For Commerce

By Big Tent Democrat, Section Other Politics
Posted on Thu Nov 20, 2008 at 08:04:32 AM EST
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Update (TL): The New York Times reports Pritzger has taken herself out of the running for the position.

Politicial Wire:

CNN reports that Chicago businesswoman Penny Pritzker is President-elect Obama's choice to become Secretary of Commerce.

I do not know what the Secretary of Commerce does. I do know that Pritzker was possibly Obama's largest fundraiser. Still and all, it is good to see another woman in the Cabinet.

By Big Tent Democrat, speaking for me only

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    Penny Pritzker Withdraws Name For Commerce | 45 comments (45 topical)

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    She dropped out (5.00 / 2) (#28)
    by DaveOinSF on Thu Nov 20, 2008 at 12:40:02 PM EST
    http://www.politico.com/news/stories/1108/15827.html

    "Vetting issues"

    Oh the drama!

    FDIC lien on Pritzker (5.00 / 1) (#41)
    by jedimom on Thu Nov 20, 2008 at 09:24:40 PM EST
    yes but Pritzker owes millions to the FDIC for the failed savings and loan she ran into the ground with her groundbreaking, lol, subprime lending....

    I am hoping Sheila Bair the current FDIC chief be maintained in her position (which actually goes to 2010, but she offered to step aside for Obama now)..she is a woman and a Republican and absolutely incredibly good at what she does and that is one spot I hope stays the way it is..

    I thought it might not be able to happen were Pritzker given Commerce..the conflict..perhaps that is part of the reason for Pritzker taking her name out of running...

    Superior and the outstanding FDIC settlement.. (5.00 / 1) (#43)
    by jedimom on Thu Nov 20, 2008 at 09:30:20 PM EST
    from suntimes..
    But a letter obtained by the Chicago Sun-Times shows that until the end, Pritzker appeared to be taking a leadership role in trying to revive the bank with an expanded push into subprime loans.

    Pritzker wrote in May 2001 that her family was recapitalizing the bank, and she pledged to "once again restore Superior's leadership position in subprime lending." The bank shut down in July 2001.

    For just $15 million, the Pritzkers could pay back the 1,400 customers still owed money, Ely and Anderson said.

    The Pritzkers put up $460 million, which federal regulators said absolved them of any further liability in the collapse.

    IIRC none of that 460 million has been paid as of yet, but that is unconfirmed on my end...

    Parent

    Bair is great (5.00 / 1) (#44)
    by caseyOR on Thu Nov 20, 2008 at 10:23:30 PM EST
    Sheila Bair is the only one of the Big 3 economic folks (Paulson, Bernancke, Bair) who seems to grasp how crucial it is to help homeowners stay in their homes. She has started a program to rewrite mortgages at the now FDIC owned IndyMac Bank. And she has now publicly called for using $$$$ from the $700 billion bailout to help people stay in their homes. Paulson, of course, refused to consider it, but she brought it up again when the Big 3 testified to Congress recently.

    Sheila Bair is my candidate for Treasury Secretary.

    Parent

    Lynn Sweet on Pritzker s & l issues... (5.00 / 1) (#42)
    by jedimom on Thu Nov 20, 2008 at 09:27:32 PM EST
    here is linky for Lynn Sweet's SunTimes piece on Pritzker's FDIC debt and her bank failure in Chicago Savings and Loan and subprime lending..

    a terrible environment for these sorts of issues right now...

    http://tinyurl.com/4fu8vh

    Rainmaker (none / 0) (#1)
    by Abdul Abulbul Amir on Thu Nov 20, 2008 at 08:19:01 AM EST

    I do not know what the Secretary of Commerce does.

    Almost all of past SoC's of either party have been good at shaking the money tree.

    funny (none / 0) (#2)
    by mpBBagain on Thu Nov 20, 2008 at 08:48:29 AM EST
    its funny watching certain sites...who claim to be big on womens rights... bash every women OBAMA appoints...hillary included..because they hate OBAMA

    just amazes me..... cut your nose off to spite your face i guess.

    Umm (none / 0) (#3)
    by Big Tent Democrat on Thu Nov 20, 2008 at 08:51:40 AM EST
    Say what? I just praised the choice of a woman in the cabinet.

    It is funny to read comments like yours that seem to expose that the writers have no reading comprehension.

    Parent

    I think mpBB (none / 0) (#4)
    by indy in sc on Thu Nov 20, 2008 at 08:57:24 AM EST
    was talking about PUMA-type sites that are bashing O's selections solely because they are his selections, not this site.  Just wasn't clear enough...

    Parent
    My apologies then (none / 0) (#5)
    by Big Tent Democrat on Thu Nov 20, 2008 at 08:58:25 AM EST
    to the commenter.

    Parent
    thanks for the assist (none / 0) (#8)
    by mpBBagain on Thu Nov 20, 2008 at 09:00:25 AM EST
    yeah... other sites... makes u wonder how pro-women they really are....

    Parent
    SORRY (none / 0) (#6)
    by mpBBagain on Thu Nov 20, 2008 at 08:58:59 AM EST
    sorry BTD  ... did NOT mean this site...that doesnt go on here..

    Parent
    My apologies to you (none / 0) (#10)
    by Big Tent Democrat on Thu Nov 20, 2008 at 09:00:45 AM EST
    then, I misunderstood.

    Parent
    I frequent many sites, haven't noticed (none / 0) (#40)
    by MoveThatBus on Thu Nov 20, 2008 at 09:00:46 PM EST
    that happening.  Then, I don't ever go to dKos or Huffington Post, if those are the Clinton hating sites you refer to.

    Penny probably did have a vetting problem because of her days in banking.

    Any chance you researched who she is and what her history might be?

    I'm seeing some serious problems posted about Holder and Daschle, though.

    Parent

    The cabinet. . . (none / 0) (#7)
    by LarryInNYC on Thu Nov 20, 2008 at 08:59:33 AM EST
    so far Holder, Daschle, Napolitano, Pritzker, and at State either Clinton, Richardson, or Kerry.

    Is there a single white, anglo-saxon, protestant male among them?

    Common denominator (5.00 / 1) (#20)
    by Dr Molly on Thu Nov 20, 2008 at 11:37:05 AM EST
    amongst them, with the exception of Holder, seems to be that they all played strong roles in getting Obama elected, no?

    Parent
    Also Napolitano and Clinton. (none / 0) (#21)
    by LarryInNYC on Thu Nov 20, 2008 at 11:59:36 AM EST


    Parent
    Didn't Napolitano and Clinton (none / 0) (#22)
    by Dr Molly on Thu Nov 20, 2008 at 12:11:21 PM EST
    also help get him elected?

    Parent
    Big Surprise huh? (none / 0) (#25)
    by Pepe on Thu Nov 20, 2008 at 12:27:47 PM EST
    I said a long time ago that when it came to 'Loyalty' that Obama would make Bush look like an amateur. Not that loyalty is necessarily a bad thing, but as we have seen it is not alway conducive to having the right people in the right positions.

    Parent
    Well (none / 0) (#33)
    by Dr Molly on Thu Nov 20, 2008 at 01:25:49 PM EST
    I'm not necessarily saying it's a nefarious loyalty payback scheme, I just noticed that they were all key players in his election. Not too many outsiders, that's for sure.

    Parent
    Not too many Democrats (none / 0) (#34)
    by CST on Thu Nov 20, 2008 at 01:42:59 PM EST
    who didn't work on the G.E. campaign.  And those that didn't, probably don't want a role in his administration (Gore).

    Parent
    Good point (none / 0) (#45)
    by Dr Molly on Fri Nov 21, 2008 at 06:02:56 AM EST


    Parent
    Daschle? (none / 0) (#9)
    by Big Tent Democrat on Thu Nov 20, 2008 at 09:00:26 AM EST


    Parent
    Catholic I think... (none / 0) (#11)
    by lilburro on Thu Nov 20, 2008 at 09:03:27 AM EST


    Parent
    Ah (5.00 / 1) (#13)
    by Big Tent Democrat on Thu Nov 20, 2008 at 09:15:38 AM EST
    Well now, the poor oppressed WASP male must be protected.

    Parent
    Take his orders. . . (none / 0) (#12)
    by LarryInNYC on Thu Nov 20, 2008 at 09:10:06 AM EST
    direct from Rome, or so I thought the John Birch Society has claimed.

    Parent
    Not to mention (none / 0) (#14)
    by CST on Thu Nov 20, 2008 at 09:39:20 AM EST
    Rahm.

    Parent
    Oops not cabinet (none / 0) (#15)
    by CST on Thu Nov 20, 2008 at 09:39:48 AM EST
    But still

    Parent
    The What Department? (none / 0) (#17)
    by blueaura on Thu Nov 20, 2008 at 10:10:00 AM EST
    If you had asked me to name all the U.S. Gov Departments I'd almost certainly have forgotten Commerce.

    Apparently they include the Census Bureau (for some reason), Patent & Trademark Office, and the National Institute of Standards and Technology (NIST).

    The organizations that come to mind when I think of "commerce", such as the SEC, the FTC and the FCC are all independent organizations, not under the jurisdiction of the DOC.

    Doesn't seem like a prestigious post, but oh well. Hey, she'd be 10th in line to be President, after the Sec of Agriculture and before the Sec of Labor. She'd be the third female Sec of Commerce.

    I don't know anything about Penny Pritzker, but I know some other Pritzkers. I'll have to see where she fits in.

    In this economy (none / 0) (#30)
    by Pepe on Thu Nov 20, 2008 at 12:40:52 PM EST
    it would be a key position. From the Department of Commerce site; the mission of the department is to:

    "promote job creation and improved living standards for all Americans by creating an infrastructure that promotes economic growth, technological competitiveness, and sustainable development."

    In other words the key word is "Commerce". Other wise know as What Makes The World Go Around.

    Among the many things the department engages in are gathering economic and demographic data for business and government decision-making, and helping to set industrial standards (which will be key in Global Warming).

    Parent

    Pritzker (none / 0) (#18)
    by DancingOpossum on Thu Nov 20, 2008 at 10:16:53 AM EST
    Pritzer ran Superior Bank into the red pushing for subprime loans, according to the Sun-Times:

    One of the banks that went under after making a lot of subprime loans -- leaving 1,400 of its customers without part of their savings -- was Chicago's Superior Bank.

    At the helm of Superior Bank at least some of the time was Obama's national finance chairwoman, Penny Pritzker, an heiress to the Pritzker fortune.

    Obama's campaign notes that Pritzker stepped down as chairwoman of the bank's board in 1994, seven years before it failed. She then went on the board of the bank's holding company.

    But a letter obtained by the Chicago Sun-Times shows that until the end, Pritzker appeared to be taking a leadership role in trying to revive the bank with an expanded push into subprime loans.

    http://blogs.suntimes.com/sweet/2008/04/obamas_billionaire_finance_cha.html

    Yup (none / 0) (#31)
    by Pepe on Thu Nov 20, 2008 at 12:45:38 PM EST
    And all of that has been talked about previously here so everyone pretty well knows it. Not surprised though that no one is bringing it up as it does not reflect well on Obama. One of the biggest boondoggles in history when it comes to an industry screwing the public and he is putting her in charge of the nations commerce. Fox in the hen house?

    Parent
    Big Chicago Money (none / 0) (#19)
    by Dr Molly on Thu Nov 20, 2008 at 11:36:12 AM EST
    Pritzker family - huge Chicago money family. Their name is all over medical schools, research labs, endowed faculty positions, etc. all over Chicago.

    Supposedly ,this is (none / 0) (#23)
    by JThomas on Thu Nov 20, 2008 at 12:22:58 PM EST
    still just a rumor at this point. Maybe a floated trial balloon but not even being reported in the Chicago Tribune so not sure this will happen.
    She is a smart businesswoman who has started several very successful businesses. She is in the top 125 richest people in America at 2.8 billion. She is a supporter of civic projects as was indicated. And she has a good eye for talent as she jumped on the obama train right from the beginning.

    As has been noted, commerce is like a bar trivia bet type position...anyone know who the current commerce secretary is? Honestly, I would lose that bet.

    Parent

    Yeah, I think the Pritzkers (none / 0) (#24)
    by Dr Molly on Thu Nov 20, 2008 at 12:26:40 PM EST
    have actually done a lot of good for science and research and education around Chicago. I've been an indirect beneficiary of their research endowments to U. of Chicago and other places around Chicago though - those funds have allowed lots of research to flourish. I don't know that much about Penny specifically though.

    Parent
    Per Chicago Sun-Times, via (none / 0) (#26)
    by oculus on Thu Nov 20, 2008 at 12:35:59 PM EST
    Huff Post, Ms. Pritzker decided she doesn't want the Commerce "thing."

    I guess if the President (none / 0) (#27)
    by lilburro on Thu Nov 20, 2008 at 12:39:57 PM EST
    asks you to serve, you can say no?

    Conspiracy:  Pritzker says no in order to demonstrate to Clinton that she can say no.  Egads!

    Parent

    Oh, good CT there. Hadn't (none / 0) (#35)
    by oculus on Thu Nov 20, 2008 at 01:50:00 PM EST
    thought of that.  The bristlers will be beside themselves.  

    Parent
    Penny Pritzker... (none / 0) (#29)
    by desertswine on Thu Nov 20, 2008 at 12:40:06 PM EST
    Official website.

    Fabulously wealthy, Hyatt Hotel fortune.

    PUtting down Commerce (none / 0) (#32)
    by koshembos on Thu Nov 20, 2008 at 01:16:44 PM EST
    There really is no good reason to put down commerce. It may not be State or Defense, but it requires work and ability and a lot of people work under DOC.

    Penny Pritzker is a new face, Washington outsider and apparently full of ideas and initiatives. This beats the the AG and HHS guys nominated by Obama. Holder is a consummate Washington insider. If you expect any major changes go to sleep for four years. Daschle as head of Democrats in the Senate for several years showed lackluster ability in everything he touched. He went to Obama because he knew that under a Clinton the best job he can get is ambassador to Estonia.

    But how many homes does she own? (none / 0) (#36)
    by oculus on Thu Nov 20, 2008 at 01:50:52 PM EST


    Parent
    Commerce can be a dynamic place (none / 0) (#37)
    by caseyOR on Thu Nov 20, 2008 at 02:38:26 PM EST
    Like many jobs, Commerce can be what the person makes it. Ron Brown was Bill Clinton's Sec. of Commerce until he died in a plane crash in Bosnia. Brown was a big player in the Democratic Party, and at Commerce he was a big player in US economic policy.

    The current Commerce Sec? Who even knows this person's name?

    What Commerce does (none / 0) (#38)
    by kightp on Thu Nov 20, 2008 at 03:42:20 PM EST
    Commerce is the umbrella for a bunch of important agencies, including the US Census Bureau, the Patents & Trademarks Office, the National Oceanic and Atmospheric Administration and the National Telecommunications and Information Administration. They also handle international and interstate trade. As the new administration tries to dig out of the current economic mess, Commerce could be almost as important as Treasury.

    WTF happened? (none / 0) (#39)
    by lilburro on Thu Nov 20, 2008 at 08:53:50 PM EST
    anybody?

    Apparently (none / 0) (#46)
    by DancingOpossum on Fri Nov 21, 2008 at 09:40:25 AM EST
    She didn't want to undergo the vetting. That doesn't mean there's anything bad or scandalous there, she probably just didn't want the hassle, which I presume is gargantuan. It isn't like she needs the job or the money, anyway.

    nomination for a Cabinet post would impose significant scrutiny and financial disclosure requirements upon a powerful businesswoman who oversees a portion of her family's giant financial empire, which includes the Hyatt hotel chain but also ranges from construction equipment to a credit data company.

    ...

    Pritzker's personal fortune is estimated at $2 billion by Forbes magazine, which this year ranked her the 227th richest American.

    http://www.chicagotribune.com/news/nationworld/chi-pritzkernov21,0,5989431.story

    Penny Pritzker Withdraws Name For Commerce | 45 comments (45 topical)

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