Grubstakers - Episode 169: Penny Pritzker

Episode Date: June 8, 2020

This week we continue our look at the Pritzker family empire and today we have chosen Penny Pritzker and her many crimes against humanity to focus on. We discover how Hyatt Hotels has abused their sta...ff, the Jeffrey Epstein connection the family and their connection to BCCI. We covered another J.B Pritzker on our Patreon last week, and found more dirt about that family, which we share here. If at anytime you felt corruption was not connected this episode should open your eyes to how heirs are against airing their dirty laundry to keep their money theirs. All that and more right here on Grub$takers.

Transcript
Discussion (0)
Starting point is 00:00:00 It's the kind of thing that makes the average citizen puke. I looked at this system and say, yeah, you know, what's going on? I don't know anything about this man except I've read bad stuff about him. And I don't like, you know, I don't like what I read about him. We are more than just one coin. We create the world around this coin. Cop. Invention. Cop. All right.
Starting point is 00:00:34 All right. In 5, 4, 3, 2, the evil has gone hello and welcome back to grub stakers the podcast about billionaires my name is sean p mccarthy and i'm joined today by my crack team of hard-nosed investigative journalists yogi polly wall andy palmer steve jeffries and so we're continuing today to talk about the pritzker family uh this family of billionaires. We just did an episode on our Patreon about J.B. Pritzker. He's a billionaire, the current governor of Illinois. And today we're going to focus on his sister. Her name is Penny Pritzker.
Starting point is 00:01:14 She's another billionaire, and she's Obama's former commerce secretary. So this is a very connected, very powerful political family. Apparently there are 11 different billionaire Pritzkers, and Forbes estimates the entire family's net worth as $29 billion as of 2016. It's gone down a little bit since then. But, you know, a lot of power, a lot of influence between all these different characters.
Starting point is 00:01:38 Too much money, if you ask me. I will say Penny looks like she's in a lot better shape than her brother J.D., who, if you missed the Patreon episode, looks a little something like a grape about halfway on its way to becoming a raisin. Yeah, J.B. looks like he hired the opposite of a personal trainer in order to make himself look more relatable to Chicago voters. Like, if you're too healthy, I can't get a billionaire elected. But if you look like a fucking laid-off dock worker, then that can make you relatable
Starting point is 00:02:15 in the Chicago districts we need. Definitely. He looks like if they did that 90s SNL sketch, you know, the Da Bears, Da Bulls sketch. He looks like if they did that one after Chris Farley had died. Right, like it's instead of breaking character laughing, they're like breaking character
Starting point is 00:02:35 trying to like hold their nose from the smell. The man looks like he has to see, you see a picture of J.B. Pritzker, you can smell the man immediately he is a human version of the smell of vision we've been waiting for ladies and gentlemen uh but penny pritzker his sister according to forbes worth about 2.7 billion dollars as of june 2020 um we mentioned she was obama's commerce secretary from 2013 to 2017 and there's actually a lot of different reports that make the allegation
Starting point is 00:03:06 that she gave Obama his career start. Apparently they were friends in the 1990s when Obama was a state senator in Illinois. She introduced him to some rich people in Chicago, fundraised a lot of money for him. Apparently she was his 2008 campaign National Chairwoman of finance. Uh, she introduced him to the weather underground.
Starting point is 00:03:30 She said, uh, my friend, Bill Ayers, if you could just go take a photo with him, I think that would be a great idea for you, Barack. Uh, but she raised, uh, about $750 million for Barack Obama, three quarters of a billion dollars christ i know so uh and she did that through like big money fundraisers like some small donors as well but that was her role was getting these big money fundraisers to go for obama so you know when you talk about someone like that like why did they end up commerce secretary well obama's given a little thank you for uh making my political career yeah of, of course. You give anyone $750 million, they give you something back. And, you know, so we talked about this on the Patreon with
Starting point is 00:04:10 regards to J.B. Pritzker, but we'll briefly recap the Pritzker family history. This is four generations of wealth. Penny Pritzker is the fourth generation inheritor of this money. The Pritzkers are, they've had their fingers in a lot of different pies, but most notable is they are the founders of the Hyatt Hotels chains. And, you know, it should be just noted that like, for example, one Daily Kos blogger has accused Hyatt Hotels of compiling what may be the worst record of labor abuses in the entire hotel industry. Wow. So, you know, pat yourself on the back for that gold medal
Starting point is 00:04:47 because you did it against stiff competition. People that are worse than the Hiltons, the fucking Pritzker family. Right. Their sex tape was unwatchable. The Hilton sex tape was in night vision. The Pritzker sex tape was in night vision. The Pritzker sex tape was in thermal vision. Uh,
Starting point is 00:05:11 but so Penny Pritzker is, um, born 1959. She's the oldest of her three siblings. Uh, you know, JB is her younger brother. And then her other brother,
Starting point is 00:05:21 um, I believe Tony is, uh, uh, a Chicago area, uh, venture capitalist and private equity guy. So she's the older sister of those two other billionaires. Right.
Starting point is 00:05:32 And I did just want to mention, with regards to her being Obama's Commerce Secretary, she was confirmed by the United States Senate, again, 2013, Obama's second term, by a vote of 97 to 1 and would you three care to guess who the one vote in the senate against penny pritzker was i'm not sure who do you guys think it is ted steven steven what do you think sanders yes it was bernie sanders uh was the lone vote in the senate against penny pritzker he released this statement i will quote briefly from miss pritzker served on the board of one of the most anti-worker hotel chains in the country workers at hyatt have been unjustly fired for trying to form a union to collectively bargain for better wages and benefits unfortunately
Starting point is 00:06:21 miss pritzker chose not to defend those employees and you know i just wanted to mention that because if you go on youtube you can actually see ted cruz you know rabid tea party champion exposing obama corruption you can see ted cruz on youtube interview uh penny pritzker for her senate confirmation and this guy slobbers all over her like he he asked her a question at one point penny uh and i'm going to paraphrase it and his response he asks her um do you support free trade and then she gives this long-winded soliloquy about i support trade that benefits workers and corporations and creates win-win environments for all stakeholders you know that kind of like bullshit non-answer.
Starting point is 00:07:08 And Ted Cruz goes, well, I'm going to take you at your word that you support free trade, and I'm going to hope that you influence the Obama administration to better support free trade. Wow. And it's just like, you know, just seeing that kind of blatant corruption on display where how do these people who are criminal billionaires, as we're going to discuss, linked to Chicago organized
Starting point is 00:07:26 crime, how do they get a 97 to 1 vote in the Senate? Because our entire political process, even the supposedly oppositional parts of it, are completely corrupted and captured by billionaires. I will amend my answer. So it was 97 to 1. so i guess we can assume that ted stevens abstained his vote on account of being dead for three years one thing i want to quickly mention when it comes to the family members fortune penny pritzker is number 737 on the force 400 list from 2015 uh the other members that in their family that are on that rank, the highest ranking, Anthony Pritzker at $3 billion at rank 557, and Nicholas J. Pritzker, the poorest Pritzker, at $1,250 at $1.48 billion, the total being a little over $30 billion, which is wild. But the
Starting point is 00:08:21 thing that I find even crazier is the newest generation of pritz kids and what they're up to i want to run through real quick you have liesel pritzkel sim simmons the woman that would sue her own family to get a portion of her trust that was stolen by her father you got matthew pritzker who uh joined his sister liesel in the lawsuit against their father and got $500 million out of it. Rachel Pritzker who launched Patriots and Pragmatists, an informal cross-partisan coalition. Roland Pritzker. Patriots and
Starting point is 00:08:54 Pragmatists. Go fuck yourself. Roland Pritzker who plays bass in a blues band. Blind dogs. Smoking. He races cars professionally and co-founded Germany's Rotec racing team. He lives in LA. Adam Pritzker.
Starting point is 00:09:09 You know what it means when a billionaire child races cars professionally? It means that kid crashes expensive cars. That's like among the most expensive pursuits someone should try. Oh, yeah. It's like having a Formula One team. Yeah. Adam Pritzker he uh is a he works for assembled brands a new york-based holding company and general assembly a tech education platform oh andy you might know uh joseph benjamin joe b pritzker he uh managing
Starting point is 00:09:38 director at tau capital partners in san francisco private equity firm reagan pritzker a teacher who has three kids uh president of san francisco-based libra foundation is. Reagan Pritzker, a teacher who has three kids, president of San Francisco-based Libra Foundation. Isaac Pritzker, a photographer who lives in New York. He and his brother Jacob, 36, at one point owned Neon Monster, a comic book and toy store in San Francisco. The store is no longer in business. Jason Pritzker, there's only a few more of these. He worked at a software company called Converse. You got tall Andrew and William Pritzker uh there's only a few more of these uh a soft he worked at a software company called converse uh you got uh tall andrew and william pritzker they work at a non-profit dana schwartz
Starting point is 00:10:12 who is a documentary filmmaker who created a resilience with her mom and uh which was about early life trauma on the health of adults its director director was Robert Redford's son, James Redford, you know, because nepotism runs in all big business. Rose Pritzker-Taubert, she lives in Chicago and teaches world literature. And you have last, Rosemary Pritzker, a New York-based photographer, life coach, life coach, musician, social change organizer,
Starting point is 00:10:42 and host of A Show of Hearts, a podcast that features stories of people who have overcome challenges unlike herself. Yeah, and that is the Pritzker newest generation that's going to come and take your fucking hotel money. How would you like to be one of the ground crew for the F1 team? And then, like, this guy who's just, like, a blues musician as his main job comes and
Starting point is 00:11:05 gets to order you around as the owner yeah the thing about lug nuts man is they just don't groove the way I like them to okay wait here's my impression of a patriots and pragmatists board meeting okay so what if we took the font that they wrote the declaration of independence in and we use that to write up our plan where 25 million people don't have health insurance? You know, I'm pretty sure the sad reality of Sean's joke number for people not having health insurance is still lower than the actual number. That's the joke. Yeah.
Starting point is 00:11:41 Well, my idea was like, okay, okay so they're gonna give health insurance to like five million and leave 25 million in the in the in the in the cut because it's you know it's pragmatists so when these yeah these billionaires who have like access to the best medical system in the world when they debate the fate of the plebs you don't want to give all of them health care because that wouldn't be pragmatic no and that is the newest generation of the Pritzkers. They are all kind of just coasting on money. And honestly, they just all suck. None of them are really good at much.
Starting point is 00:12:18 For people that have hundreds of millions of dollars at their disposal, you'd think one of them would do something that would be like, oh, that's kind of awesome but no they don't yeah and like yogi was uh mentioning there um so penny pritzker and her brother the governor and all the others they are um uh well the current generation running the family is the fourth generation so the family fortune goes all the way back to penny pritzker's great-grandfather left Ukraine in the 1880s, and then made his fortune in Chicago. And we'll briefly run through kind of how the family made its money. But I wanted to say, for the biography of Penny Pritzker, my main source for this episode was a Fortune magazine article called The Fascinating
Starting point is 00:13:06 Life of Penny Pritzker, and then in parentheses, So Far, by Nina Easton. This was written in 2014. And this Fortune magazine profile is paywalled. And I like to imagine that they paywalled it because they were just so ashamed of themselves like nobody can see what we wrote in this profile because it's one of the most slobbering piles of garbage i've ever read for this podcast yes by the way do our listeners know about the reader view trick no we should tell them go ahead andy so uh you see something that's paywalled if you uh get about halfway through the page loading hit uh reader view. It's up in the, it's usually up in the URL bar at the far right.
Starting point is 00:13:49 And it'll load that whole article up before it has the opportunity to put the little banner over it. Yep. How long until programmers fix that? I don't know. Shit, we should have done this as a patreon episode uh but actually so before we get into this i'll just i'll give you the first part of this fortune magazine profile because that explains this entire thing to you so the piece starts with penny
Starting point is 00:14:20 pritzker as commerce secretary uh with the Fortune magazine journalist tagging along, visiting Facebook's headquarters. She visits Facebook's headquarters as Commerce Secretary, and then she complains that the Commerce Department offices, because they were built in the 1930s, don't have the open office layout that Facebook has. And the quote from the article is, she says commerce department's offices are quote very closed if information is the coin of the realm i don't want to have to go seeking it and and the thing is like why it's so important that andy just reviewed that
Starting point is 00:15:00 reader view trick with you is can you imagine how angry you would be if you paid five dollars to read that sentence yeah just livid that i paid to break the paywall so that i could see information is the coin of the realm by the commerce secretary complaining that she doesn't have a fucking open office layout at her bureaucracy what a fucking mook. Sounds like her speech writer had just gotten through some of the Game of Thrones books. Inspired by R.R. Martin. And you know, it goes on, she probably has more in common
Starting point is 00:15:34 with Zuckerberg than she does with other members of President Obama's cabinet. Like many of Silicon Valley's elites, she is wealthy, she is an extreme sports enthusiast, and a serial entrepreneur with a dozen startups to her name. Quote, I love building businesses, she exclaims. It's so cool, unquote.
Starting point is 00:15:56 It's cool watching other people build your businesses for you. And, you know, and then like one other thing it even the article mentions her predecessors as um secretary of commerce have been a long list of lawyer lobbyists and political appointees though to be sure pritzker's appointment last year was an acknowledgement of a job well done it's like so they even give the game away that this post is just like the favor that presidential administration give out gives out to a fundraiser but you know no she's for a job well done this is totally different this time yeah that writer had a that that writer's career must have been on the line in order to write such an obvious fluff piece like it's either
Starting point is 00:16:47 that or someone had a gun to her head while she was typing well because i can't see someone who would look at that at like a major magazine just like looking at the facts that she raised 750 million for obama and then was given the job of commerce secretary and was like yeah must be because she's so fucking good at business like i mean i read that fortune piece as well and that article does go in length in her workout routine more than her business praxis like it literally goes into her iron man triathlon training more than it goes into how her, her astute business skill. In terms of hours spent per day, like considering how she pretty much just inherited all of her money. I'm sure in terms of her day-to-day life, her workout routine probably takes up more time than any time she spends in
Starting point is 00:17:37 business. Like she probably spends about three hours a week being like, just having a bunch of assistants come in, give her ideas. And she's like, yes, no, yes. Maybe let's talk about that again next week and then that's that's it and because she's so rich she just keeps on making money yeah my editor and i we sat down and we made the hard decision that uh we had to cut all mention of her being the most notorious union buster in the entire hotel
Starting point is 00:18:06 industry because it was just vital that we got two paragraphs of on her triathlon training in the people have a right to know what i couldn't even understand though is like why is this article paywalled like if you're a billionaire getting a fluff piece wouldn't you be wouldn't you be like here i'll pay you money to let people see this? I think it may be to be like you can brag about the piece to your friends and they can lie to you saying they read it even though they weren't going to pay for it.
Starting point is 00:18:36 And you can feel like, does that make any sense at all? Instead of them reading it and being like, yeah, that piece of shit article was a piece of shit. They're like, oh, it's paywalled. I'm not going to read this, but I'm going to let her know that. Yeah, it was really good. A very good insight on you, Ms. Pritzker.
Starting point is 00:18:50 Well, it could be like, hey, you're pretty important. So we're going to put this, we're going to make people pay for this one because they're going to want to know about you. Yeah, I bet that might have been part of the conditions of it being released. Like, okay, you're going to write a piece of shit article that glorifies this genuine monster of a human being but most people won't read it because it's paywalled yeah they're covering their own asses while trying to suck up to her all right and so before we kind of go through the uh the certainly fascinating the fascinating life of penny pritzker, parentheses, so far. Before we go through all that, we should briefly mention just how she got these billions of
Starting point is 00:19:31 dollars that she inherited. And it's actually, you know, that's actually a fascinating story. The Fortune magazine piece does mention that her great-grandfather, Nicholas J. Pritzker, he fled the Ukraine in the 1880s, apparently after his family was warned by the Cossacks that being both Jewish and politically active was not a recipe for a long life. So he fled, you know, in relation to the pogroms in Eastern Europe at that time. He apparently taught himself English by reading the newspapers that he sold that he sold on chicago streets and he went on to found his own law firm which his sons would go on to work at i believe he went to harvard law and his sons uh we mentioned on the jb pritzker episode while they were working at
Starting point is 00:20:17 his law firm in the 1930s in chicago they bought up a bunch of distressed properties in the great depression so the first family fortune is just oh we are lawyers at an elite law firm, at a good law firm. We have money during the Great Depression. Everybody is forced to sell because they can't afford their mortgage. So we get to buy up properties for pennies on the dollar, and that's how you make a fortune in America, have money when everybody else is crushed by economic crisis. Yeah, from me, a Vanity Fair piece on what happened later to the family. They glorify Nicholas Pritzker's life story in the folklore, giving him the newsboy.
Starting point is 00:20:54 So we got a paper route story here. And he's a tailor's assistant and shining shoes. And the thing Sean mentioned about learning English from newspapers, the way they describe it is he taught himself English by translating the Chicago Tribune into Russian using first an English-German dictionary and then a German-Russian one. Which, one of those things where I don't know if it's fucking true or not, but, I mean, great. He used two books to solve one problem. And so, you know, Nicholas has three sons. The primary leader of them is Abram. They're the ones who buy up these distressed Chicago properties.
Starting point is 00:21:30 And then Abram's sons, Jay and his younger son, Don, they go on to found Hyatt Hotels. And Don, the younger son, is Penny Pritzker and J.B. Pritzker's father. So that kind of gives you how the money passed down, the quick notes of it. By the way, just a quick tangent. Penny Pritzker's successor as Commerce Secretary is a fellow by the name of Wilbur Ross, who is not a billionaire, but did lie to Forbes, claiming he was, saying he had $ 3.7 billion when uh which forbes had to later revise down to about 600 million or maybe even as low as uh 275 million wow that's how you know our
Starting point is 00:22:18 podcast wasn't off the ground yet is he wasn't afraid of the label billionaire and the scathing episode we would have dropped about him. That's right. I did like continue the tangent. I listened to like 10 minutes of the most recent Elon Musk on Joe Rogan. And he actually, he talked there about how he's like giving away his property, supposedly. And he says partly it's because the word billionaire has now become a pejorative. So I would just like to say to the three of you gentlemen,
Starting point is 00:22:45 mission accomplished. If there was any time for fucking loud horns, this would be that moment. But so with regards to the family history, I actually wanted to highlight a very fascinating article Yogi found that we didn't mention. We missed when we just did on the Patreon, the JB Pritzker episode about where this family fortune comes from. And it's a lot of, you know,
Starting point is 00:23:11 no hard proof, but a lot of smoke with regards to the Pritzkers being Chicago elites with connections to the Chicago outfit, Al Capone's mafia group. And it makes a lot of sense when you look at it. So we can briefly go through this evidence here, because it really seems like these people were mobbed up when they were buying distressed properties in the 1930s. Oh, yeah. I think that before we get into this, one of the best things that's mentioned in this Daily KOS article is actually one of the comments that's highlighted at the bottom of this piece. And it's just this guy named Twiggins from 2013. I think it's a very apt way of looking at what this person reports on.
Starting point is 00:23:52 He just says, I have no way of knowing what the ultimate truth is about this individual or any of the others whose rise to fortune was paved at the expense of many others. What I do know is that there is an institutional corruption that frames laws and dispenses justice in a partial manner, and that is a sickness in our society. The general thrust of this piece may or may not be an accurate reflection of an individual,
Starting point is 00:24:15 but it does accurately reflect the society we have built. I think that's 100% apt when it comes to what we're about to talk about. Yeah, I mean, the basic thrust of the piece, and they give a bunch of different examples of this, is that there are so many American fortunes that later achieve respectability and political success, most famously the Kennedys, who start out in organized crime, criminality, some sort of criminal fraud scheme or scam to make the initial some of them uh end with organized crime back the head you know live by the gun die by the gun baby
Starting point is 00:24:54 uh but you know so this is like uh essentially penny pritzker is the person who benefits from her grandfather getting in bed with Al Capone in the outfit. Right. And so, like Yogi was saying, this is a Daily Kos blogger, NB Books at Daily Kos. The headline, if you want to look it up, is Penny Pritzker is an example of the criminality of our elites. And just quoting from the piece, the origins of the Pritzker family fortune was her grandfather's mob connections when he was a tax attorney for a lot of the people in The Outfit, the Chicago mob, beginning under Al Capone and continuing through the 1980s. super mob um and basically an interesting thing about this is we're going to talk about penny pritzker was involved in a subprime bank that collapsed called superior uh bank before that the pritzkers in the 1950s controlled frontier finance a loan company in chicago that one source told russo quote is believed to be the secret to the origins
Starting point is 00:26:06 of the family's involvement with criminals. The president of Frontier Finance was Frank Bussieri, and Bussieri's brother was the greatly feared collector for the outfit, Fifi Bussieri, who Life Magazine in 1969 termed the leader of Sam Giacana's assassination squads. His Wikipedia entry links him to at least 10 gangland killings during the bootleg wars, loan sharking, hanging his victims up off of meat hooks in a Chicago warehouse. And this guy's brother is the president of Frontier Finance run by the Pritzkers. You know, it's so apt for the name, you know, Frontier Finance, you know, hanging people off of meat hooks. That's just how they did finance in the old west. Back on the wagon trains, you know, someone didn't pay a loan it was a meat hooking and you know the other part of this
Starting point is 00:27:07 is the allegation in russo's book that hyatt hotels the initial startup capital came from the chicago mafia right incidentally when it comes to this article how the mob gave kickbacks to the unions and how the Los Angeles attorney negotiated with Korshak years later that to keep labor peace, you'd find a corrupt business agent and pay him off. Of course, in doing so, the racketeers stabbed both the workers and their employers in the back. Ironically, this was this very abuse suffered by Korshak's grandparents in Kiev. So, like, the same corruption continues, even though they escaped Kyiv to come here to escape that. Yeah, yeah. Like, so they're going in with the mafia, and the mafia will, like, pay off or threaten a union leader and be like, hey, take this shitty contract. And the union leader will sell the member the rank and files on this shitty contract.
Starting point is 00:28:00 And the article mentions this is kind of how unions worked in eastern europe in ukraine where the great-grandfather was from right and also you know incidentally this hyatt hotel busting or union busting at the hyatt hotel these these kind of similar if not quite as blatant tactics continue there and we should mention the other organized crime connection is the teamsters pension fund uh most recently seen in the hit uh martin scorsese movie the irishman as soon as you said teamsters uh pension fund i was like oh we're going to talk about giant stadium so um the uh nb books at daily coast quotes a uh piece that piece that Rick Pearlstein wrote in The Nation, he raised an even more troubling incident in the Pritzker family history, more troubling than
Starting point is 00:28:52 Hyatt Hotels and Superior Bank. He talks about something called Castle Bank in the Bahamas. According to Russo, who wrote the book we mentioned earlier, according to Russo, Castle Bank was the granddaddy of offshore money laundering and tax evasion. Castle Bank was set up in 1964 by former senior OSS officer Paul Hellwell, who had become an important cutout for hiding CIA funds. It was also set up by Morris Kleinman of the Cleveland Organ of the cleveland organized crime family burton canter a tax attorney for the pritzkers and a board member of the hyatt and stanford clinton a partner in grandpa pritzker's law firm and a trustee of the teamsters pension fund which was
Starting point is 00:29:38 an important center of mob finances throughout the 50s and 60s. And Russo also notes that in 1972, Hyatt's acquisition of the Four Queens Casino was financed by a loan from the Teamsters Pension Fund, a loan at just 4% interest, saving Hyatt $8 million. Wow. So the Teamsters Pension Fund gave heavily subsidized loans to mob-connected properties throughout the 50s and 60s and 70s. Now, Sean, I mean, all of this craziness with the mob, the Teamsters, corruption in the United States in the late 70s,
Starting point is 00:30:12 this has nothing to do with BCCI or anything, though, right? Well, it's funny you should ask that, Yogi, because if you want to go completely insane on this Castle Bank thing, Castle Bank, the single largest depositors in Castle Bank, which, as we just mentioned, was working as a cutout for CIA so hot for Castle Bank that it lost its banking license in the Bahamas, which is impossible. So congratulations for your place in the Guinness Book of World Records. They moved to Panama. The Washington Post reported that not much more came of the IRS's investigation because the CIA warned that further pursuit of Castle would, quote, harm national security. What? So the CIA is protecting this fucking extremely sorts of terrorist and organized crime groups. Russo, in his book, reports that when the Pritzkers began to develop their Hyatt hotels in Saudi Arabia, they partnered with BCCI. No, that bank was good, though.
Starting point is 00:31:43 They were for the people you know when it comes to a bank that was truly socialist bcci really got it done think about all the money lombardi made after the bcci scandal i mean isn't that a way to power the people to give artists untone amount of money and then maybe kill you if you say too much it's all true but you know we we we don't know the full details of the pritzker connections to the mafia and organized crime but there's a lot of smoke there and the allegation in russo's book is that the startup capital for the hyatt hotels in the 1950s came from uh the chicago mafia and they grew it into a quite the property and we're not going to go too uh too much deeper into this out of concerns for
Starting point is 00:32:25 national security uh but so you know to back up fast forward penny pritzker penny pritzker uh her father don um founds the hyatt hotels with his uh older brother jay um in uh in 1959, Penny is born. Jay, apparently, according to the Fortune profile, Jay spent $2 million on an inn next to the Los Angeles airport. This was the first Hyatt Hotel. And then he gets his younger brother, Penny's father, Don, to move out to California. And they build the Hyatt Hotels. They have the innovation to build them near airports because in 1959, the first jet engine, the Boeing 707, was introduced. And this kind of ushers in the age of jet travel.
Starting point is 00:33:13 Sure, sure. So hotels by airports become much more valuable. Yeah, and apparently mobsters now had to connect when it comes to where to stay when they traveled. Yes. Yeah, please know no listeners investigate a series of unsolved hits in hyatt hotels throughout the 1960s yeah the hyatt hotel set up a special room service uh deal where they'll send a rat to your hotel to put in the guy's mouth after you clip them uh but so you know the fortune magazine gives kind of a nuts and bolts very complimentary
Starting point is 00:33:49 um overview of penny's childhood her dad is is running these hyatt hotels apparently she went and inspected the ladies rooms while she was a child her dad inspected the men's rooms her mother picked out the uniforms um there is like one revealing quote from this uh because for the article they interview penny pritzker um apparently penny pritzker says my mother had these beautifully long sinuous legs penny remembers she'd say to me you got your father's ham hocks so she does remember her mother calling her fat and saying she had fat legs so maybe that's why she started doing triathlons and iron mans and shit her mom has such a tragic death like the story is that she was her car broke down and a driver came to pick her up
Starting point is 00:34:39 and as the driver was nearing the garage he was like all right we're almost here in the garage and she's like oh we're almost here and she garage. And she was like, oh, we're almost here. And she jumps out of the car and her head hits the cement and the driver's back wheels run over her. And this is Penny's mother. And Penny says, I don't know if it was planned. I don't know what it is. But, you know, a family that's this close to the mob that's got a person that just happened to kill himself very suspicious i mean i'm not going to claim any uh malicious and that's when it comes to her passing but at the same time
Starting point is 00:35:12 you know there's a handful of suicides that have happened in the pritzker uh family in the last episode i mentioned uh one of the daughters of a member of the family committed suicide by a carbon monoxide in a garage and so there are some dark secrets in this family, and whether or not it was a mental health issue or something they couldn't live with, the Pritzker's blood is also their own that is on their hands. Wasn't she also probably loaded when that happened? Oh, yeah.
Starting point is 00:35:43 Yeah, she was oh oh sorry she hit the bottle pretty hard you've been loaded as in drunk yeah uh i thought you've been loaded as in rich i was like yeah oh she was real wealthy um yeah the uh tow truck driver uh in the in the she was herbie fully loaded he says that he believed she was intoxicated at the time um but yeah i i don't know i am just a chilling tale of a person's death and you know what was you so fucked up about is i read that and i was like oh this is fucked up but then i thought about like that tow truck driver and how like for the rest of his life he was like i just watched a person jump out of my car and kill themselves and my own back wheel ran them i don't know i just like i thought oh no yeah it's worse than that it he didn't just watch it he felt
Starting point is 00:36:31 it yeah he felt it yeah yeah yogi you just described why i stopped driving the postal truck when i worked for usps really i worked yeah i worked for the postal service for like two months and i quit because you know they just deliver Amazon packages all the time, so everybody has to drive the truck because Bezos has to make his money. So I was in Sunset Park was where I was working, and my coworker was teaching me the ropes of driving the truck. This kid, like three or four years old, runs out in the middle of the road. He slams on his brakes, barely doesn't like run the kid over with the fucking huge postal truck
Starting point is 00:37:10 and i just looked at that i'm like i am not that good of a driver like i will kill a kid if i am allowed to continue at this job and i quit and i sucked at delivering mail so that didn't help either wow the first time someone at usPS quit because he was about to murder someone. That's why I moved to New York, because I'm so spacey that I'll just snap to while I'm driving back home
Starting point is 00:37:36 and be like, oh, wow, that could have been a few dead people. Yeah. Yogi's right. USPS would be like, no, Sean, you can murder murder you'd fit right in here we have a union they'll protect you but these tweets you gotta start putting them in letter form if you really want to get serious but the post office uh but so as yogi was mentioning with regards to uh the tragic death of penny pritzker's mother. Her father also died at a young age.
Starting point is 00:38:05 When Penny Pritzker was 13 years old, her father was 39. He had a heart attack at 39 years old. And this is the same origin story for J.B. Pritzker, the governor of Illinois. So her and her two brothers and their legion of servants had to raise themselves, basically. Right. Because when her father died her mother turned to alcoholism she hit the bottle pretty hard uh as was mentioned you know the truck driver uh who ran her over said she appeared intoxicated uh so you know it was kind of a i'm sure it was
Starting point is 00:38:37 a fucked up childhood uh but poor people in that situation do not kind of get the same breaks where they have an entire extended family of billionaires to take care of them. They end up in the foster system. Yeah, if you're a kid and you're poor and your mom's head gets crushed by a tow truck, you're on the hook for the cost of fixing that tow truck in America. Yeah, and the funeral costs as well. Medical bills. Yeah. right in america yeah and the funeral costs as well medical bills yeah but so you know and also one other thing mentioned in the profile is that her mother sue you know while she was more coherent was involved in local democratic uh local democrat politics in california she was
Starting point is 00:39:20 apparently licking envelopes with nancy pelosi Pelosi before Pelosi was a prominent figure and later Speaker of the House. It's a horrifying image. This was a connected family. My tongue's so dry from licking all these letters. How are you, Penny? So Penny goes to... Another Long Island Nancy? No, no. Tongue's too dry for that today
Starting point is 00:39:48 Penny Nancy Pelosi says the code work so Sue do you want to get some ice cream and they enter the numerical code and the door opens to the dungeon downstairs. But so Penny goes to Castilla, which was- The children are like screaming in the dungeon. Like, let me go.
Starting point is 00:40:16 And Nancy's like, we're capitalists. That's just how this is. Hey, if you were upstairs licking letters, maybe we'd allow you to come upstairs. Nancy Pelosi, Shade Queen, rips up their birth certificates. Nobody will ever even know you existed. Do you like ice cream? I have invested in several ice cream companies.
Starting point is 00:40:37 Penny Pritzker goes to Castilla, which is next to Stanford. It's an all-girls elite college prep school. Apparently her dad was concerned she might turn out socially awkward if she didn't learn alongside boys. But she got her wish. She goes to this all-girls prep school. She excelled academically. She traveled throughout the West as a competitive horsewoman,
Starting point is 00:41:02 winning the state championship in California six times. And then she got admission to Harvard, Harvard University. And then, you know, as we mentioned, tragically, her mother and father die. But she, after her mother's death, she graduates from Harvard with a BA, and then she gets a business and a law degree from Stanford University in 1985. And the article talks about, you know, she wanted to prove that she could earn her place in the family business and all that. And it talks about, you know, I guess misogyny from her grandfather, you know, like stuff about how a woman wasn't thought they could take over the family but um jay pritzker her uncle jay believes in her um by the late 80s after she gets her degree in 85 by the late 80s
Starting point is 00:41:54 she was a key member on hyatt's development team um she wanted to take over the hyatt's non-hotel retail real estate portfolio and her first project was classic residence by hyatt since named vi which is upscale retirement upscale residence for seniors um you know kind of like nursing homes but elite nursing homes um at age 27 she takes over this division and she runs the homes where they have a cure for covid right it's like uh it's the nursing homes where they take the covid patients and then they uh ink up their deal with andrew cuomo to put them in his nursing homes could you uh dump these people in the in your state uh subsidized nursing homes. But yeah, so at age 27, she takes over this nursing residence properties in Hyatt's and runs it into the ground.
Starting point is 00:42:54 After 18 months and half a dozen projects and some $40 million in family money invested, Penny Pritzker walked into her uncle's office, declared the project a failure and offered to let him fire her. Units sat empty as pritzker walked into her uncle's office declared the project a failure and offered to let him fire her units sat empty as pritzker as they learned hard lessons about this new hybrid model of housing and basically the uncle instead said no we just got to revamp the management team and improve marketing and i guess they did a turnaround but uh she's got a bunch of different business failures that
Starting point is 00:43:25 are kind of glossed over in uh in this article um pritzker went on for penny pritzker went on to do a turnaround at trans union which is a credit uh ratings agency or credit business you know she like she makes it sound like such like an early on hardship sorry sorry but it's like it she blew 40 million like that's yeah considering what her net worth probably was that's sort of like if you have 10 000 and like your big business failure is blowing 500 yeah seriously though but i mean imagine the capacity to fail with that level of capital i can fail 40 million dollars worth of man i'd love to be able to start a business and then blow it on 40 million dollars just worth of cool shit and be like sorry that business went belly up but i am still a billionaire sorry i blew the family business
Starting point is 00:44:18 i bought a playstation and uh you can fire me if you want. It would only take like a couple of consoles, a couple of 4K TVs to blow the Grubstaker's Patreon budget. Yeah, no, but like that's a real profile encourage. Walking into your uncle's office and saying, you can fire me if you want to. This is the kind of leadership skills you need to become commerce secretary um but after that she does a turnaround at trans union which is a uh like credit rating agency like experian you know they give you your credit score basically
Starting point is 00:44:58 uh it was bought out it was uh held by the marman group which um was the uh the holding group of the pritzker family's uh various properties hyatt hotels is the most famous but they were involved in you know everything right uh and it should just be noted about this credit reporting agency transunion uh numerous lawsuits relating to incorrect information on credit reports have been filed against it uh one litigant claimed that after six years of contacting TransUnion and explaining that information was incorrect on their credit report, after six years, there was no change to their credit report whatsoever. They later sued it.
Starting point is 00:45:40 Other lawsuits about concealing charges, like not revealing that they're billing people $17.95 a month for holding an account and just general security breach concerns that we've seen in all these credit agencies. But Penny Pritzker was apparently in charge of the family turnaround of TransUnion for a minute. Yeah, they sued FreeCreditReport.com for that jingle. They really wanted it. They were like, we love that jingle and we're going to claim we wrote it. E-X-P-E-R-I-A-N ExperianCreditRating.com.
Starting point is 00:46:15 This goes to show how inaccurate Arrested Development really is, because the real-life examples of these, like Job's working for the obama administration yeah yeah literally uh and then one other business she's involved in she found at the parking spot chain of airport lots with a another obama friend named martin nesbit apparently uh she developed the im pell designed. Pell-designed Hyatt Center. And then quoting from the article, she gained a reputation as a fierce negotiator.
Starting point is 00:46:52 She wrangled a sweet price for a former naval training center in Orlando that one of the family's real estate arms would turn into a community development. Local critics condemned the deal as a giveaway by city officials. So her reputation as a fierce negotiator was her family bribed some fucking corrupt orlando politicians to get a sweet real estate deal um and then that kind of brings you up to um penny or sorry yeah penny and her um penny takes over as a triumphant they take over the family so just to kind of run through this again, Nicholas is the founder. Then his son, Abram, is kind of the leader. Then Jay, his son, Penny's uncle, is the leader.
Starting point is 00:47:32 Jay dies in 1999, and he leaves it to Tom, Nick, and Penny. Yeah, so his eldest son, Tom, his cousin, Nick, and Penny take over the family fortune and run it, the three of them. And this is where there's a Vanity Fair profile we mentioned on the J.B. Pritzker episode from 2003. At this point, the family kind of breaks down into various lawsuits because numerous members,
Starting point is 00:47:57 a few members of the family accuse these three, including Penny, of looting the family fortune and trying to cut them out of the family fortune. Yeah, from the Vanity Fair piece to really hit the nail on the head of the lawsuit, there's one family, Robert, Bagley, Robert, and then his two children, Liesel and Matthews. And Robert was getting a divorce. Liesel? Yeah, the name is L-I-e-s-e-l and i mean honestly i think a good chunk of the reason she sued her family for the money was because of that stupid fucking name right no that was what she claimed she tried to cut him out of the will by like claiming she didn't know how to spell the name it's like there's like three l's right right for else so from this Vanity Fair piece it talks about that
Starting point is 00:48:47 she detested Robert Bagley would refer to him as Jew pig and a manipulative Jew Bailey has denied these allegations by the spring of 94 this is I think the lawyer for the case is of the divorce cases talking about the like feud between people here I'm just trying to articulate what led up to the two children suing the family for the net worth.
Starting point is 00:49:13 Wait, the lawyer was calling the kids Jewpig, or Penny was? No, no, no. It's a little self-hating. According to Robert's filing, his children had been turned against him by their mother and stepfather. Oh, that's what it is.
Starting point is 00:49:26 Sorry. It's the stepfather that's making those anti-Semitic comments about Robert and their family. But that's kind of an oxymoron, like Jew pig. I mean, they're unclean. They don't actually eat pigs. I mean, there's a couple of insensitive racial comments. There's no kosher pig. At one point, the wife in question referred to Robert's girlfriend as a bimbo and a slope.
Starting point is 00:49:56 Mayuri is part Asian. So this leads to the daughter Liesel being in a 95 Warner Brothers movie called A Little Princess. And in the movie, she was going to go by Pritzker slash Bagley, which was the couple's name that is the wife in this situation, right? And so this fucking pissed off Robert, and he was like, fuck this noise. I'm going to sue the Warner Brothers because they're using the wrong name for my my daughter to be in this movie right and so this is just like general divorce shit that i'm talking about here but after this tom pritzker and his family attorney marshall eisenberg who are trustees
Starting point is 00:50:36 of the pritzker trust gave up their control of lisa and matthews to robert so the kids trust was given to the father right and? And he emptied the two children's trusts, which according to this article was approximately $4.3 million a piece and donated them to the Pritzker Foundation. And included in that were 52 shares of H Group holding. And later on, the H Group bought them from the foundation for 94.2 million uh which is more hundred more than 600 times their stated value okay so all of that shit happens and liesel and matthew are like fuck this noise we're gonna sue the family for the for the trust foundation and because of those incidents between their parents feuding over racist remarks against one another and this stupid name thing,
Starting point is 00:51:28 it breaks up the Pritzker family empire into separate entities. So instead of receiving money on specific life accomplishments, when you graduate college, when you turn 40, and so on and so forth all of these people now have the hundreds of millions at their disposal instead of receiving pieces of it uh as the years go by and the vanity fair piece is uh is very good uh it really does go through the entire family uh jay pritzker's uh funeral in 99 and how the death of like people believing that the pritzker empire wasn't the corrupt piece of shit that it fucking is kind of dies with jay pritzker if you ask me so it's called shattered dynasty it's written by suzanna andrews it's a long piece but i highly recommend it yeah and you know for the sake of time we uh we might have to just revisit it later again there's
Starting point is 00:52:24 11 billionaires in this family so um we can pick up on some stuff. All of them are hit through hard work. But yeah, just to kind of restate what Yogi did. The long and short of it is, as we mentioned, Jay dies in 99. He gives these three control over it of the family business one year later a group of cousins challenged the threesomes control with accusations of self-dealing you know in the in these filed court papers uh the group included penny's two younger brothers so this is why she's actually for a long time not on speaking terms with her two brothers because they joined this lawsuit against her and then
Starting point is 00:53:02 there's actually this is the first lawsuit involving the cousins and then what yogi was mentioning um a lawsuit by two younger cousins children of robert's second marriage follows in 2002 so there's like you know you could spend all day talking about it but there's this big spiraling lawsuit and they resolve it by breaking up the business eventually majority control of them uh of their holding company the marman group is sold to warren buff's Berkshire Hathaway, and everybody kind of cashes out and goes their separate ways. But I guess this brings us to Penny's next spectacular business failure, which is a company called Superior Bank. And actually, you know, Dennis Bernstein in 2008 reported, basically, he interviewed a whistleblower on financial and bank fraud. He told him, the guy's name was Timothy J. Anderson. And he alleges the subprime financial engineering that created Wall Street's meltdown in 2008 was developed by the Pritzkers and Ernst & Young,
Starting point is 00:54:03 working with Merrill Lynch to sell bonds securitized by subprime mortgages. So, you know, Superior Bank collapses in 2001, and the allegation is basically that Penny Pritzker was running it throughout the 90s into the early 2000s, and pioneering all of the techniques of subprime mortgage selling that would eventually destroy the U.S. economy? Yeah, they didn't. I wouldn't say that Superior Bank originated a lot of the subprime mortgage and also subprime auto loan securitization techniques, but they certainly became a big innovator in that.
Starting point is 00:54:38 And there's some good articles from the 2008 crisis that look back on what superior did and say like this seems like sort of a framework for what like city city bank got up to right in 2006 2008 where they would find they would find like uh triple a rated uh debt for mortgage mortgage and secondary sorry they would find highly rated triple a a minus grade subprime mortgage and automobile loans and securitize them with uh shittier grade ones and say that as it's so diversified that this could withstand like collectively this could withstand a depression basically right like a lot like we were talking in the city bank episodes um the top ratings are usually reserved for investments that they think
Starting point is 00:55:39 could survive a depression and anyway so they that was kind of the downfall of superior bank of chicago um very similar to what happened to city bank and other groups that had these crazy securitizations yeah and they actually they got into they got into a legal fight that um well the bank became insolvent and the pritzker family namely j penny and thomas and another real estate investor named al alvin dwarman who was the the 50 partner of this bank they elected not to recapitalize the bank and save it themselves through what's called the Office of Thrift Supervision's recapitalization program. And instead, just let it go under. And so they got into a really big fight with them about, okay, well, you have to pay back
Starting point is 00:56:40 everything that wasn't insured by FDIC. Because at the time, the maximum FDIC insurance was $100,000 per account. And some people had more than that. So they still need to get something in order to be made whole. And as of 2012, according to the Wikipedia article on Superior Bank of Chicago, some people still didn't have all their money back and this bank crashed in 2001 wow right there were like different articles written about this they interviewed some people who put all their retirement savings into superior bank
Starting point is 00:57:17 like four hundred thousand dollars and you know um f um uh federally insured deposits, FDIC deposits only go up to, at that time, I think 100,000. So a bunch of different shareholders who put above the federally insured limit got wiped out. And paying them back would be pennies on the dollar for Pritzker, Penny Pritzker. But she, excuse the pun, but she did not. Wow. Not even shareholders, just people with savings. Right, right. Yeah, it's just deposits.
Starting point is 00:57:52 It's not like, yeah, just not shareholders in the bank or anything. And from my reading, I found out that they lost a lot of money from being sued by auto zone for stealing their slogan get in the loan auto loan um i did want to mention this came up during the 2008 also there um they also stole the slogan uh we're on fire uh i wanted to mention this this came up during the 2008 obama hillary race because of course that was happening during the subprime crash, and Obama's national finance chairwoman just happens to be a subprime loan originator. In the Chicago Sun-Times, the Obama campaign claims that she stepped down as chairwoman of the bank's board in 1994, seven years before it failed. She then went on to 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.
Starting point is 00:58:54 Penny Pritzker wrote in May 2001 that her family was recapitalizing the bank, and she pledged to, quote, once again restore Superior's leadership position in subprime lending. She wrote this in May 2001. The bank shut down July 2001. And then my favorite part of the Chicago Sun-Times article is they interview Pritzker's attorney, Kevin Poorman, as well as an Obama campaign spokesperson, and they emphasize that, quote, not all subprime lending is, quote, the predatory kind. The kind of subprime lending Superior was doing in 2001 was not predatory, poor man said. Imagine being such a shitty bank
Starting point is 00:59:33 that you go out of business right before the 9-11 shock. Right, like this was booming market conditions and they were just doing so much subprime fraud that they still went under. I believe I read that Penny would have to pay a fine, and when asked why she didn't take it further in courts, she said something along the lines of, like, feuding with the federal government after 9-11 is a bit of a faux pas. Like her excuse for paying the fine that was pennies compared to the amount that they fucking funneled into their own wallets
Starting point is 01:00:10 was that, well, after 9-11, we didn't want to argue with the government. Let's just give them their money and call it a day. Right. And like one other thing on this, so there's this great article on rebelpundit.com called Pritzker's Bank Failure, Investors Got Paid, Depositors and Taxpayers Fleeced. So the history, the quick and dirty history is Superior Bank was bought by
Starting point is 01:00:30 the Pritzker family in 1988 from the federal government for a modest $42 million and $645 million in tax credits. So they got more than half a billion in tax credits from the federal government for buying this thing. It's a fixer-upper. They took it over, and they immediately began paying dividends of approximately $200 million a year to the holding companies. So they took this thing over with all these tax credits. They immediately started paying their holding companies $200 million a year in in dividends and then they move aggressively as we mentioned into subprime mortgages and car loans um and what i wanted to mention about this is the the pritzkers are eventually with the crash fine they're fined 460 million dollars by the fdic um and they claim
Starting point is 01:01:23 that they paid this 460 million but actually uh they quote the washington times which reported that uh the pritzkers settled with the fdc fdic after paying 316 million so they actually didn't even pay the four the full 460 million um and they also left uh i think the figure was more than 15 million of depositors who got left out to dry. As far as I could find, these depositors never got paid back. Wow. Again, what is, they got, according to the New York Times, the federal government spent more than $1 billion on this thing, both in terms of saving it after it crashed and giving all these tax credits and
Starting point is 01:02:05 subsidies to it in the first place so the fed spent more than a billion dollars on this just gave it to the pritzkers directly and the pritzkers can't cough up 15 million for the depositors who got hosed by their massive fraud scheme yeah they the pritzkers were able to buy uh a failed bank named lions federal for like a fire sale price through this well they got they got this tax credit as part of like it's almost like cash for clunkers but for failing banks and so like if someone wants to buy them up and recapitalize them initially they can do so and like the idea is that you you don't harm all these creditors who otherwise might have to like take a haircut on their deposits or something right but anyone who stayed with that bank
Starting point is 01:02:53 under the pritzker leadership still got screwed right and so you know to kind of kind of wrap up this episode, we should just mention like she's rich. She's in Chicago. Apparently she meets Obama while he's a professor in Chicago. Yeah, well, he was Obama was working at the University of Chicago as a law school professor in the 1990s. Apparently, Barack Obama and his in-laws were regular guests at her Lake Michigan vacation house in the 1990s. Maybe she even gave him the idea to run for local office or said, I will back you financially if you do that. So she's somebody who really helps Obama's career. According to the journalist Greg Pallas, she introduces him to this group of rich Chicago women who call themselves the ladies who lunch. They meet on
Starting point is 01:03:44 Chicago's Gold Coast, and they eat at expensive restaurants, which, minor correction, on the J.B. Pritzker episode, we mentioned he had a mansion on the Gold Coast that he ripped the toilets out of and said, I got over-assessed on my taxes because this thing is uninhabited because it has no toilets.
Starting point is 01:04:03 I said it was at Florida's Gold Coast. Chicago also has a Gold Coast. So I just wanted to clear that one up. But the point is, according to Greg Palast, at these ladies' lunches, Obama meets Robert Rubin. And through Robert Rubin, he gets a big connection to Wall Street fundraising. And Greg Palast makes the allegation that part of how Tim Geithner became Treasury Secretary and Larry Summers came in was Obama at 2008 raised more money from Wall Street than any candidate in history up to that point. And part of that was paying back his connection to Bob Rubin that Penny Pritzker made possible.
Starting point is 01:04:43 But so as we mentioned, Penny Pritzker raised $750 million for Obama when he's running for president in 2008. And he's originally going to reward her with the Commerce Secretary post in his first term. But apparently, at the we mentioned earlier, the Hyatt hotels, nursing homes, apparently workers at these nursing homes. Apparently workers at these nursing homes staged a mass protest in Washington, D.C. about labor conditions there in 2008. So, you know, Obama had relationships with labor organizations that he was trying to preserve to move legislation forward. So he didn't appoint Penny Pritzker for the first term as Commerce Secretary, but when the second term rolled around and he didn't owe labor orgs anything anymore, he appoints her Commerce Secretary from 2013 to 2017.
Starting point is 01:05:30 And as far as I can tell, she doesn't really do much there. The Fortune magazine article talks about her making government data available to entrepreneurs. Wow. So, you know, I think the article even acknowledges this because the article says, quote, the post of Commerce Secretary was mostly vacant or irrelevant during Obama's first term. So now she hangs an open for business sign on her door and travels the country telling companies she wants to help them. You know, all the Obama administration really accomplished besides all the drone strikes and shit was like
Starting point is 01:06:05 all they accomplished domestically was making a bunch of websites yeah but you know she gets a placeholder cabinet post as a reward for all the uh the money she helps raise for obama and uh then the only other interesting thing that happens there is when the Paradise Papers come out in 2017, there's a Forbes article that reviews the Paradise Papers and basically reveals that when she became Commerce Secretary, she was required by law to divest any business interests identified by the U.S. Office of Government Ethics as a conflict of interest within 90 days of confirmation. In a May 2013 letter, she stated she would divest 221 holdings. Her ethics forms the following year simply listed her stakes in two of those holdings, IAS and Triton, as having been sold. According to the Paradise Papers, what she actually did was transferred her holdings in triton to a trust controlled by her children so she lied on her disclosure form and said i'd sold them when in actuality i just uh did a bunch of offshore trusts and uh and holding companies and you know bermuda or the yeah bermuda and gave them to my children and then they also said you know ias holdings forbes was unable to find little
Starting point is 01:07:25 information on this entity because it's based in bermuda and this is the way the system fucking works you have no idea what's going on in these things but you know worth noting uh both her and her brother jb pritzker we have no fucking idea where their money is where their conflicts of interest lie and uh you know until the law change, we never will. Yeah, I have a few more things I want to mention about Hyatt and Penny herself. This is from a 2012 article from Mint Press News. In this article, it talks about that Hyatt housekeepers are dangerously overworked and suffer abuse. A study examined 50 hotel properties from five different companies and published in the American Journal of Industrial Medicine found housekeepers at Hyatt had the highest injury rate.
Starting point is 01:08:09 In 2011, the Federal Occupational Safety and Health Administration, OSHA, and its state counterparts issued 18 citations against the Hyatt at 11 hotels and three citations against one of its subcontractors. And, you know, they had to clean 30 rooms a day. And instead of letting them use a mop, they're forcing them to be on their hands and knees. From another source, Interfaith Worker Justice, it talks about the five things that they wanted from this boycott. Hyatt is shifting its core workforce to perm attempts instead of honoring and respecting core staff. Hyatt is replacing many of its permanent long-term employees with folks from staffing agencies. Hyatt refuses to remain neutral as non-unit workers organize. Hyatt can choose to be a high-road employer, but they are not.
Starting point is 01:08:56 And Hyatt workers and their union have asked for support. When it comes to Penny Pritzker herself, the three main things that I think people need to remember is that the Pritzker family business are about union busting, the conflict of interest with a family that has over $20 billion, and lastly, the shady business practices that have occurred at all of these companies. And lastly, what I want to mention is the connection to Jeffrey Epstein, because oh boy. But wait, Yogi, before you get to it, all that stuff about labor abuse, you know, that's some pretty good journalism, but in the Fortune magazine article, the reporter grills her about how many marathons she's run. She can't remember.
Starting point is 01:09:38 Maybe seven? She pauses to think. Eight? So, you know, zero mention of labor abuses and union busting yeah we gotta train really hard for those how many of us have done a marathon that's true i mean the marathon as she describes it was swimming 2.5 miles biking 113 miles and then running 26 miles. If you can do that, you can fuck over housekeepers at Hyatt Hotels. She did an Iron Woman and then in her business practices acted like the Iron Lady. To finish out this episode, yeah, Jeffrey Epstein's court records mentioned tom pritzker who is a cousin to
Starting point is 01:10:26 jb pritzker and penny pritzker as sean mentioned uh some of the pritzker family is less friendly with one another so they don't speak to each other so both jb and penny have stated that they do not speak to this pritzker but come on i mean like everyone knows how much you talk to a cousin slightly too much and slightly not enough. Wait, is that one the bassist? Do they not talk to him because he's a bassist? I don't think this one's the bassist. But from the Chicago Tribune, it mentions that the sworn deposition from 2015,
Starting point is 01:11:00 you had 2,000 pages and included these fine gentlemen. You have Marvin Minsky, the late scientist, modeling scout Jean-Luc Brunel, former New Mexico governor of Bill Richardson, former Senator George Mitchell, Hyatt Hotels magnate Tom Pritzker, and prominent hedge fund manager Glenn Dubin, among a few others.
Starting point is 01:11:22 Is it just me or is Brunel the guy? Am I getting this right or is brunel the guy or am i am i getting this right or is brunel the guy who's currently uh on the run internationally for raping so many people uh allegedly uh with jeffrey epstein and if it's a different person uh that means i confused it don't sue me no that's correct brunel is the modeling the quote-unquote modeling scout who's actually was running a human trafficking operation right with jeffrey epstein so if you are connected to bcci the uh offshore accounts in the uh caribbean where's the bahamas what is that area called fucking southeast us what i don't know yeah anyway if you were connected to bcci offshore accounts there's
Starting point is 01:12:07 a good chance you were probably also connected to jeffrey epstein right like what we've gone through in this episode is links to the mafia the cia bcci uh bahamas tax havens jeffrey epstein so really nothing more to look into here uh links to uh obama whose mother worked for us aid which is a cia front so you know no connections whatsoever there's there's nothing nothing below the iceberg everybody it's just the surface level stuff here guys i just want you to know that rosemary pritzker is 36 year old she hosts a show of hearts a podcast that features stories of people who have overcome challenges or taken risks to change their lives. So many of the victims of the Pritzker empire certainly have not been featured on this podcast.
Starting point is 01:12:52 Sounds like a podcast with six listeners and five advertisers. Anything else? I think that's everything. But we'll see what happens with penny pritzker uh she's got a drone start she's on the board of a drone startup named measure so get ready to have your door blown off by one of those when you post a tweet about her in 10 years uh you know and she's in some other businesses the fortune magazine says she might run for office or you know do other bullshit her and her brother the governor of illinois they've got a a charity fund
Starting point is 01:13:32 for coronavirus so we'll see how much money gets siphoned off of that thing but you know i mean the summary is these are extremely powerful people with shady connections to a lot of shady organizations and a ton of money offshore and uh we don't know if we'll ever know the full depth of their evil their corruption and their labor abusing practices and with that this has been grub stickers i'm yogi poliwog i'm andy palmer i'm steve jeffers i'm sean p m McCarthy. Thanks for listening. Check out the Patreon. We love you. Bye. All right, stop the recorders. You're listening to A Show of Hearts,
Starting point is 01:14:13 the podcast about finding the courage to live a deep and magical life. I'm your host, life coach, Rosemary Pritzker. Thank you.

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