Obama fundraiser says no to Cabinet post

CHICAGO, Nov. 21 (UPI) -- Chicago billionaire Penny Pritzker, whose fundraising magic helped power Barack Obama's presidential bid, has removed herself from Cabinet post contention.

Pritzker squelched speculation that she was a candidate to lead the Commerce Department, said in a statement, "I think I can best serve our nation in my current capacity: building businesses, creating jobs and working to strengthen our economy," the Chicago Tribune reported Friday.

Nomination for a Cabinet post would require financial disclosures of Pritzker, who oversees part of her family's financial empire that includes the Hyatt hotel chain as well as other business ventures.

But the 2001 collapse of Superior Bank, which her family co-owned, could be a source of controversy for Pritzker during confirmation hearings, The New York Times said. Charges of fraud and mismanagement engulfed the bank as it took a national course in subprime mortgage lending.

An official with the Obama transition team told the Tribune Pritzker didn't submit information for vetting that Obama requires of candidates because she informed the team she wasn't interested in an appointment.

Pritzker, who's known Obama since the 1990s, would "continue to be a close economic adviser to the president-elect and his team," Obama spokeswoman Stephanie Cutter said in a statement. "Penny Pritzker is a trusted adviser and valued friend to the president-elect and played a critical role in his campaign."