President Barack Obama is close to choosing Chicago businesswoman Penny Pritzker, who led fundraising for his 2008 campaign, as his next commerce secretary, according to three people familiar with the matter.
President Obama's Commerce Secretary latest nominee could come with a private equity underwriter (PEU) taint. Former Secretary John Bryson served as Senior Advisor for KKR. His term ended badly, with a car wreck and Bryson dazed and disoriented.
Billionaire Penny Pritzker attended an early Obama White House state dinner. She is an heir to the Hyatt Hotels fortune and founder, chairwoman and CEO of PSP Capital Partners.
Last August Pritzker sold over 1 million Hyatt Hotel shares for over $38 million in proceeds. In a Bain Capital Mitt Romney PEU move a SEC footnote stated:
Represents shares sold for estate planning purposes by the Reporting Person to a limited liability company owned by a trust for the benefit of the Reporting Person.Pritzker is a 53 year old billionaire. I would venture any moves at her age are to take advantage of tax loopholes, before they're closed. I can assure you Pritzker isn't alone. As for Superior ethics, a track record exists.
Politicians Red and Blue love PEU, mostly because they are one.
