Courtesy of Pam Martens.
Penny Pritzker
President Obama might as well drape the White House with a giant banner declaring in bold red type: “Drop Dead 99 Percent.”
A pattern is emerging in the nominations coming out of the Oval Office. If you’ve played a role in collapsing a major bank, the President has a top slot for you. But only millionaires and billionaires need apply. Union busting scores extra points.
Jack Lew was paid millions as Chief Operating Officer for the very division of Citigroup that collapsed the bank in 2008 and Jack Lew is nominated by the President for U.S. Treasury Secretary. Before that, Lew played a key role in busting a grad students union at New York University.
Billionaire Penny Pritzker was involved in the collapse of the Superior Bank of Illinois, a Chicago savings and loan that went belly up in 2001 and now, according to the New York Times and Wall Street Journal, Pritzker is on the short list to become the next U.S. Commerce Secretary.
Of course, there are other ways to get a salary and a pension from the taxpayer and play a leadership role in pulling the country out of the greatest banking collapse since the Great Depression. Obama is nothing if not an equal opportunity employer of opportunists. If you didn’t personally collapse anything but were white collar defense lawyer to those that did, you can become the head of Wall Street’s regulator. Mary Jo White, partner at corporate law firm Debevoise and Plimpton, whose clients include JPMorgan, UBS, Morgan Stanley and Bank of America, has been nominated by the President to head the Securities and Exchange Commission.
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