Yes Virginia, Penny Pincher

Yes Virginia, the real rich don't pay taxes. Missed this the other day. NY Times comments on Obama backer and mega-fundraiser Penny Pincher Pritzker withdrawing her name for consideration as his Commerce Secretary:

Earlier in her career, Ms. Pritzker was involved in running and overseeing Superior Bank, in a Chicago suburb, which focused on bundling subprime mortgages into securities, the practice that later helped set off the current financial crisis. The institution collapsed in 2001.

Moreover, Ms. Pritzker’s family is renowned for finding ways to avoid paying taxes on its wealth. The Pritzkers were pioneers in using tax loopholes to shelter their holdings from the Internal Revenue Service, and many of their dealings have never been made public. [snip]

A 2002 report by the inspector general of the Federal Deposit Insurance Corporation concluded that “the failure of Superior Bank was directly attributable to bank management and the board of directors ignoring sound risk management principles and failing to adequately oversee Superior operations.”

The Pritzkers agreed in 2001 to pay the F.D.I.C. $460 million over 15 years to cover claims by depositors. Still, more than 1,400 depositors who had more than $100,000 in their savings accounts — the maximum the government then insured — were left short about $10 million, said Clint Krislov, a lawyer for several of them. “Why the Pritzkers wouldn’t do the right thing and just make these people whole for the small amount of money that it would take, I still cannot understand,” he said.

It's classic for liberals--generous with other people's money, not their own. (even stiffing their own family members)