Fact check: Emanuel, Brizard, Pritzker
Broad has published a guide to closing schools. The group came up with the idea of the parent trigger, which Emanuel has praised. Its philosophy of management is to promote instability in a system in order to generate "innovation."
Exciting times ahead.
Brizard clashed not only with teachers but with Rochester's board of education, which unfortunately for him was elected by Rochester voters. He won't have that problem in Chicago.
Perhaps Emanuel's most noteworthy appointment to the board of education is Penny Pritzker, scion of the Hyatt hotel family that's currently under pressure from religious and community leaders for mistreating its workers.
It's worth recalling Pritzker's recent notoriety as a subprime lender, which was probably a factor in her withdrawal from consideration as President Obama's commerce secretary, after chairing his campaignÃ¢€™s finance committee. After the Pritzkers took over Superior Bank, she headed the board as they plunged into the subprime mortgage market, which eventually swamped the bank. And under her lead, the bank played signal role in developing the mortage-backed securitization instruments which eventually swamped the nationÃ¢€™s economy.
These securities were call "innovations" at the time.
David Moberg's 2002 piece has the best overview of Superior's collapse, which he says was "tainted with all the hallmarks of a mini-Enron scandal." When Penny Pritzker was getting bad press a couple years ago, her lawyer said the bank did subprime lending but not the "predatory" kind. According to Moberg, the National Community Reinvestment Coalition accused the bank of "engaging in a variety of predatory practices."
It's particularly worth recalling because, as the Tribune recently reported (thanks to PURE for the link), Penny Pritzker is now founding a private equity firm that will focus on buying distressed property.
It's nice to have money.
In other management feats, Pritzker chaired the Olympic Village subcommittee in the city's ill-fated bid for the 2016 games. She bears some responsibility for the $100 million debt incurred in that disaster, which Emanuel is going to have to start paying off in a couple of years.
Pritzker is a major backer of Stand For Children, which pushed union-busting legislation in Springfield. While serving on ObamaÃ¢€™s Economic Recovery Advisory Board, she split from the president by opposing card-check labor reform he backed. Add Hyatt to the mix and her anti-union record is complete.
It's highly unlikely that these people will "bring us together as one."
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