2013-02-05 — thefiscaltimes.com
The Chicago Sun Times reported last month that she was a potential candidate. Pritzker withdrew from consideration for Commerce back in 2008, supposedly out of concern that some of her family's business decisions would make for a nasty confirmation process. Her family's wealth is both an asset and liability, as billionaires are one of the few groups Obama accuses of not doing their "fair share" and the family hotel chain, Hyatt, has a tortured history with labor unions.
Pritzker's resume includes a nasty clash with organized labor, as the union UNITE HERE has picketed and protested Hyatt hotels for their treatment of housekeepers. As the head of multiple real estate and investment interests, she belongs to the Hyatt board of directors and became a focal point of criticism because of her proximity to Obama.
Then there is the legacy of Superior Bank, which collapsed in 2001 because of sub-prime loans and troubled accounting practices. The Pritzker family controlled the bank with a family friend and it was Penny who chose to pay a $460 million fine to regulators, according to a 2003 Vanity Fair article.
Hmm, that's funny. By some accounts, apparently Pritzker made money off the Superior collapse, in the FDIC settlement process.
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