JB Pritzker considering gubernatorial bid
Wednesday, Nov 16, 2016 - Posted by Rich Miller
* Shia Kapos…
J.B. Pritzker, once rumored to be in line for a Cabinet job in a Hillary Clinton presidency, has been approached by Democratic leaders about running for Illinois governor.
The Chicago venture capitalist is a billionaire and wouldn’t be burdened by financial concerns in competing with Gov. Bruce Rauner, another wealthy Chicago businessman. Rauner spent $65.3 million to become governor in 2014. Money like that could scare off some opponents but not Pritzker, who Forbes lists as having a $3.4 billion net worth. […]
I hear Pritzker is considering the idea because he sees Rauner as failing in his job to manage the state. Pritzker is an active and vocal philanthropist particularly concerned about early-childhood education and is especially sensitive to how Rauner’s leadership is affecting under-served communities.
Pritzker hasn’t said yes — or no — to running in 2018. He may be considering how a political campaign might affect his family. He and his wife, M.K., have a son and daughter, both school age. Pritzker is a familiar face at his daughter’s cross country meets.
He and Chris Kennedy aren’t particularly close, so we’ll see how this plays out. But as I’ve already told subscribers Kapos is right that he is considering a bid after being approached by top Dems.
- wordslinger - Wednesday, Nov 16, 16 @ 9:03 am:
Inevitable that his name would pop up, given the unprecedented change on the money scene with Rauner.
The message is: if you can’t run, send money. Griff-like money.
- Gruntled University Employee - Wednesday, Nov 16, 16 @ 9:03 am:
Fight fire with fire, or in this case Money with Money. Me thinks this could work.
- out of it - Wednesday, Nov 16, 16 @ 9:04 am:
Glad to hear that a socially responsible, compassionate billionaire is considering a run for Governor. Sad to realize that it takes a billionaire to run a competitive race.
- A guy - Wednesday, Nov 16, 16 @ 9:05 am:
He’ll do just fine from the GOP side of the equation. He’s a wealthy guy and a nice guy. He’s not tough in the sense that you need to be tough for a race like this. Toss him in there.
- Oswego Willy - Wednesday, Nov 16, 16 @ 9:06 am:
I have my eye on one, and one only, on the Democratic side for governor. That hasn’t changed with this “revelation”
The real test will be if Diana Rauner gets any of the Prirzkers to bail out The Ounce again with $5 million for Bruce and Diana’s plan to hurt social services to destroy unions.
If Diana gets bailed out, again, and there’s nothing made of it, then I’ll see that as this Pritzker enjoying the Democrats courting him. If there is blowback as to why these donations are made in a crisis Bruce Rauner wants and created, then this Pritzker will have my attention.
Until then, only one has my attention, just one. We’ll see how this goes from now on.
“We’ll see… “
- Linus - Wednesday, Nov 16, 16 @ 9:06 am:
If you start seeing JB sportin’ leather vests and roarin’ around the Loop in his Harley - bank on a run.
- Boone's is Back - Wednesday, Nov 16, 16 @ 9:10 am:
So this is what politics has become? You have to be a billionaire to run. Campaign finance reform has to be seriously reconsidered in this country.
- Rich Miller - Wednesday, Nov 16, 16 @ 9:12 am:
===Campaign finance reform has to be seriously reconsidered in this country. ===
Didja sleep through last week?
Asking for a friend…
- Meh - Wednesday, Nov 16, 16 @ 9:14 am:
Agree with above, this is setting bad precedent for non-uber wealthy individuals from running/or playing a major role.
To the post, don’t know much about JB. But he seems interesting.
Also, there’s other amazing early education organizations JB can engage. Just saying.
- RaunerTrump - Wednesday, Nov 16, 16 @ 9:20 am:
JB is a smart and decent person who really cares about people. I think he would be great for this state AND I would love to see him kick Rauner’s ass.
- The Muse - Wednesday, Nov 16, 16 @ 9:21 am:
I’m weary of this… Another billionaire who I’m sure understands the struggles of everyday working folks. But “billionaire outsider” worked a few years ago and this year so I guess we will see what happens.
- siriusly - Wednesday, Nov 16, 16 @ 9:23 am:
He would be a very good candidate. Traditional Dems who thought Quinn was incompetent, corrupt or lazy will be pleased to see that JB is smart, hard working and very good.
I think he would be slightly favored against Rauner, ONLY if he commits enough money and hires the right people - like you said Rich.
- David - Wednesday, Nov 16, 16 @ 9:25 am:
Total family wealth for the 13 Pritzgers is 30 billion from July Forbes last year. Only downstate billionaire or billionaire family is the Tracys at 1.5 or about 20 million a Tracy.
- The Captain - Wednesday, Nov 16, 16 @ 9:25 am:
At what point does Labor realize they’re the ones getting played here? Labor’s number one priority next cycle is going to be the Governor’s race and there are some people who don’t want to see all the labor contributions shifted that way, it’s pretty obvious who keeps pushing/leaking these rich guys and why.
- Magic carpet ride - Wednesday, Nov 16, 16 @ 9:26 am:
Maybe the dems can salvage one blue state with a trump presidency.
- Team Sleep - Wednesday, Nov 16, 16 @ 9:27 am:
Boone’s - typically I would agree with you. But unless and until SCOTUS overturns “Citizens United” then I think your concern is more wishful thinking.
Mr. Pritzker is free to run. Would he be willing to get down-and-dirty? Or is this more of a vanity campaign?
Rich’s write-up in the subscriber edition is spot on. Rauner has come in and not just spent money. He has spent his money wisely - or at least more wisely than other past wealthy candidates.
- Boone's is Back - Wednesday, Nov 16, 16 @ 9:28 am:
===Didja sleep through last week==
No sleep. I was awoken intermittently with night sweats knowing that our next President would be Donald J. Trump and that our geriatric Justices have to cling on for dear life for the next four years….
- Anonymous - Wednesday, Nov 16, 16 @ 9:32 am:
So they want to replace a guy they tried to claim was bad because he was a venture capitalist 1%er…with a venture capitalist who is a .01%er. I thought that was all a bad thing?
- Oswego Willy - Wednesday, Nov 16, 16 @ 9:35 am:
===So they want to replace a guy they tried to claim was bad because he was a venture capitalist 1%er…with a venture capitalist who is a .01%er. I thought that was all a bad thing?===
Rauner has been shown to be utterly heartless.
If Pritzker shows ANY type of heart and concern for the people of Illinois, that would defintely be a huge difference…
- out of it - Wednesday, Nov 16, 16 @ 9:36 am:
How many billionaire families in Illinois? Just trying to figure out how large the potential governor pool might be.
- Boone's is Back - Wednesday, Nov 16, 16 @ 9:38 am:
The dems don’t have to match Rauner’s spending, they just have to raise enough to compete. I think the “everyday people” candidate will fare better than another 1%.
We’ll see how these next two years go I guess though.
- Rich Miller - Wednesday, Nov 16, 16 @ 9:48 am:
=== I think the “everyday people” candidate will fare better than another 1%. ===
And that would be… ?
- Oswego Willy - Wednesday, Nov 16, 16 @ 9:53 am:
Can’t beat $100+ million and an incumbent with nobody…
I guessing by March 2017… we’ll see who, the actual who, is going to not be a “nobody”
- Ducky LaMoore - Wednesday, Nov 16, 16 @ 9:58 am:
While it is disheartening that it looks like one way or another the Illinois governor is going to be a billionaire, all I am interested in from the Dems is results. Hopefully, whether he runs or not, there is somebody who can (and does) beat Rauner.
- Stark - Wednesday, Nov 16, 16 @ 10:02 am:
Not knocking JB’s success, but it’s embarrassing the nation’s 5th largest state can’t nominate someone who actually hangs around people making less than $50,000 a year to the Governorship - that’s a knock on both parties. Just an observation, yes it’s difficult for the Dems to find other candidates.
- hisgirlfriday - Wednesday, Nov 16, 16 @ 10:04 am:
Not really excited about my party having to turn even harder toward limousine liberals for support and just hoping they turn out like FDR.
Rauner is a heartless plutocrat but people fall for his Carhartt, hunting, & Harley riding cultural signifiers.
In looking up things on JB, I hope his wife being from South Dakota might give him a little perspective outside the North Shore bubble.
Any long-timers, have memories to share from his primary race against Schakowsky in ‘98?
- hisgirlfriday - Wednesday, Nov 16, 16 @ 10:05 am:
Anyone else wish Jason Kander would move to Belleville or something?
- JS Mill - Wednesday, Nov 16, 16 @ 10:09 am:
I know the Pritzker name but know nothing about the JB at all.
Does anyone know if he is similar in outlook to Minnesota Governor Mark Dayton, without as much political experience?
If that were the case, that might be a winner.
- Roman - Wednesday, Nov 16, 16 @ 10:18 am:
Wrong Pritzker. Penny would make more sense.
- SAP - Wednesday, Nov 16, 16 @ 10:21 am:
Let’s see if he passes the elevator test.
- *...* - Wednesday, Nov 16, 16 @ 10:21 am:
The everyday people candidate would be Dart…
- X-prof - Wednesday, Nov 16, 16 @ 10:24 am:
===So they want to replace a guy they tried to claim was bad because he was a venture capitalist 1%er…with a venture capitalist who is a .01%er.===
I’ve put this point off for a long time, but it’s time to get on it.
There are two main types of private equity operations: venture capital and leveraged buy outs. They are both about making a lot of money, but they are not the same. Venture capitalists (e.g., Pritzker) provide capital and business know-how to people, say a nerdy professor, who lack those assets but might have a great idea destined to be the next big thing. Picking the next big thing isn’t easy and it’s risky. They are not necessarily saints, but a venture capitalist’s objective is to make money by helping to grow a new industry and thereby create jobs.
A leveraged buy out involves searching for an existing, typically struggling, business whose market value is less than it’s worth if you shut it down and sell off it’s assets (like a jalopy that is worth more scrapped for parts than it is as a working vehicle). Occasionally, an attempt will be made to keep a company intact and improve it’s value by better management, union-busting, etc. (a so-called turn around!) but more often the goal is to declare bankruptcy, shut the company down, thereby putting people out of work and killing their pensions. LBOs do take business and legal skills, but if the LBO team gets the numbers right, there is not as much risk as in venture capital.
Can you guess which type of private equity operation Rauner practiced?
I lack complete knowledge of all of Rauner’s deals, but my impression is that venture capital was not his game. If someone knows examples where Rauner acted as a venture capitalist, I would like to know. Otherwise, let’s stop calling him a venture capitalist; that’s unfair to real VCs and disguises the negative impacts of Rauner’s career on people and communities.
- up2now - Wednesday, Nov 16, 16 @ 10:41 am:
Our gazillionaire is better than your gazillionaire.
- Anon221 - Wednesday, Nov 16, 16 @ 10:50 am:
X-prof- Like your analysis. Rauner self-describes himself as a venture capitalist in interviews. Some of us on CF have replaced the venture for vulture, myself included.
- Night Rider - Wednesday, Nov 16, 16 @ 10:54 am:
I don’t mean to discount the man for being a billionaire, and I know he’s committed to the right causes, but I really hope the Dems don’t nominate him. We need his resources, but I want someone who is more in touch with what it’s like to be middle class. Perhaps a majority of voters won’t care (we have Rauner and Trump, after all), but I think it’s a mistake to elect the richest of the rich.
- Norseman - Wednesday, Nov 16, 16 @ 11:06 am:
WANTED
Uber rich guy to run for governor as the Democratic nominee. Must have thick skin, be willing to spend freely and capable of memorizing speeches. The ability to intelligently respond to questions is a plus. Successful applicants will be asked to put a $30 million deposit in their campaign fund. More money will definitely be required.
- ILGOV2018 - Wednesday, Nov 16, 16 @ 11:22 am:
I am a “regular guy” who is willing to run against Rauner.
- Loop Lady - Wednesday, Nov 16, 16 @ 11:24 am:
Either he runs or financially backs whoever does…the new reality…
- Honeybear - Wednesday, Nov 16, 16 @ 11:26 am:
X-Prof—How low do I bow to you in gratitude? Thank you for your correction! Leveraged Buyout Artist it is! You have sharpened the point of my spear! Thank you brother/sister! I can do a much better job with this point!
- Saluki - Wednesday, Nov 16, 16 @ 11:57 am:
Illinois: Where the Billionaires do the dancing, while the poor man plays in the band….
- Oswego Willy - Wednesday, Nov 16, 16 @ 12:00 pm:
- Norseman -
Let me know who applies. Your ad hopefully will entice… “somebody”…
- scott aster - Wednesday, Nov 16, 16 @ 12:06 pm:
He should run for Mayor and clean up this mess at City Hall and CPS.
- A guy - Wednesday, Nov 16, 16 @ 12:18 pm:
==Either he runs or financially backs whoever does…the new reality…===
He won’t do the first, and he’ll be more modest than anyone here would prefer with the second.
His race against Jan S. left a scar. It’s a paper cut compared to what he’d get here. Few Tycoons have the appetite for this.
- Oswego Willy - Wednesday, Nov 16, 16 @ 12:31 pm:
===He won’t do the first, and he’ll be more modest than anyone here would prefer with the second.
His race against Jan S. left a scar.===
Please cite where your insight come from?
Thanks
- wordslinger - Wednesday, Nov 16, 16 @ 12:31 pm:
–He won’t do the first, and he’ll be more modest than anyone here would prefer with the second.–
You two must be tight for you to be so tuned into his thoughts and future actions.
- A guy - Wednesday, Nov 16, 16 @ 12:56 pm:
==You two must be tight for you to be so tuned into his thoughts and future actions.===
Not too tight, but…tight enough. Just watch.
- wordslinger - Wednesday, Nov 16, 16 @ 1:02 pm:
–Not too tight, but…tight enough. Just watch.–
LOL.
“Just watch” was what you said when you claimed that Trump was selling in the suburbs.
- A guy - Wednesday, Nov 16, 16 @ 1:17 pm:
==when you claimed that Trump was selling in the suburbs.===
He was selling just fine in the suburbs I was in. BTW, he won. I claimed that too. And AA (specifically AA women) vote totals were down significantly here and elsewhere. I claimed that too.
I vaguely remember a lot of slings and arrows my way when I stated I was a precinct captain and I would support our nominee. And I did. Among others. Against huge headwinds, we took 2 seats back on the Dupage County Board and held serve everywhere else. Our board is unanimously GOP again. It’s been a while for that.
Nearly snagged a IL Senate seat too. Cleanup in Aisle 2018 for that one.
Where did you have coffee on Election Day?
- Mittuns - Wednesday, Nov 16, 16 @ 1:26 pm:
Pritzker is a Venture Capitalist and Rauner is a Vulture capitalist. One picks the technology and businesses of the future, the other picks the bones of devastated families and communities.
- Soccermom - Wednesday, Nov 16, 16 @ 1:34 pm:
I would be proud to work for JB or any other Democrat with the heart to fight Rauner and his heartless anti-Illinois agenda.
- Loop Lady - Wednesday, Nov 16, 16 @ 1:35 pm:
You.Go.Mittuns.
- David - Wednesday, Nov 16, 16 @ 1:37 pm:
The Pritzgers do like to collect business not liquidate them.There is only one billionaire family downstate and they have a state Senate seat. I think there are about 8 other non Pritzger billionaires in the Chicago area. Griffen is The richest in with Rauner. Among the centimillionaires the Duchissouis family has always been active…Our giant public companies have baying degrees of involvement. us mere millionaires well we are not much
- Big bucks - Wednesday, Nov 16, 16 @ 1:48 pm:
Regarding Illinois billionaires… at least six of them are individual Pritzkers.
- oneman - Wednesday, Nov 16, 16 @ 2:24 pm:
Just so I get this right…
Republican rich guys bad
Democratic rich guys good?
Just wanted to be sure
- Oswego Willy - Wednesday, Nov 16, 16 @ 2:55 pm:
- Oneman -
Rauner is a Raunerite.
Rauner’s own heartlessness is the measure for Democrats and Republicans.
It’s not Republicans or Democrats, it’s Rauner as the bar.
- VanillaMan - Wednesday, Nov 16, 16 @ 3:11 pm:
The Democratic candidate has to be a sincere populist able to be real with working class. No high-falutin speech. Wealth doesn’t matter.
Rauner has the right image with his g-dropping dorkness. The Democrats have to find someone similar.
- Chicago Cynic - Wednesday, Nov 16, 16 @ 3:12 pm:
It’s not about the money. It’s about the character.
- X-prof - Thursday, Nov 17, 16 @ 10:51 am:
I’m OK with vulture capitalist as political shorthand for Rauner’s ilk, even though it plays on an unfair prejudice against the birds. Vultures are “green” birds that feed on and recycle carcasses; they don’t harm other living creatures.