Difference between revisions of "Abram Pritzker"
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| − | '''Abram Nicholas Pritzker''' was an [[United States|American]] businessman and | + | '''Abram Nicholas Pritzker''' was an [[United States|American]] businessman and founder of the vast [[Pritzker family]] fortune. |
According to author [[Gus Russo]], funds and connections from the Chicago mafia (known as '[[the Outfit]]') formed the foundation on which lawyer Abe Pritzker's family built the [[Hyatt hotel chain]], functioning as "the clean face of a dirty business".<ref>https://www.sfgate.com/books/article/The-Mafia-s-shadow-men-2488161.php</ref> | According to author [[Gus Russo]], funds and connections from the Chicago mafia (known as '[[the Outfit]]') formed the foundation on which lawyer Abe Pritzker's family built the [[Hyatt hotel chain]], functioning as "the clean face of a dirty business".<ref>https://www.sfgate.com/books/article/The-Mafia-s-shadow-men-2488161.php</ref> | ||
Revision as of 02:48, 11 July 2021
 Abram Pritzker    (businessman, Pritzker family, lawyer, billionaire) | |
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| Born | January 6, 1896 |
| Died | February 8, 1986 (Age 90) |
| Nationality | US |
| Alma mater | Harvard Law School |
| Siblings | • Jack Nicholas Pritzker • Harry Nicholas Pritzker |
| Member of | Pritzker family |
| Interests | • the Outfit • Sidney Korshak |
Founder of the Chicago Pritzker family fortune, with significant Mafia connections. | |
Abram Nicholas Pritzker was an American businessman and founder of the vast Pritzker family fortune.
According to author Gus Russo, funds and connections from the Chicago mafia (known as 'the Outfit') formed the foundation on which lawyer Abe Pritzker's family built the Hyatt hotel chain, functioning as "the clean face of a dirty business".[1]
Russo uses the term "Supermob" to describe a band of Jewish lawyers, politicians and businessmen who acted as cat's-paws for some of the Outfit's most ambitious scams. Russo described a gang of white-collar kingpins "as ruthless and tightly knit as a Mafia family". [2]
In the following decades, the Pritzker family shielded their earnings from taxes through a series of trusts, which enabled them to distribute the money as they chose.
Early life and education
Abram was the son of Ukrainian-Jewish immigrants Annie P. (née Cohn) and Nicholas J. Pritzker.[3][4] His father left Kyiv for Chicago in 1881 and worked first as a pharmacist and then, after graduating from DePaul University College of Law, as a lawyer.[5] His father wrote a small book that has been passed down the generations; the theme of the book is "Your only immortality is the impact you have on your successors."[5] Abram graduated from Harvard Law School.
Career
Abram joined his father's law firm, Pritzker & Pritzker, along with his brothers, Harry and Jack.[5] Harry specialized in criminal law, Abram (called Abe and later A.N.) specialized in business law, and Jack in real estate law.[6] In the 1930s, he left the law practice and branched out with his brother Jack, investing in real estate and small companies, mostly in the Chicago area.[5] Harry continued to run the law firm, which eventually became an in-house firm catering solely to the needs of the Pritzker family and its business.[5] The Pritzker brothers were very successful and amassed a considerable fortune.
A LAPD internal memo from Feb. 2, 1954 described him as:
Abe Pritzker, a Chicago attorney with offices at 134 N. LaSalle Street, which is the same address as that of Sidney Korshak's office, has been closely connected with members of the Capone syndicate...and other underworld characters. It is believed by the undersigned that Pritzker may be active locally, as a front for eastern hoodlum money to be invested in the Los Angeles area...'[7]
Personal life
Pritzker had three sons: Jay Pritzker, Robert Pritzker, and Donald Pritzker. His sons continued to grow the family business, eventually buying the Hyatt House hotel in Los Angeles in 1957 and forming the cornerstone of their hotel chain.
His son Robert created a conglomerate of a multitude of manufacturing companies that grew into the multibillion-dollar Marmon Group. Marmon was diversified to include manufacturing concerns ranging from lumber to railroad boxcars, and travel industry staples. It composed half of the family's wealth. On December 25, 2007, it was announced that Warren Buffett, through Berkshire Hathaway, would purchase 60% of the Marmon Group from the Pritzkers for $4.5 billion.[8]
The Pritzkers also own a large stake in Royal Caribbean. TransUnion was a subsidiary of The Marmon Group until January 2005, but is now an independent, privately held company.
One of his granddaughters is actress Liesel Pritzker. Another is former United States Secretary of Commerce Penny Pritzker. One of his grandsons is Daniel Pritzker, the founder of the Chicago band Sonia Dada. Another grandson, J.B. Pritzker was elected Democratic Governor of Illinois in November 2018 replacing Republican Bruce Rauner.
Philanthropy
Pritzker's philanthropic endeavors include funding the Pritzker School of Medicine at the University of Chicago. He also set up a trust fund for the A.N. Pritzker Elementary School, which he had attended when it was called the Wicker Park Elementary School.[9]
References
- ↑ https://www.sfgate.com/books/article/The-Mafia-s-shadow-men-2488161.php
- ↑ https://www.chicagotribune.com/news/ct-xpm-2006-09-24-0609220481-story.html
- ↑ https://www.nytimes.com/1999/01/25/business/jay-pritzker-who-built-chain-of-hyatt-hotels-is-dead-at-76.html?pagewanted=all
- ↑ https://books.google.com/books?id=RowMAQAAMAAJ&q=Annie+Cohn+Pritzker
- ↑ a b c d e Ford S. Worthy, THE PRITZKERS UNVEILING A PRIVATE FAMILY CNN Money April 25, 1988
- ↑ New York Times: "HOW THEY DEAL AND MULTIPLY" By Marylin Bender February 26, 1984
- ↑ quoted in https://coldcaseupdate.blogspot.com/2011/07/moneybags-behind-barack-obama-revealed.html
- ↑ New York Times: "Rapidly, Buffett Secures a Deal for $4.5 Billion" By Vikas Bajaj December 26, 2007
- ↑ https://web.archive.org/web/20090325084715/http://www.cpsalumni.org/about_school/628
