Sunday, August 1, 2010

Wash-Post Article: Wyly brothers built an empire side-by-side

Comment on: Washington Post Article: Wyly brothers built an empire side-by-side at 7/31/2010 1:04 PM EDT
http://www.washingtonpost.com/wp-dyn/content/article/2010/07/30/AR2010073006293.html

I am absolutely delighted they got these brotherly tax cheats, regardless of their political affiliation! My question is when will the DOJ go after the notorious tax cheat, Penny Pritzker?

During the Campaign, Ms. Pritzker was President Obama's Finance Chairman and now she is a prominent member of his Council of Economic Advisors. Here is what the NY Times even had to say about her when her name was floated as a possible Secretary of Commerce: "it had never made sense for Ms. Pritzker to become a nominee. 'The confirmation hearing could have been quite ugly' .... In 1988, the Pritzker family and another wealthy investor took over a failing savings and loan and turned it into Superior Bank. Ms. Pritzker was its chairwoman from 1991 to 1994, after which she sat on the board of the bank’s holding company.... concentrating on packaging subprime mortgages into securities.... regulators later discovered accounting irregularities that overstated the value of its assets. The bank was forced to write down huge losses, leaving it without adequate capital... A 2002 report by the inspector general of the Federal Deposit Insurance Corporation concluded that 'the failure of Superior Bank was directly attributable to bank management and the board of directors' ...Pritzkers agreed in 2001 to pay the F.D.I.C. $460 million .... The family also increased its wealth by exploiting loopholes in the tax code, including setting up a series of offshore trusts that sheltered their assets from taxes. The I.R.S. fought several battles with the Pritzkers over the arrangements. But the agency was hindered by foreign bank secrecy laws that concealed what the Pritzkers owned. In 2002, a few cracks appeared in the wall of secrecy when two young Pritzker heirs filed a lawsuit claiming their older relatives had looted their trusts. The litigation revealed that the family was worth at least $15 billion, that it was held in some 950 trusts...."

Ms. Pritzker is another Rich Democrat that isn't worried about Obama raising her taxes because she doesn't pay any by hiding here money overseas in a numbered bank account! When you're a Dem political operative and even the NY Times calls you sleazy, you must be "World-Class" sleazy!

Let’s see if the administration is an equal opportunity pursuer of tax cheats and goes after one of their own worst offenders! Is this more "change we can believe in?" or just another shady character Our President pals around with?