Pritzker, Rauner spar after Democrat pledges $1 million to black-owned bank – Chicago Tribune
Democratic governor candidate J.B. Pritzker is making a $1 million deposit in a black-owned bank in Chicago, taking a page from Republican Gov. Bruce Rauner's playbook.
The issue led to back-and-forth attacks from the two campaigns centered on failures of financial institutions Rauner and the Pritzker family have been involved with in their careers.
Pritzker's planned deposit, like Rauner's three years ago in a South Side credit union, carry the goal of generating support from black voters.
Pritzker's campaign tried to draw a distinction between the two men's actions: the Democrat's money pledge was only announced on a Chicago radio show, while Rauner's visit to the credit union was a major campaign event.
Appearing on WVON 1690-AM Monday, Pritzker was asked by a caller named "Bob" if he could do what Rauner did and "make a commitment to put $1 million of the money in a black bank so we can have loans and hire people?"
Pritzker, a billionaire investor and entrepreneur, responded: "As a matter of fact I have made a commitment to do that, and we met with a number of African-American faith leaders who were very encouraging about that and felt like that's a very important way for us to create employment in the African-American community, so that's something I've already done."
The money is going to Illinois Service Federal Savings in Bronzeville, the Pritzker campaign confirmed Friday.
When Rauner campaigned in July 2014 for the governor's office, the wealthy former equity investor attended a South Side meeting of the group Black Wall Street Chicago, where he pledged to deposit $1 million in a black-owned institution.
Later, Rauner showed up at the South Side Community Federal Credit Union at 54th and Wentworth Avenues, scaling back his deposit to $800,000 and giving another $200,000 as a grant. That was because the credit union couldn't generate enough revenue to pay Rauner the interest due on a $1 million deposit.
Pritzker's decision to pick Illinois Service was first reported by Crain's Chicago Business. The bank reported losing $3.8 million for 2016, federal records show, but showed a slight profit in the first three months of 2017.
Early in the primary campaign, Pritzker and his chief rivals for the Democratic nomination have been working to pick up support in the African-American community, a dedicated Democratic voting bloc. Pritzker has among his African-American supporters Aldermen Pat Dowell, 3rd; Roderick Sawyer, 6th; Emma Mitts, 37th; and Michael Scott Jr., 24th, as well as city Treasurer Kurt Summers.
In a statement, Pritzker's campaign sought to draw a distinction with their candidate's actions and Rauner's, contending when the Republican got elected in 2014 he "left Illinoisans behind."
"Unlike Bruce Rauner, Illinois communities can count on J.B. to stand with them as governor because that's what he's done his entire career," the Democrat's campaign said. "J.B. will ensure Illinoisans have a seat at the table as he works to grow jobs, support small businesses, expand access to capital, and bring investment directly into black and brown communities."
Rauner's campaign responded by calling Pritzker's planned deposit "a drop in the bucket to the hundreds of millions Pritzker made peddling subprime loans to minority communities, while costing the taxpayers $300 million and ordinary depositors their savings."
Though it didn't name the institution, the Rauner campaign was referencing the 2001 failure of Superior Bank, which involved the Pritzker family, heirs of the Hyatt Hotel fortune. The bank was chaired at one time by J.B. Pritzker's sister, Penny Pritzker, who went on to become Commerce Department secretary under President Barack Obama.
In December 2001, the Pritzker family and its business partner agreed to pay $460 million to the U.S. over the bank's failure and a decade later got a discount on remaining payments of the 15-year settlement by agreeing with regulators to pay off the balance early, Bloomberg News reported in May 2013.
The Rauner criticism of the Pritzker family's role in Superior prompted the Democrat's campaign to attack the Republican governor for what it said was profiting off of HomeBanc Mortgage Corp.
Rauner "drove the company into the ground, firing approximately 1,100 people, but making sure his CEO got a nearly $5 million golden parachute," said Pritzker spokeswoman Galia Slayen.
In September 2014, the Chicago Tribune reported on Rauner's involvement with HomeBanc, which was the subject of an attack ad then-Democratic Gov. Pat Quinn ran against his Republican challenger.
The equity firm Rauner formerly chaired, GTCR, partnered in 2000 to create HomeBanc Mortgage. While GTCR once held a majority stake, it reduced its holdings after a public stock offering and sold the last of its shares in September 2006, based on Security and Exchange Commission records.
GTCR's actions came just months before the sudden financial unraveling of the mortgage company in 2007 led first to the January firing of CEO Patrick Flood, followed by an August bankruptcy filing. But GTCR had no board members on the mortgage firm involved in its management since 2005, prior to Flood's firing and severance, and the bankruptcy filing. Records showed Rauner was not a board member of HomeBanc in the lead-up to its public offering in 2004.
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Pritzker, Rauner spar after Democrat pledges $1 million to black-owned bank - Chicago Tribune
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