Penny Pritzker

Billionaire Chicago businesswoman Penny Pritzker was rumored to be President Elect Barack Obama's top choice for Secretary of Commerce. Pritzker was the national campaign finance chair for Obama's presidential campaign. Pritzker is from one of the wealthiest families in the world: she is the granddaughter of Hyatt Hotels founder Abram N. Pritzker, and the sister of J.B. Pritzker.CNN: Sources: Pritzker, Napolitano being vetted for Cabinet (November 20, 2008) Forbes: 100 Most Powerful Women: #89 Penny Pritzker (2005)

Pritzker is also an owner and board member of Superior Bank of Hinsdale, Illinois, a pioneer in the securitization of subprime mortgages. Superior failed in 2001 with write-down assets of $420 million.Chicago Sun-Times: The Power of Penny Pritzker ... (August 20, 2008)

The Pritzker family sued accountants Ernst & Young for sloppy accounting practices. Eventually, they agreed to pay the FDIC $460 million over five years to help cover losses. Ernst & Young settled out of court.Chicago Sun-Times: The Power of Penny Pritzker ... (August 20, 2008)