J. B. Pritzker

J. B. Pritzker
Personal details
Born Jay Robert Pritzker
(1965-01-19) January 19, 1965
California, U.S.
Political party Democratic
Spouse(s)
Mary Muenster (m. 1993)
Children 2
Relatives See Pritzker family
Education Duke University (BA)
Northwestern University (JD)
Net worth US$3.5 billion (Jan. 2018)[1]
Website Campaign website

Jay Robert Pritzker (born January 19, 1965) is an American venture capitalist, entrepreneur, philanthropist and politician. He is a private business owner based in Chicago and a managing partner and co-founder of the Pritzker Group. He is a member of the Pritzker family who own the Hyatt hotel chain, and has an estimated personal net worth of $3.5 billion.[2]

He is the Democratic nominee for Governor of Illinois in the 2018 gubernatorial election.[3]

Early life and education

J. B. Pritzker was born in California,[4] to a Jewish family prominent in business and philanthropy during the late 20th century. The Pritzkers are one of the wealthiest families in the United States, being near the top of Forbes magazine's "America's Richest Families" list since the magazine began listings in 1982.[5] One of three children of Sue (née Sandel) and Donald Pritzker,[6][7] Pritzker had his Bar Mitzvah at Congregation Beth Am.[8] He attended Massachusetts boarding school Milton Academy and then graduated from Duke University with a Bachelor of Arts degree in political science. Pritzker went on to earn his Juris Doctor degree from Northwestern University School of Law. He is an attorney and a member of the Illinois State Bar Association and Chicago Bar Association.

Career

Pritzker served as Chairman of ChicagoNEXT,[9] Mayor Rahm Emanuel's council on innovation and technology, and he founded 1871,[10] (named for the year of the Great Chicago Fire), Chicago's digital startup center. He played an important role in the creation of the Illinois Venture Capital Association and the Chicagoland Entrepreneurial Center. He also co-founded Chicago Ventures and funded the startup of Techstars Chicago and Built in Chicago.[11]

Together with his brother Tony, Pritzker co-founded Pritzker Group Private Capital, which owns and operates middle-market companies. The group includes a growing family of companies including pallet rental leader PECO Pallet and medical device maker Clinical Innovations. In 2008, Pritzker received the Entrepreneurial Champion Award from the Chicagoland Chamber of Commerce for his efforts to promote economic development and job creation.[12][13]

Political activities

In the 2008 Presidential election, Pritzker served as national co-chairman of the Hillary Clinton for President campaign and as a delegate to the 2008 Democratic National Convention and the 2016 Democratic National Convention. He supported President Barack Obama in the 2008 general election and helped bring the Clinton and Obama campaigns in Illinois together.[14]

Pritzker founded Democratic Leadership for the 21st Century,[15] a national organization dedicated to attracting voters under the age of 40 to the Democratic Party. He also served on the Washington, D.C. legislative staffs of U.S. Senator Terry Sanford (D-NC), U.S. Senator Alan J. Dixon (D-IL), and U.S. Congressman Tom Lantos (D-CA), for whom he handled multiple domestic and international issues.

In 1998, he ran for the U.S. House of Representatives in Illinois's 9th congressional district, spending a half million dollars from his personal fortune on television ads in the Chicago market.[16] Pritzker finished last among three candidates in the Democratic primary, receiving 20.48% of the vote, to then State Representative Jan Schakowsky's 45.14% and State Senator Howard W. Carroll's 34.40%.[17]

2018 Illinois gubernatorial campaign

Campaign logo

On April 6, 2017, Pritzker announced he was running for the Democratic nomination for Governor of Illinois. His campaign has received the endorsements of Illinois Secretary of State Jesse White, Illinois Congressman Luis Gutiérrez, former Illinois Congressman Glenn Poshard, more than a dozen members of the Illinois General Assembly, twenty-one local labor unions, and the Illinois AFL-CIO.[18]

On August 10, 2017, Pritzker announced that his running mate would be State Representative Juliana Stratton.[19] By December 2017, Pritzker had spent $42 million of his own wealth on his campaign, without significant fundraising from any other source.[20] On March 20, 2018, he won the Democratic nomination for Governor. He will be running against current Illinois governor, Bruce Rauner.

Political positions

LGBT rights

Pritzker has been a long time advocate of LGBT rights and has actively participated in the Chicago Gay Pride Parade.[21][22] As part of his 2018 gubernatorial race, Pritzker has stated that his administration will address anti-LGBT hate crimes, expand LGBT access to healthcare, and oppose anti-LGBT legislation.[23]

Marijuana

Pritzker is a supporter of marijuana legalization.[24][25][26]

Abortion

Pritzker is a supporter of abortion and abortion facilities.[27] During the 2018 gubernatorial Democratic primaries, Planned Parenthood supported Pritzker along with Kennedy and Biss.[28]

Net neutrality

Pritzker is a supporter of net neutrality and has stated on his gubernatorial campaign website: "As governor, I will ensure that all internet traffic is treated equally so that everyone can continue to use the internet to grow their businesses, further their education, and enjoy the freedom of expression."[29]

Controversies

Rod Blagojevich FBI wiretap

In May 2017, the Chicago Tribune[30] published an 11-minute FBI wiretap of J. B. Pritzker and then-Illinois Governor Rod Blagojevich in 2008 discussing campaign contributions and options for Pritzker to be appointed to statewide office.[31] At the time, Pritzker was described as a "businessman with political ambitions". On the tapes, Blagojevich asked Pritzker if he would like to be appointed state treasurer, to which Pritzker responded, "Yeah, that's the one I would want." The tapes have raised questions of "pay to play politics", with both Republicans and Democrats, including incumbent GOP Governor Bruce Rauner and Pritzker's Democratic primary opponents, taking issue with Pritzker's conduct.[32] Pritzker has responded to the allegations by stating: "I’ve not been accused of any wrongdoing. I have not done anything wrong."[33] No allegations of wrongdoing were ever made by law enforcement against Pritzker, and Pritzker has said: "over decades of my life, I have been doing public service, and the opportunity to continue to do public service as treasurer of the state was something that had been brought up, and so there was a conversation about that."[34]

Property tax reduction

The Chicago Sun-Times reported that Pritzker allowed the mansion he purchased next door to his multi-million dollar home to go into disrepair so that he could then appeal his original property tax assessment.[35] Saying that the new home was "uninhabitable", the Cook County assessor agreed and reduced the home's value from $6.25 million to about $1.1 million, which gave Pritzker a savings of 83% on his property tax, equal to an annual savings of about $230,000.[36]

Personal life

In 1993, he married Mary Kathryn "M. K." Muenster of South Dakota, whom he had met in Washington, D.C., when she worked as an aide to U.S. Senator Tom Daschle of South Dakota.[37] She is one of three children of Theodore and Karen Muenster. Her father unsuccessfully ran for the U.S. Senate in 1990.[38] They live in the Gold Coast neighborhood of Chicago with their two children.[1][39]

Pritzker has two elder siblings: Penny Pritzker, who served as 38th United States Secretary of Commerce, and Anthony Pritzker.

Philanthropy

As president of the Pritzker Family Foundation, he funds research and programs focused on children in poverty. Under the leadership of Nobel Prize-winning economist James Heckman, he supported the creation of the Pritzker Consortium on Early Childhood Development at the University of Chicago.[40][41] Along with the Bill & Melinda Gates Foundation, the Buffett Early Childhood Fund, the Irving Harris Foundation, and the George Kaiser Family Foundation, the Pritzker Family Foundation is a founding supporter of the First Five Years Fund, an organization focusing nationwide attention and resources on comprehensive, quality early care and learning programs for children from birth to age five.[42] In 2013, Pritzker teamed with Goldman Sachs to fund the first ever social impact bond for early childhood education.[43]

As chairman of the Illinois Holocaust Museum and Education Center, which opened in 2009, Pritzker successfully led the capital campaign and planning to build an international institution in the Midwest dedicated to teaching the lessons of the Holocaust and other genocides.[44] Pritzker is the principal funder of Cambodia Tribunal Monitor, the most significant online source for news and commentaries regarding the international criminal tribunal created to bring to justice the perpetrators of Pol Pot era acts of genocide. He served as chairman of the Illinois Human Rights Commission, and was succeeded by former White House counsel and Federal Judge Abner J. Mikva.[45] In 2013, Pritzker received the Survivors' Legacy Award for his leadership in the creation of the Illinois Holocaust Museum and Education Center.[46]

In 2007, Pritzker and his wife donated $5 million to the University of South Dakota to build the Theodore R. and Karen K. Muenster University Center in honor of his wife's parents.[47] In 2011, Milton Academy dedicated the Pritzker Science Center for which Pritzker provided the lead gift. Pritzker is a trustee and serves on the investment committee of Northwestern University and is a member of the Board of Governors of Northwestern University School of Law. He is a member of the Economic Club of Chicago and the Commercial Club of Chicago.

On October 22, 2015, Northwestern University School of Law announced that J. B. Pritzker and his wife, M. K. Pritzker, had made a $100 million gift to the law school in honor of Pritzker's great-grandfather, Nicholas J. Pritzker. The 156-year-old school became named the Northwestern Pritzker School of Law.[48]

He received the Spirit of Erikson Institute Award for his creation of the Children's Initiative.[49]

The Better Government Association, an Illinois watchdog, has criticized Pritzker's charitable giving practices, saying he funneled the funds offshore tax havens. "The result is that Pritzker’s philanthropy, and any accolades that go with it, have been bankrolled with what is essentially found money. He did little to earn the proceeds and paid no taxes on the bulk of it before giving it away," the BGA article states.[50]

References

  1. 1 2 Forbes: "The World's Billionaires - Jay Robert (J.B.) Pritzker" Retrieved January 25, 2018.
  2. ↑ "Jay Robert (J.B.) Pritzker". Forbes.
  3. ↑ Pearson, Rick (April 6, 2017). "J.B. Pritzker joins Illinois governor race, facing big Democratic field to take on Rauner". Chicago Tribune.
  4. ↑ Meyer, Theodoric (October 5, 2018). "The Worst Job in American Politics". Politico. Retrieved October 9, 2018. Jay Robert “J.B.” Pritzker was born far from in Illinois, in California
  5. ↑ "Pritzker family". Encyclopædia Britannica. Retrieved September 20, 2013.
  6. ↑ Chicago Tribune: "Mishap kills Sue Pritzker, widow of Hyatt Hotel founder, at age 49" May 8, 1982
  7. ↑ Rivera Brooks, Nancy (November 24, 1987). "Rooms With a View : Chance Encounter Led to Creation of Rapidly Expanding Hyatt Hotels Chain". Los Angeles Times.
  8. ↑ Castle, George (June 28, 2017). "The Pritzker family is one of the most prominent in Chicago's Jewish community. An exclusive interview with J.B. Pritzker, who wants to be the next governor of Illinois". Chicago Jewish News. Retrieved February 10, 2018.
  9. ↑ Yerak, Becky (October 16, 2012). "Chicago creates council to attract tech jobs". Chicago Tribune. Retrieved September 24, 2017.
  10. ↑ Wong, Wailin (May 2, 2012). "A new tech hub for startups at Merchandise Mart". Chicago Tribune. Retrieved September 24, 2017.
  11. ↑ "2014 big ideas: J.B. Pritzker, co-founder, Pritzker Group". Blue Sky Innovation.
  12. ↑ Scott Issen. "J.B. Pritzker Honored as Entrepreneurial Champion; SAVO Receives 2008 Merrick Momentum Award to Recognize Business Success and Growth Potential". Chicagoland Entrepreneurial Center - Official website. Retrieved 2009-11-30.
  13. ↑ "Chicagoland Chamber of Commerce BOARD MEETING MINUTES" (PDF). 25 October 2007. Retrieved 15 April 2018.
  14. ↑ Morain, Dan (August 25, 2008). "J.B. Pritzker and Penny Pritzker end their Clinton-Obama rift". Los Angeles Times. Retrieved May 5, 2010.
  15. ↑ Ifill, Gwen (October 14, 1991). "Seeking Electoral Edge, Parties Court the Young". The New York Times. Retrieved November 30, 2009.
  16. ↑ Spencer, LeAnn; Gregory, Ted (February 26, 1998). "Pritzker Pumps $500,000 Into Tv Ads". Chicago Tribune. Retrieved May 9, 2017.
  17. ↑ "Official Final Results", Cook County Clerk. p. 2. Retrieved January 25, 2018.
  18. ↑ Pearson, Rick; Garcia, Monique (June 6, 2017). "Illinois labor group endorses Pritzker, cementing Democratic front-runner status". Chicago Tribune. Retrieved June 7, 2017.
  19. ↑ Pearson, Rick (August 10, 2017). "Pritzker announces state Rep. Stratton as running mate". Chicago Tribune. Retrieved August 12, 2017.
  20. ↑ McDermott, Kevin (January 11, 2018). "'Moneyball' : The 2018 Illinois Governor's Race". NPR Illinois. Retrieved January 11, 2018.
  21. ↑ Lewis, Sean (June 4, 2018). "Politicians show support for LGBTQ community as Pride Month kicks off". WGN-TV. Retrieved June 25, 2018.
  22. ↑ Pearson, Rick (July 31, 2017). "Pritzker says he'll lead Illinois as resistance state to Trump". Chicago Tribune. Retrieved June 25, 2018.
  23. ↑ "JB's Commitment to LGBTQ Rights". JB Pritzker for Governor. January 23, 2018. Retrieved June 25, 2018.
  24. ↑ Henderson, Catherine (April 22, 2018). "J.B. Pritzker highlights push for legalization of marijuana on 4/20". The Daily Northwestern.
  25. ↑ Brown, Mark (January 22, 2018). "Pritzker betting the pot on legalizing marijuana in governor's race". Chicago Sun-Times.
  26. ↑ Janssen, Kim (January 16, 2018). "Top 3 Illinois Dem gubernatorial candidates agree: We all smoked pot back in the day". Chicago Tribune.
  27. ↑ "JB's Commitment to Women's Rights - JB Pritzker for Governor". JB Pritzker for Governor. March 16, 2018.
  28. ↑ Hinz, Greg (January 25, 2018). "Abortion-rights groups split on guv race—but why?". Crain's Chicago Business. Retrieved 9 September 2018.
  29. ↑ "JB's Priorities for Protecting Net Neutrality". JB Pritzker for Governor. April 30, 2018.
  30. ↑ Lightly, Todd; Coen, Jeff; Heizmann, David (May 31, 2017). "J.B. Pritzker sought political office from Blagojevich, 2008 FBI wiretaps show". Chicago Tribune. Retrieved May 27, 2018.
  31. ↑ Lighty, Todd; Coen, Jeff; Heinzmann, David (May 31, 2017). "J.B. Pritzker sought political office from Blagojevich, 2008 FBI wiretaps show". Chicago Tribune. Retrieved January 23, 2018.
  32. ↑ Wall, Craig (January 18, 2018). "Gov. Rauner plans to air entire Blagojevich-Pritzker wiretap". ABC7 Chicago. Retrieved January 23, 2018.
  33. ↑ Pearson, Rick; Geiger, Kim (January 19, 2018). "Pritzker bears brunt of attacks at Democratic governor forum over property tax breaks, Blagojevich wiretaps". Chicago Tribune. Retrieved January 23, 2018.
  34. ↑ Brown, Mark (May 31, 2017). "Blago wiretaps show Pritzker looking for political appointment". Chicago Sun-Times. Retrieved May 27, 2018.
  35. ↑ Novak, Tim (June 26, 2018). "For J.B. Pritzker, mansion's disrepair has saved $230K in taxes". Chicago Sun-Times.
  36. ↑ "GOP rips Pritzker for getting $230K property tax reduction". WQAD 8. May 15, 2017. Retrieved June 6, 2018.
  37. ↑ Kogan, Rick (May 24, 1998). "The Long Run – After His First Date With Politics, J.b. Pritzker Is Ready To Make A Commitment". Chicago Tribune. p. 3.
  38. ↑ Lias, David (May 16, 2009). "New USD Student Center Officially Dedicated". Yankton Daily Press & Dakotan.
  39. ↑ Ahern, Mary Ann (March 1, 2018). "How Many Homes Do the Candidates for Illinois Governor Own?". NBC Chicago. Retrieved July 5, 2018.
  40. ↑ "Pritzker". JB Pritzker Biographical Website. Retrieved 2014-01-06.
  41. ↑ Ochs, Alyssa. "Pritzker Early Education Foundation Cradles the Birth-to-Five Demographic". Inside Philanthropy. Retrieved 9 September 2018.
  42. ↑ "Philanthropic Partners". The First Five Years Fund - Official website. Retrieved 2010-10-19.
  43. ↑ Alden, William (June 12, 2013). "Goldman Sachs to Finance Early Education Program Philanthropic Partners". New York Times DealBook. Retrieved January 6, 2014.
  44. ↑ Jane Charney, Jane (April 21, 2009). "New Illinois Holocaust museum emphasizes lessons for future". JTA - Jewish & Israel News. Archived from the original on May 6, 2010. Retrieved November 30, 2009.
  45. ↑ "Gov. Blagojevich appoints Judge Abner Mikva Chairman of the Illinois Human Rights Commission: Former judge to replace outgoing J.B. Pritzker". Illinois Government News Network. 26 July 2006. Retrieved 2009-11-30.
  46. ↑ Shia Kapos (March 7, 2013). "Brodsky, Rice, Pritzker feted by Holocaust museum". Crain's Chicago Business. Retrieved 2014-01-06.
  47. ↑ "J.B. and M.K. Pritzker Family Foundation Provides Generous Gift to The U for Construction of Muenster University Center". University of South Dakota. October 12, 2007. Archived from the original on January 7, 2014.
  48. ↑ Anyaso, Hilary Hurd (October 22, 2015). "Pritzker Family Makes Unprecedented Gift to Northwestern Law". Northwestern Newscenter. Retrieved October 23, 2015.
  49. ↑ "500 Guests Helped Erikson Institute Celebrate 40th Anniversary at Prism Ball - Erikson Institute". Erikson Institute. 22 May 2007. Retrieved 9 September 2018.
  50. ↑ Neubauer, Chuck; Bergo, Sandy (7 February 2018). "Pritzker's Storied Charity Costs Him Little But Taxpayers A Lot". Better Government Association. Retrieved 8 February 2018.
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