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Advisory Advisory

The 16-member Economic Recovery Advisory Board, which President Barack Obama announced late last week, was selected almost exclusively by Obama White House advisers, and features only two members that the board's chairman, former Fed chief Paul Volcker, was allowed to pick.

More troubling: one of Obama's personal selections has raised a red flag at the Department of Justice. Robert Wolf is chairman and chief executive of UBS Group Americas, an entity that, according to a DOJ source, is part of an ongoing federal criminal investigation.

"The White House never checked, and when we raised the issue, we were told it rose above our pay grade," says the source. "This is highly irregular."

Further, another Obama friend, Penny Pritzker, chairman and founder of Pritzker Realty Group who was also the finance chair of Obama's presidential campaign, comes from a family with extensive tax issues, including off shore tax shelters.

"She has no business being on a presidential policy advisory board," says a Treasury Department source, who has worked in the department's counsel's office. "We advised that for a number of reasons she not be placed on that commission.

Volcker, who was touted as a bipartisan pick to head the commission, was only allowed a say in two picks on the board, and when he opposed several to be named, according to a source close to Volcker, he was ignored.

Letter to the Editor

Comments

Gill O'Teen| 2.10.09 @ 10:45AM

Why is anyone surprised that members of the Obama Politburo think any task is above their pay grade?

frost| 2.10.09 @ 11:17AM

Anyone surprised? Combined with the earlier Tax-Cheats already accounted for, this gets worse and worse every day - - yet, I doubt if it will get much (if any) press coverage - UNLESS they get so bazaar the press will be covering to defend itself from further cheerleading-without-substance charges.

Terry O'Donnell| 2.10.09 @ 11:30AM

Maybe I'm paranoid, but it strikes me we learn these types of details with little fanfare. There are bound to be important personnel decisions as well as policy decisions that afly wholly beneath the radar. Four years? This country could be a lot different (sans improvements of any kind) than we're accustomed to experiencing.

Gill O'Teen| 2.10.09 @ 12:06PM

Every American should read the article “Ruin Your Health With the Obama Stimulus Plan” by Betsy McCaughey which I linked to from The Drudge Report this morning -
http://www.drudgereport.com/:

The Bloomberg News article was posted at http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_mccaughey&sid=aLzfDxfbwhzs#

Keep in mind that Lord Obama has already ruled on inconvenient American citizens when he voted to allow the least of us to die when he was an Illinois senator. What a creative solution to the bankruptcies of Medicare, Medicaid and Social Security. Soylent Green anyone?

Dai Alanye| 2.10.09 @ 1:35PM

I await the ever self-confident BOB to tell us why these are all good things.

ruth| 2.10.09 @ 2:09PM

Yes, Bob should show up shortly touting Obama's Ivy League education and knowledge. But what about the corruption? Doesn't anyone care about that anymore?

megapotamus| 2.10.09 @ 2:57PM

Like so many other things, this is a necessary but painful lesson for our citizens who have abused the luxury of ignorance. "Bipartisanship" in our modern idiom means Republicans going along with Democrats. For all practical purposese "bipartisan" means strictly partisan but for the Democrats. Volcker should have known better. He does now. So will Gregg and Gates and any other Rep or non-aligned dimwit who falls for this claptrap. One must give Barack his due though. I think it is obvious that he, also , has been plagued by an existential level of ignorance on all matters not pertaining to log rolling, feather bedding or vote pandering. I hope he is one third as smart as he thinks he is. He just might be educable. HOPE!

ashok| 2.10.09 @ 3:30PM

Thank you for reporting this! I'm going to hold off judgment for a little bit, until this Board says and does stuff that is just nuts, but the information is valuable.

I will say this, independent of the corruption of some of these members: the White House is not serious about economic recovery. That's really sad, because the President is throwing away at a chance at a legacy in order to continue blaming Bush for everything.

ruth| 2.10.09 @ 4:50PM

Here goes the liberal mantra, "it's the fault of private enterprise, wall street did it, don't trust the free market; government is your friend and savior." Sorry, I ain't buyin' it. Government is the problem, not the solution.

jr| 2.10.09 @ 4:53PM

Why do people keep giving us names that the Messiah appoints -- most are known crooks and will make no difference to the politicians who give them "tough" questions.

Real American| 2.10.09 @ 6:04PM

who's paying for all these commissions and policy Czars? Are they even created by legislation? Who do they answer to, besides Hussein?

Real American| 2.10.09 @ 6:09PM

first of all, jharp, these electronic records provision aren't stimulus. if the dems want to enact them, take it up in separate legislation that can be debated adn analyzed.

The reason that the libs don't want do that, of course, is because it is controversial and there is opposition. The reason opposition exists is because it is an attempt by the Dems to grease the skids for socialized medicine, you know where costs are controlled by rationing and long waiting lists and medical decisions aren't made by doctors and patients, but by government bureaucrats. Where old people won't get treatment because it isn't "cost effective" as they won't live long. that's ok, Grandpa, you're life just isn't worth Obama's time. that's what they're setting us up for. If you want that, moved to Canada or England. No worries, though, because it is all "free.' dumbfuck.

IMKessel| 2.10.09 @ 6:42PM

Hey, at least Wolf and Pritzker are not lobbyists.

Moments like this are why God created irony.

DaveS| 2.10.09 @ 7:53PM

The 'Politburo' reference was excellent. Does anyone doubt that this guy is in completely over his head?

HomelessLeRhino| 2.10.09 @ 9:11PM

jharp, " same level of care ". Like what are you talking about ? What country takes on all comers like the USA and gives the " quality " of care we do ? And this blind faith you have in government to do it better. They'll fill your teeth like they repair potholes. And serious illnesses ? Do you know nothing of the reality in Canada or England or EU countries ? We keep hearing that perhaps the Germans do a good job, but do they ? People like you brag about Cuba and at one time even the old Soviet system. Many Soviet Union citizen has immigrated to the USA. I have talked to more of a few of them. They would say you are nuts. This guy Krugman, he can't even help keep the NY Times afloat. As far as that study your so hot to trot over comparing treatment, it's gonna be just another piece of propaganda crap. Most people here know it. It'll have the same scientific integrity as the Global Warming crap science. People here just won't go under the ether like little dupes. This is America and their will be resistance to you and the democrat machine's dreams and schemes. You are running show now because the right has antagonized the mighty middle. But that will change. The conservatives live in fear. They will have to make room in the GOP for an equal partnership with the mighty middle, namely RINOS. Show me some respect Limbaugh and his legions of conservative so we can stop these nuts.

Howard| 2.10.09 @ 9:22PM

Boy B.H. Obama is lucky he is a liberal Democrat. Imagine the beating he would be receiving if he were a Republican!. There are two sets of rules, one for liberal Democrats, and one for everybody else.

Jim| 2.10.09 @ 10:47PM

jharp (i.e. moron boy)
Krugman worked for ENRON, the only time he ever delved into the real world, he failed. You have been intoxicated by the aroma of obama's feces encrusted,unwashed anus. Take the final step and eat.

Nick| 2.11.09 @ 12:09AM

Paul Crudman?

Who reads that idiot?

He couldn't even stand up to O'Reilly!

I forgot he worked for a crook too.

Nick| 2.11.09 @ 12:32AM

jharp

Educated?

More like brainwashed. Like the red diaper babies of the past.

Nick| 2.11.09 @ 1:06AM

jharp,

I thought you bleeding heart liberals like welfare?

And yeah, you were "educated", like the puppies in "Animal Farm" were by the pigs. Ever heard the phrase "question everything"? Try it sometime.

Nick| 2.11.09 @ 2:14AM

jharp,

No, actually I meant questioning the liberal, reactionary, knee-jerk, blame America first philosophy.

Or questioning defending America's enemies.

Or questioning why you condemn the whole for the actions of a few?

"You are a stupid jackass."
What, are you 15 ? Or can't you make an argument without an ad hominem attack?

I'm sure that was way above you, I'll speak on your level.
You are a poop-pooh head.

Robert Rosencrans| 2.11.09 @ 8:09AM

Penny Pritzker seemingly is another sub-prime loan financial con artist. Nowhere during the campaign did the MSM go into her past. Here's a good read.
http://bfeldman68.blogspot.com/2008/02/obama-campaigns-pritzkersuperior-bank-s.html

Sunday, February 17, 2008
Obama Campaign's Pritzker/Superior Bank S&L;Scandal Link?
Penny Pritzker is the National Finance Chair of 2008 Democratic Party presidential candidate Barack Obama’s campaign. Yet the Obama campaign’s national finance chair served as chairman of the Superior Bank from 1989 to 1994, before the savings and loan institution collapsed in July 2001, due to the Pritzker bank’s involvement in financially reckless subprime mortgage lending.

Created at the end of 1988 as the successor bank to the failed Lyons Savings Bank, the Oakbrook Terrace/Hinsdale, Illinois-based Superior Bank was 50 percent owned by Chicago’s billionaire Pritzker family. Yet, according to an Oct. 16, 2001 statement before the U.S. Senate Committee on Banking, Housing and Urban Affairs by Ely & Company Inc. President Bert Ely, the Pritzker family’s Superior Bank “started life with enormous tax benefits and a substantial amount of FSLIC-guaranteed assets under a FSLIC Assistance agreement.” In a Dec. 2002 article (“Tremors In The Empire”) that appeared in Chicago Magazine, Shane Tritsch noted, for instance, that for investing $42.5 million in the failed Lyons Savings Bank before it was reopened as Superior Bank, the Pritzkers and their business partner received an estimated $645 million in federal tax credits and loan guarantees; but “by one estimate, it would have cost the government $200 million less simply to shut Lyons down.”

Yet according to Ely’s Oct. 16, 2001 statement, “Superior’s trick, or business plan” under Penny Prtizker’s chairmanship was apparently “to concentrate on subprimelending, principally on home mortgages, but for a while in subprime auto lending, too,” after the Pritzkers’ bank acquired its wholesale mortgage organization division, Alliance Funding, in December 1992.

With a business loss estimate of between $350 million and $1 billion, the 2001 failure of the Pritzkers’ Superior Bank represented the largest U.S.-insured deposition institution to fall between 1992 and 2001. But according to a Feb. 7, 2002 report of FDIC Inspector General Gaston Gianni Jr., “the failure of Superior Bank was directly attributable to the Bank’s Board of Directors and executives ignoring sound risk management principles.”

Coincidentally, the Obama presidential campaign’s National Finance Chair was a member of the Superior Bank’s board of directors which apparently ignored sound risk management principles. As the Aug. 7, 2001 issue of the New York Times observed:

HomelessLeRino| 2.11.09 @ 8:59AM

jharp, crummy people like you are the true face or voice of the Obama gang. The mighty middle is picking it up. They'll join a sensible, more open tented second party, hopefully the GOP. But, the bloom is already off the rose for the smooth talking , bullshit artist and his minions. Soon, if not already , the fangs are being shown by the left. Nobody is gonna back down. The counterpoints and alternative thinking to your bent utopia and schemes are seeping through, and not just by way of talk radio. I am inclined to just call you a shithead, but maybe you are mentally ill and live in Canada, and utilize their magnificent healthcare system, which we learned thanks to AS and other" right wing" sources are often offering plain junk or even poison as viable medication. So do yourself a favor, cross the border , go to a first rate American pharmacy, get meds made at one of our great BIG PHARMA CORPORATIONS , and maybe, maybe you'll be feeling better. Really, enjoy the benefits of the greatest healthcare system in the world.

ruth| 2.11.09 @ 11:40AM

Just once I wish one of these liberal trolls would provide examples of Limbaugh's and Hannity's lies. Just once. Both of these conservative commentators are scrupulous truth tellers or the liberals would have run them off the airwaves years ago. I find it especially annoying that liberals accuse conservatives of lying, when their Obamassiah's cabinet is filled with liars, cheaters and thieves. Too bad there's not a Fairness Doctrine for Obama.

HomelessLeRino| 2.11.09 @ 12:01PM

Ruth, they tell just one lie. The lie is "conservatism wins every time you try it". A republican party that can't find room for and respect for RINOS and pro choice people, and acknowledge people do want a fairly large government( but well run-thus the GOP opportunity), and the disparity in current incomes with the top 1 per cent getting about 20 per cent of income is problematic and not the free market talking, and a few other things, like extending unemployment and COBRA benefits for people during this woeful recession, is part of the truth they do not tell. Not to mention the demographics is destiny problem and face it. Find a better voice and tone to address the immigration problem.. But, you are right, outside of some shading and exaggerating they are more truthful than MSM. But, they do lack an expansive view. It would be nice to have a contrarian PBS, one that questioned things and not depend on stale ideology to blurt out pat answers(ala EIB). We need to be skeptical of all things, including conservative ideology. That is were the might American middle is today.

ruth| 2.11.09 @ 8:48PM

Homeless, you're brainless; conservatism does work everytime it's tried. Expansive view, of course that's yours, right? Why aren't you making the mega bucks then?

Pingback| 2.12.09 @ 7:28AM

More about that “Caterpillar CEO” who allegedly (and conveniently) promised BHO he w links to this page. Here’s an excerpt:

…a member of Obama’s own economic board — though the AP is not identifying him as such (surprise!) — is allegedly endorsing his spending plan. Speaking of that economic board: according to The American Spectator , The 16-member Economic Recovery Advisory Board, which President Barack Obama announced late last week, was selected almost exclusively by Obama White House advisers, and features only two…

HomelessLeRino| 2.12.09 @ 9:44AM

Ruth, did it work for Santorum ? Did it work in South Dakota when they threw a way to strict abortion law out ? conservatism is not the politics of the people, especially the mighty middle, and the people in the middle might be worth your consideration rather than scorn. But, if scorn is all you have fine. Form your doomed to dwindle conservative party and leave the GOP to those who seek to take and and defeat the left with an Army that can win. One that is deployed in all 50 states. What is your answer to unemployed right now Ruth ? They need unemployment compensation, health care extension, foods tamps and so forth. Many of them believe the GOP wants them to drop dead. So Ruth, for once address guy or gal in a jam, and offer them a solution. Expansive view, yes Ruth, expand your mind. Start asking questions of all your assumptions for openers.

ruth| 2.12.09 @ 10:53PM

Homeless, remember the last Presidential election? You know, the one held in 2008? Do you recall who the Republican nominee was? John McCain, RINO; where was your mighty middle, Homeless? Your mighty middle was no where to be found. People don't want liberal lite when they can have the real thing; hence the Obama victory. We need two parties, Homeless, not your BS advice. You espouse the same tired old garbage of every socialist troll on this blog; more hogs at the trough. You don't give a damn about the 'people' you just want more power. This meltdown is a result of your loser leftist social engineering policies and only the Free Market can save us. Yes, Conservatism works when it's tried; especially when its paired with strong leadership. Reagan is my best example. Who is your best example; Jimmy Carter?

Pingback| 2.13.09 @ 7:19AM

Obama Picks Two More Losers @ Beating of the Drum, on Beating of the Drum, links to this page.

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