1.
To ~ part of a group of people means to take them away and treat them in a special way, because they are better than the others.
The private schools ~ many of the best pupils.
PHRASAL VERB: V P n (not pron) disapproval
2.
If a person or organization creams off a large amount of money, they take it and use it for themselves. (INFORMAL)
This means smaller banks can ~ big profits during lending booms...
PHRASAL VERB: V P n (not pron) disapproval