President Obama’s nominee for Commerce secretary was embroiled in a massive bank failure more than a decade ago, in a collapse that cost depositors and federal insurers millions of dollars.
The 2001 collapse of Superior Bank FSB now appears likely to re-emerge, more than a decade later, as Commerce nominee Penny Pritzker prepares for a confirmation hearing and Republicans already draw attention to the bank implosion.
Pritzker’s family, which founded Hyatt and is one of the wealthiest in the country, co-owned Superior Bank at the time of its collapse. The lawyer who represented depositors in the case told FoxNews.com on Thursday that the Pritzker family enjoyed a “special deal” while the “little guys” ended up “footing the bill.”
“The message of our Cabinet members should be people who do the right thing,” attorney Clint Krislov said Thursday. “And it should not be a message of, if you’re very wealthy you get a special deal and you get to sit on the Cabinet, too.”