Penny Pritzker, a Chicago businesswoman and national finance chairman of the Obama campaign, was in the final stages of vetting for Commerce Secretary.
A longtime friend of Mr. Obama, Ms. Pritzker was a chief architect of his record-breaking fund-raising efforts during the presidential campaign. Ms. Priztker is one of three cousins who manage their dynasty’s financial empire, which includes the Hyatt hotel chain, casinos and many other ventures. But some of Ms. Pritzker’s business dealings may also raise tough questions during any confirmation process. She was involved in running and overseeing Superior Bank, an Illinois institution co-owned by her family that was at the forefront of turning subprime loans into securities, the risky practice at the heart of the financial crisis. The bank collapsed in 2001 after regulators discovered accounting irregularities that overstated its assets.
UPDATE: (7:31 am Pacific): But of course, the Washington Post disagrees.
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