Tag: Penny Pritzker

  • High-powered group, most from Chicago, plans Obama inaugural

    The group overseeing Barack Obama’s Jan. 20 inaugural boasts a bipartisan roster of go-getters, most with deep Chicago roots.

    In addition to Democrats William Daley, Penny Pritzker, John W. Rogers Jr. and Julianna Smoot, Republican Patrick G. Ryan, the businessman who heads Chicago’s bid for the 2016 Olympics, is a co-chair.

    By drawing big names from both parties, Obama is clearly hoping to emphasize his commitment to a bipartisan governing style.

    Ryan’s participation particularly helps boost the image of collegiality. The chairman of Chicago-based Aon Corporation has been a major donor to George W. Bush and the Illinois Republican Party. On the other hand, he is spearheading Chicago’s Olympic bid, and it can’t have hurt that Obama made a video last week extolling the Windy City to the International Olympic Committee.

    The other co-chairs of the inaugural committee are longtime Obama pals, as well as fund-raisers.

    Pritzker, the hotel heiress, and Smoot, a professional Democratic fund-raiser, are credited with Obama’s record-setting campaign war chest.

    Daley, a former Commerce secretary and the brother of Chicago Mayor Richard Daley, is a Chicago bank executive. Rogers, a longtime friend, is the founder of Ariel Capital Management. (His ex-wife, Desirée Rogers, is set to become White House social secretary.)

    The committee will go to some lengths to honor another Obama pledge – to reduce the influence of money on government – by limiting donations to $50,000. George W. Bush’s inaugural committees accepted contributions as high as $250,000, according to the New York Times.

    It will also bar any contributions from corporations, political action committees, lobbyists who are currently registered with the federal government, people who are not citizens of the United States and from registered foreign agents.

    No pricetag has been put on this inaugural, which is expected to draw a record number of people to the Capitol, perhaps in the millions. To get some perspective, Bush spent around $40 million on his inaugural events in 2005, much of which was raised from corporations and lobbyists.

    Committee spokeswoman Linda Douglass said higher costs than usual are expected as a result of the president-elect’s intention to open as many events as possible to the public.

    “This inauguration is more than just a celebration of an election,” she said. “This is an event that can be used to inspire and galvanize the public to act. That is what we’re aiming for.”

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    • New owners take charge of Houston Astros

      November 23, 2011 at 7:38am

      After a long vetting process by Major League Baseball, ownership of the Houston Astros passed Tuesday to businessman Jim Crane and his partners.

    • Penny Pritzker says no thanks to Commerce post

      Penny Pritzker, the billionaire heiress who oversaw Barack Obama’s record-breaking fund-raising efforts, has taken herself out of the mix for U.S. Commerce Secretary.

      “Penny Pritzker ultimately has decided she does not want to do the Commerce thing,” the Chicago Tribune’s Swamp quotes a senior Obama official.

      Pritzker is already part of the Obama Biden economic transition team. But sources said it would have been exceedingly difficult for her to disentangle from her family’s far-flung business empire to fulfill the president-elect’s ethics requirements for members of his administration.

      The 49-year-old Harvard- and Stanford-educated lawyer and businesswoman, whose net worth was estimated at $2.8 billion last year, is one of a trio of Pritzkers who run a sprawling family empire that includes the Hyatt hotel chain.

      Pritzker first met the Obamas in the late 1990s when her son and daughter played in a summer basketball league at a Chicago YMCA coached by Craig Robinson, Michelle Obama’s brother, who introduced them.

      Another key link was Obama’s longtime friend Martin Nesbitt, a vice president of the Pritzker Realty group, who approached her about getting involved in Obama’s U.S. Senate campaign, where she also would serve as finance chairman then.

      A Pritzker appointment would certainly have not broken the “business as usual” mold that Obama has campaigned against. On the other hand, many commerce secretaries have been major donors of the presidents who appoint them.

      Pritzker also would have brought baggage as the former chairwoman of Chicago’s Superior Bank, which failed in 2001 after making large amounts of sub-prime loans. While she stepped down as chairwoman in 1994, she remained on the board of the bank’s holding company.

      The Chicago-Sun Times reported in April that it had obtained a letter showing that until Superior’s end, Pritzker made efforts to try to revive the bank with an expanded push into subprime loans. Pritzker’s attorney Kevin Poorman said that the kind of subprime lending that Superior was doing in 2001 was not predatory.

      Update: Chicago Sun Times columnist Lynn Sweet posts an email from Pritzker herself saying she is not a candidate for the Commerce post. “I think I can best serve our nation in my current capacity: building businesses, creating jobs and working to strengthen our economy,” Pritzker said.

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      • Move an item in the map by clicking and dragging.
      • You can also delete items, separate boxes and save maps. Right-click on the map or select Map Tools for these options.
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