Tuesday, July 20, 2010

IRS Admits “Error” In High Stakes Tax Case

Obama Supporter No Longer Owes IRS $128 Million Dollars

Here’s another one you won’t read in the “mainstream” media anytime soon.  I happened upon this one in today’s Wall Street Journal in the Money and Investing section by John Emshwiller. 

It pays to be an Obama Supporter, especially if you’re a member of the Pritzker family in Chicago, or more specifically Penny Pritzker. 

Penny Pritzker is the founder and Chairwoman of “Vi” (formerly “Classic Residence by Hyatt.”)  “Vi” is a retirement community in California that caters to the uber wealthy who pay an “entrance fee” of up to $2 million dollars just for the privilege of calling “Vi” home. 

Until just the other day, the IRS was pursuing a case against “Vi” and Penny Pritzker here in Chicago claiming the IRS was owed some $128 million dollars in back taxes and penalties.

Today the Wall Street Journal reported that magically, the case has been dropped and Penny Pritzker and “Vi” no longer owes the IRS one thin dime.

While the story stopped there in the Wall Street Journal, it got me to thinking about the last time I’d heard of the IRS dropping a case in which a company or individual owed them $128 million dollars.

I’d never heard of such a thing in all my 48 years, so I went and did some digging on Penny Pritzker, “Vi” and the IRS case against them. Here’s what I found, you’ll no doubt find this “very interesting.”

Penny Pritzker served as the “National Finance Chair” of the “ObamaSee full size image Presidential Campaign.”  Her job was to raise money, and lots of it for the Obama campaign.  As she comes from one of America’s wealthiest business families, through her contacts she was able to help raise millions of dollars to get Obama elected.

This wasn’t her first foray into politics either.  Penny Pritzker knew Obama prior to his Illinois State Legislature days, and donated heavily to his campaigns for the Illinois Legislature, his U.S. Senate run, and President as well.

To reward Pritzker for her fundraising skills, Obama nominated her for the Commerce Secretary position in early 2009.  Pritzker however was forced to withdraw her nomination due to her involvement in the failed Superior Bank of Chicago in which she lost money for some 1,400 bank customers. 

The Obama Administration defended Pritzker’s nomination claiming she stepped down from the bank’s board seven years prior to it failing, however evidence obtained by the Chicago Sun Times proved that Pritzker took a leadership role on Superior Bank’s board and tried to revive the bank by expanding into dealing in subprime loans, which ultimately caused the bank to fail and 1,400 bank customers to lose money.

As for her own finances, Penny Pritzker’s net worth is estimated at nearly $1.7 billion dollars, even after donating hundreds of thousands of dollars to the Obama for President campaign. 

As for the 1,400 Superior Bank customers that lost money due to Penny Pritzker’s “leadership”, they could easily be made whole if only Pritzker would pay the the $15 million dollars she was ordered to, but still hasn’t all these years later.

Bank regulators charged Pritzker and Superior Bank with “poor lending practices and sloppy accounting” and were preparing to cover almost $550 million dollars in losses at Superior, until Pritzker herself coughed up $460 million to cover losses over 15 years in order to avoid charges of fraud, a very public trial, and having to disclose her own role in Superior Bank’s failure.

Now, did Penny Pritzker one of this country’s top 200 wealthiest people get a pass from the IRS because she’s a “friend of Obama” and helped him raise ton's of campaign cash?

I report, you decide however If she didn’t get a pass from the IRS due to Obama’s “influence” then she’s the luckiest billionaire socialite on the planet.

Now, where is this in the lamestream media, or on Fox News? 

Hello Hannity?  Bill O’Reilly?  Rush?

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