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By Matt Kibbe
The short-term deal will assure long-term overspending
Independent voices from the The Washington Times Communities
Topic - Superior Bank
Commerce secretary-nominee Penny Pritzker told lawmakers Thursday that she regrets the losses suffered by customers of a failed bank she once led, but a lawyer for the depositors said the bank's owners never fully reimbursed them or the government.
President Obama's choice of Hyatt hotel heiress Penny Pritzker as secretary of commerce, to be taken up Thursday by the Senate Commerce, Science and Transportation Committee, puts Democrats on the panel between that famous rock and a hard place.
During his 2012 campaign for re-election, President Obama and his team accused Mitt Romney of "betting against America" for investing in offshore accounts. If Mr. Romney "bet against America," so did the family of Penny Pritzker, Mr. Obama's nominee for commerce secretary.
President Obama nominated longtime fundraiser and hotel heiress Penny Pritzker Thursday to run the Commerce Department, gambling that her role in a failed bank and opposition from labor groups won't derail her Senate confirmation.
Chicago businesswoman Penny Pritzker, who ran President Obama's campaign fundraising operation in 2008 and was criticized for her role in a bank failure, is under consideration to serve as Commerce secretary.
A billionaire Chicago family that donated and raised hundreds of thousands of dollars for President Obama got a $3.5 million discount last year for paying off early a $460 million settlement deal it agreed to in the 2001 failure of a Chicago-area bank it owned.
A billionaire Chicago family that has donated and raised hundreds of thousands of dollars for President Obama got a deal from the federal government to avoid paying all of a $460 million settlement it agreed to in the 2001 failure of a Chicago-area bank it owned, while 1,400 former depositors are still owed more than $10 million in lost savings.