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Obama fund-raiser quells Cabinet rumors
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The Pritzker clan’s fortune traces back to a Chicago law firm run by Ms. Pritzker’s grandfather, who bought up property during the Depression and became an investor. His sons expanded the empire, establishing the Hyatt chain.
The family also increased its wealth by exploiting loopholes in the tax code, including setting up a series of offshore trusts that sheltered their assets from taxes.
The I.R.S. fought several battles with the Pritzkers over the arrangements. But the agency was hindered by foreign bank secrecy laws that concealed what the Pritzkers owned.
In 2002, a few cracks appeared in the wall of secrecy when two young Pritzker heirs filed a lawsuit claiming their older relatives had looted their trusts. The litigation revealed that the family was worth at least $15 billion, that it was held in some 950 trusts, and that they were trying to split it up among 11 heirs by 2011.
One Democrat familiar with the transition said Thursday that Ms. Pritzker initially believed she could weather questions about Superior Bank, but her family resisted because their assets are so entangled.
The transition team’s vetting form, which she never filled out, required disclosing all property owned in the past decade, including “held in trust” or “held in combination with others.”
Jeff Zeleny contributed reporting.
This article, Obama Fund-Raiser Knocks Down Cabinet Rumors, first appeared in The New York Times.
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