Billionaire Penny Pritzker (pictured), President Obama's nominee for Commerce secretary, was embroiled in a massive bank failure more than a decade ago. It was the collapse of Superior Bank FSB that cost depositors and federal insurers millions of dollars.
The 2001 collapse of Superior Bank FSB now appears likely to re-emerge, more than a decade later, as Commerce nominee Penny Pritzker prepares for a confirmation hearing and Republicans already draw attention to the bank implosion.
Pritzker's family, which founded Hyatt and is one of the wealthiest in the country, co-owned Superior Bank at the time of its collapse. The lawyer who represented depositors in the case told FoxNews.com on Thursday that the Pritzker family enjoyed a "special deal" while the "little guys" ended up "footing the bill."
The Pritzker family, as part of a settlement to shield itself from liability, agreed to pay $460 million to the federal government. But the family was subsequently able to claim part of a separate $125 million settlement from the bank's accounting firm Ernst & Young.
The Pritzker family was first in line for the money ahead of the depositors.
The Pritzker family is one of the wealthiest families in the United States. The family owns the Hyatt Hotel chain, TransUnion credit bureau and the Royal Caribbean cruise line.
If the voting at the end of Pritzker’s confirmation hearings goes according to party lines she will be Obama’s next Commerce Secretary no matter how incompetent or corrupt she is.
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A new U.S. $100 bill will begin circulation in October.
The new bill changes color Euro-style along with other security features to prevent it from being forged by counterfeiters.
TV critics have been less than impressed with the reporting skills of Chelsea Clinton (pictured) during her stint at NBC.
This is not likely to change after a Friday interview on Rock Center when the former presidential daughter actually interviewed a celebrity. The Geico gecko.
As you listen to her amateurish interview style, you’d be convinced that if she weren’t the former presidential daughter, there’s no way she’d have such a plum position
Commercial airline flights started backing up and delayed some travelers Monday, a day after air traffic controllers started going on furlough because of government spending cuts.
Work furloughs involving air traffic controllers caused headaches around the nation for passengers Sunday.
Flights were delayed in many large hubs — up to three hours for some passengers.
The Obama administration has told the FAA to slash $600 million from their budget, causing air traffic controller furloughs. This is part of the federal government’s sequester.
Regal Entertainment Group, the largest movie theater chain in the country, announced that thousands of employees will have their work hours cut as a direct result of the added cost of the new ObamaCare mandates that become effective later this year.
Regal sent a letter to managers which said the cuts were directly caused by ObamaCare.
Part of the letter read: 'Some managers have requested guidance on what they should tell those employees negatively impacted and, at your discretion, we suggest the following:
'To comply with the Affordable Care Act, Regal had to increase our health care budget to cover those newly deemed eligible based on the law's definition of a full-time employee.
Regal Entertainment Group, which is based in Nashville, has more than 500 theaters in 38 states.
Several other companies have also cut employees' hours as a result of ObamaCare including Applebee's and Olive Garden.
I am Perry Peterson, a retired auditor and tax accountant. My wife Valeta and I live along the front range of the beautiful Colorado Rocky Mountains.
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