1 00:00:03,000 --> 00:00:05,040 Speaker 1: One of the best known business families in the United 2 00:00:05,080 --> 00:00:07,960 Speaker 1: States is the Pritzker family from Chicago. One of the 3 00:00:08,000 --> 00:00:10,640 Speaker 1: stars of that family is Penny Pritzker, who not only 4 00:00:10,640 --> 00:00:13,160 Speaker 1: built her own venture capital in real estate business, but 5 00:00:13,280 --> 00:00:16,439 Speaker 1: also serve as Secretary of Commerce under Barack Obama. I 6 00:00:16,520 --> 00:00:18,680 Speaker 1: recently sat down with her in Chicago to talk about 7 00:00:18,680 --> 00:00:21,280 Speaker 1: her extraordinary career and what she hopes to accomplish as 8 00:00:21,280 --> 00:00:23,920 Speaker 1: a role model for business leaders throughout the United States, 9 00:00:23,920 --> 00:00:27,200 Speaker 1: particularly women. Penny, you are a driven person. I think 10 00:00:27,200 --> 00:00:30,479 Speaker 1: it's fair to say, but very often you see people 11 00:00:30,480 --> 00:00:33,839 Speaker 1: who come from wealthy families as your family is, are 12 00:00:33,960 --> 00:00:35,839 Speaker 1: not quite as driven as you are. Where did you 13 00:00:35,880 --> 00:00:38,879 Speaker 1: get the drive to work so hard and never kind 14 00:00:38,880 --> 00:00:40,879 Speaker 1: of let up at all? You seem to be one 15 00:00:40,880 --> 00:00:44,080 Speaker 1: of the most driven people I've ever met coming from you. 16 00:00:44,159 --> 00:00:48,320 Speaker 1: That's a compliment, David. Thank you. You know, I grew 17 00:00:48,400 --> 00:00:51,040 Speaker 1: up in a family where I was taught by my 18 00:00:51,120 --> 00:00:54,880 Speaker 1: parents to who much has given, much is expected, and 19 00:00:55,440 --> 00:00:59,040 Speaker 1: I saw them really engage in building a business. I mean, 20 00:00:59,080 --> 00:01:02,440 Speaker 1: my mom and dad really partners with one another. My 21 00:01:02,520 --> 00:01:05,360 Speaker 1: dad was the CEO building a hotel company, and my 22 00:01:05,440 --> 00:01:09,080 Speaker 1: mom was really his right hand She was in charge 23 00:01:09,080 --> 00:01:11,920 Speaker 1: of every esthetic decision, and they were really host and 24 00:01:11,959 --> 00:01:15,920 Speaker 1: hostess together. It was a perfect business for them. And 25 00:01:16,120 --> 00:01:20,120 Speaker 1: I saw them find joy and purpose in being involved 26 00:01:20,160 --> 00:01:25,000 Speaker 1: in building, and I was really affected by that. And 27 00:01:25,440 --> 00:01:29,600 Speaker 1: they weren't just building a business, they were also part 28 00:01:29,600 --> 00:01:31,520 Speaker 1: of a new community. They had moved out to the 29 00:01:31,520 --> 00:01:36,640 Speaker 1: West Coast. They were building in there in our local community, 30 00:01:36,760 --> 00:01:40,559 Speaker 1: and so that motivated me. That inspired me, that sense 31 00:01:40,760 --> 00:01:45,240 Speaker 1: of having things where you're making a difference and creating opportunity. 32 00:01:45,680 --> 00:01:48,040 Speaker 1: Your family is one of the wealthiest families in the 33 00:01:48,120 --> 00:01:52,840 Speaker 1: United States currently, the Pritzker family, and you have your 34 00:01:52,880 --> 00:01:56,280 Speaker 1: grandfather had three sons, as I understand it, one is 35 00:01:56,360 --> 00:01:59,680 Speaker 1: Jay Pritzker, who was a very legendary dealmaker, One was 36 00:02:00,160 --> 00:02:03,600 Speaker 1: who was a very accomplished businessman and oversaw a lot 37 00:02:03,640 --> 00:02:06,880 Speaker 1: of large businesses that the family owned. And then your father, 38 00:02:07,160 --> 00:02:10,080 Speaker 1: who was the youngest, and he helped to run and 39 00:02:10,120 --> 00:02:16,280 Speaker 1: built a highatt hotels. So can you describe what happened? 40 00:02:16,280 --> 00:02:19,000 Speaker 1: Your father died tragically when he was thirty nine and 41 00:02:19,080 --> 00:02:22,040 Speaker 1: you were just thirteen. So what is it like. You're 42 00:02:22,040 --> 00:02:24,440 Speaker 1: in a wealthy family and you presumably have a lot 43 00:02:24,440 --> 00:02:27,240 Speaker 1: of advantages, but then your father dies when you're thirteen, 44 00:02:27,320 --> 00:02:29,679 Speaker 1: you have two younger brothers. What was that like and 45 00:02:29,840 --> 00:02:33,480 Speaker 1: how did your father die? So suddenly, my dad died 46 00:02:33,520 --> 00:02:39,240 Speaker 1: of a massive heart attack playing tennis, and it was 47 00:02:39,560 --> 00:02:44,280 Speaker 1: a massive blow to our family. You know, imagine the 48 00:02:44,320 --> 00:02:47,000 Speaker 1: first thirteen years of my life. I lived in a 49 00:02:47,040 --> 00:02:49,440 Speaker 1: family that was building a business. My mom and dad 50 00:02:49,480 --> 00:02:53,560 Speaker 1: were very involved. My mother was as active in the 51 00:02:53,639 --> 00:02:56,839 Speaker 1: business as my father, even though she wasn't paid. And 52 00:02:57,639 --> 00:03:01,200 Speaker 1: my father dies and all of that goes away. I mean, 53 00:03:01,200 --> 00:03:04,519 Speaker 1: our dinner table conversations had been about business, our travel 54 00:03:04,600 --> 00:03:09,519 Speaker 1: had been about building the company. It had really been 55 00:03:09,600 --> 00:03:13,839 Speaker 1: a huge part of our life. And more importantly, though, 56 00:03:13,919 --> 00:03:19,119 Speaker 1: my father was this warm, fun funny individual and just 57 00:03:20,720 --> 00:03:25,000 Speaker 1: you know, I was so close to him, and you know, 58 00:03:25,040 --> 00:03:30,000 Speaker 1: I have enormous sympathy for children who lose their parents. 59 00:03:30,480 --> 00:03:33,600 Speaker 1: It leaves a massive hole in your heart and your 60 00:03:33,600 --> 00:03:36,600 Speaker 1: life is instantly changed. So when you were younger, all 61 00:03:36,640 --> 00:03:38,760 Speaker 1: the story is that your father would take you on 62 00:03:39,000 --> 00:03:41,680 Speaker 1: visits to hotels and you would be the person that 63 00:03:41,720 --> 00:03:45,680 Speaker 1: would inspect the ladies rooms. Yes, is that true? Totally true? 64 00:03:45,880 --> 00:03:49,040 Speaker 1: We would go we are The business began as a 65 00:03:49,080 --> 00:03:54,960 Speaker 1: series of exterior corridor motels up and down the west coast, 66 00:03:55,440 --> 00:03:58,480 Speaker 1: and we would on Saturday mornings, we would go to 67 00:03:58,640 --> 00:04:01,040 Speaker 1: our motel and he would have me go into the 68 00:04:01,120 --> 00:04:03,040 Speaker 1: ladies room to make sure it was clean, and he'd 69 00:04:03,040 --> 00:04:04,640 Speaker 1: go in the men's room, and then we'd walk the 70 00:04:04,720 --> 00:04:07,880 Speaker 1: property and we talked to the general manager, and we 71 00:04:08,000 --> 00:04:11,320 Speaker 1: talked to the bellman. And you know, back then there 72 00:04:11,360 --> 00:04:14,760 Speaker 1: weren't big computers until, of course, we got the big 73 00:04:14,840 --> 00:04:19,359 Speaker 1: IBM computer, which probably took up the entire space of 74 00:04:19,440 --> 00:04:23,599 Speaker 1: this room. And it was, as I said, it was 75 00:04:23,640 --> 00:04:26,640 Speaker 1: really a family endeavor. Now in your family, the larger 76 00:04:26,680 --> 00:04:30,680 Speaker 1: Pritzker family, there were many business leaders, but most of 77 00:04:30,720 --> 00:04:33,240 Speaker 1: them were men, if not all of them. As a 78 00:04:33,320 --> 00:04:35,960 Speaker 1: young girl, you said to your grandfather, as I recall, 79 00:04:36,839 --> 00:04:39,760 Speaker 1: how come I can't be in the business world. What 80 00:04:39,839 --> 00:04:42,200 Speaker 1: did your grandfather say? And why were you so attracted 81 00:04:42,279 --> 00:04:44,440 Speaker 1: to business as opposed to other things? When I was 82 00:04:44,480 --> 00:04:48,120 Speaker 1: sixteen years old, it was my grandfather's eightieth birthday, and 83 00:04:48,240 --> 00:04:51,200 Speaker 1: my mother said, you can give your grandfather anything you 84 00:04:51,320 --> 00:04:53,599 Speaker 1: want for his birthday, and I wrote him a letter. 85 00:04:54,680 --> 00:04:56,880 Speaker 1: You know, what did you give your grandfather who seemed 86 00:04:56,880 --> 00:05:00,400 Speaker 1: to have everything? From where I stood and letter was 87 00:05:00,480 --> 00:05:03,240 Speaker 1: your grandpa. You know you are always talking to the the 88 00:05:03,440 --> 00:05:05,920 Speaker 1: boys in the family about business. Why don't you teach 89 00:05:06,000 --> 00:05:09,800 Speaker 1: me more about business? And I'll never forget the night 90 00:05:09,800 --> 00:05:13,080 Speaker 1: of his eightieth birthday party, he grabs me and takes 91 00:05:13,120 --> 00:05:15,680 Speaker 1: me out into the hallway, and he had my letter 92 00:05:15,760 --> 00:05:19,000 Speaker 1: in his pocket. It was on green stationary. I'll never 93 00:05:19,040 --> 00:05:22,520 Speaker 1: forget that. He pulls a letter out and he says, Penny, 94 00:05:22,680 --> 00:05:26,160 Speaker 1: I was born in eighteen ninety six. How am I 95 00:05:26,200 --> 00:05:31,360 Speaker 1: supposed to know girls are interested in business? But he said, 96 00:05:31,360 --> 00:05:34,279 Speaker 1: but if you are, come, spend several weeks this summer 97 00:05:34,360 --> 00:05:38,080 Speaker 1: with me and I'll teach you accounting. You have to remember, 98 00:05:38,160 --> 00:05:43,800 Speaker 1: my grandfather taught Arthur Anderson accounting. My grandfather believed that 99 00:05:43,880 --> 00:05:47,120 Speaker 1: accounting was the foundation of all business, and so this 100 00:05:47,240 --> 00:05:49,320 Speaker 1: was his way of saying, Okay, I'm going to help you. 101 00:05:49,760 --> 00:05:53,480 Speaker 1: So ten years after your father died in a sudden 102 00:05:53,520 --> 00:05:56,920 Speaker 1: heart attack, your mother died tragically as well. So at 103 00:05:56,920 --> 00:06:00,760 Speaker 1: the age of twenty three, you have two younger brothers 104 00:06:01,279 --> 00:06:05,360 Speaker 1: and no parents. So your job was to help raise 105 00:06:05,440 --> 00:06:09,400 Speaker 1: your younger brothers. Is that how you did it? You know, 106 00:06:09,600 --> 00:06:14,360 Speaker 1: we banded together after my dad died. My mom wasn't 107 00:06:14,480 --> 00:06:17,760 Speaker 1: very well, and so it was a tumultuous time for us, 108 00:06:18,360 --> 00:06:20,520 Speaker 1: and the three of us tried as best as we 109 00:06:20,600 --> 00:06:23,920 Speaker 1: could as young people to take care of each other. 110 00:06:24,080 --> 00:06:27,480 Speaker 1: You know, we were teenagers and you know, so it 111 00:06:27,520 --> 00:06:29,800 Speaker 1: was it was a complex time for all of us, 112 00:06:29,839 --> 00:06:35,000 Speaker 1: but we made it through and uh and try to 113 00:06:35,120 --> 00:06:37,919 Speaker 1: carry forward, you know, the values and the principles that 114 00:06:38,000 --> 00:06:40,880 Speaker 1: our parents taught us at a young age. Did your 115 00:06:40,880 --> 00:06:43,200 Speaker 1: brother say to you at the time, I'm going to 116 00:06:43,240 --> 00:06:45,719 Speaker 1: become governor of Illinois at some point? Did he said 117 00:06:45,760 --> 00:06:48,040 Speaker 1: that when he was a little boy. You know, my brother, 118 00:06:48,200 --> 00:06:52,080 Speaker 1: my younger brother, Um has always wanted to be in politics, 119 00:06:52,080 --> 00:06:56,520 Speaker 1: and he's a natural politician. He's extremely friendly, he's very bright, 120 00:06:56,640 --> 00:07:00,359 Speaker 1: and very capable, and he cares deeply about people. Is 121 00:07:00,520 --> 00:07:04,000 Speaker 1: enormous empathy. So I'm so proud of him that he's 122 00:07:04,360 --> 00:07:06,479 Speaker 1: become governor of Illinois. And I think he's doing a 123 00:07:06,520 --> 00:07:08,400 Speaker 1: heck of a job. Is he going to run for 124 00:07:08,440 --> 00:07:12,000 Speaker 1: presidents someday? I have no idea, but you know, I'm 125 00:07:12,040 --> 00:07:14,840 Speaker 1: just really thrilled with the job he's doing today. Okay, 126 00:07:14,920 --> 00:07:18,480 Speaker 1: so your family business is growing, and Jay Pritzker, your 127 00:07:18,560 --> 00:07:23,200 Speaker 1: uncle is considered one of the greatest dealmakers of the 128 00:07:23,200 --> 00:07:26,920 Speaker 1: twentieth century, and he built an incredibly big business empire. 129 00:07:27,960 --> 00:07:30,560 Speaker 1: When he passed away, it turned out that he said 130 00:07:30,680 --> 00:07:33,239 Speaker 1: he wanted three people to kind of run the family business. 131 00:07:33,680 --> 00:07:38,720 Speaker 1: Your cousin Tom Pritzker, your another cousin, Nick, and then you. 132 00:07:39,560 --> 00:07:41,920 Speaker 1: So there were three of you. Were you surprised that 133 00:07:41,920 --> 00:07:46,160 Speaker 1: that's what he wanted to do. I was flattered because 134 00:07:46,360 --> 00:07:48,960 Speaker 1: I was much younger, at least ten years younger than 135 00:07:49,040 --> 00:07:52,600 Speaker 1: my cousin Tom, and more younger than my cousin Nick. 136 00:07:53,320 --> 00:07:55,680 Speaker 1: But my uncle Jay and I had always had a 137 00:07:55,800 --> 00:08:00,760 Speaker 1: very special relationship. He frankly, my early career was very 138 00:08:00,840 --> 00:08:04,360 Speaker 1: much about being an entrepreneur and starting new businesses, and 139 00:08:04,400 --> 00:08:09,520 Speaker 1: I think he really admired that entrepreneurial nature as well 140 00:08:09,560 --> 00:08:14,360 Speaker 1: as my hard work. I think he was intrigued by 141 00:08:14,400 --> 00:08:16,520 Speaker 1: me as a woman. I mean, he'd not grown up 142 00:08:16,560 --> 00:08:19,720 Speaker 1: with women executives. In fact that when I showed up 143 00:08:19,720 --> 00:08:22,800 Speaker 1: at the office for the very first time, I was 144 00:08:22,840 --> 00:08:28,320 Speaker 1: the first woman who wasn't basically an assistant in the 145 00:08:28,400 --> 00:08:36,040 Speaker 1: office anywhere, And so I think he and I developed 146 00:08:36,080 --> 00:08:39,080 Speaker 1: a lot of mutual respect. He was a mentor to me, 147 00:08:39,200 --> 00:08:43,920 Speaker 1: and so I, you know, we ultimately that's not the 148 00:08:43,960 --> 00:08:46,440 Speaker 1: direction that we ended up going as a family, But 149 00:08:46,520 --> 00:08:55,160 Speaker 1: I was really I felt very flattered by his that gesture. 150 00:08:55,360 --> 00:08:57,880 Speaker 1: So ultimately, the three of you are running this large 151 00:08:57,960 --> 00:09:00,640 Speaker 1: family business, which is one of the larger family owned 152 00:09:00,679 --> 00:09:03,560 Speaker 1: businesses in the United States, and at one point a 153 00:09:03,679 --> 00:09:07,000 Speaker 1: cousin or several cousins said, we don't think that's fair. 154 00:09:07,120 --> 00:09:09,600 Speaker 1: We just want to break up the entire empire. Was 155 00:09:09,640 --> 00:09:12,800 Speaker 1: that devastating to you and the two cousins who are 156 00:09:12,800 --> 00:09:15,280 Speaker 1: helping you run the business, And why did you decide 157 00:09:15,400 --> 00:09:17,160 Speaker 1: let's just get out of this and we'll break up 158 00:09:17,200 --> 00:09:19,400 Speaker 1: everything and everybody will get their share. Was that a 159 00:09:19,440 --> 00:09:23,520 Speaker 1: hard decision to make, You know, it was a complicated decision, 160 00:09:23,559 --> 00:09:26,880 Speaker 1: but frankly, we made it relatively quickly because fundamentally people 161 00:09:26,920 --> 00:09:29,480 Speaker 1: don't want to be partners in business. They shouldn't be 162 00:09:29,520 --> 00:09:33,920 Speaker 1: partners in business. The complex part was it was like 163 00:09:33,960 --> 00:09:36,400 Speaker 1: a big spaghetti bowl in the middle of the table, 164 00:09:36,559 --> 00:09:42,000 Speaker 1: all intertwined, very complicated, and so to take spaghetti out 165 00:09:42,000 --> 00:09:44,880 Speaker 1: of the bowl and put spaghetti on everybody's plate, it 166 00:09:44,880 --> 00:09:47,839 Speaker 1: took us almost a decade to do it, and we 167 00:09:47,880 --> 00:09:51,080 Speaker 1: had to build at the same time we were dividing 168 00:09:51,160 --> 00:09:55,040 Speaker 1: things up. You couldn't be static. You know, if you're 169 00:09:55,040 --> 00:09:58,199 Speaker 1: static in business, you die, right, And so we had 170 00:09:58,240 --> 00:10:02,679 Speaker 1: to both build and vide, And so we took companies public, 171 00:10:02,720 --> 00:10:08,320 Speaker 1: we sold businesses, we merged, we did you know it 172 00:10:08,400 --> 00:10:13,440 Speaker 1: was it was like getting an additional PhD in business 173 00:10:13,840 --> 00:10:16,360 Speaker 1: that ten year period. Let me ask you about being 174 00:10:16,400 --> 00:10:19,800 Speaker 1: Secretary of Commerce. Yes, you're You're a very successful business 175 00:10:19,840 --> 00:10:24,520 Speaker 1: person in Chicago, very active and civic events and so forth. 176 00:10:24,600 --> 00:10:26,480 Speaker 1: And all of a sudden, if somebody you knew, Barack 177 00:10:26,480 --> 00:10:30,079 Speaker 1: Obama becomes President United States and in a second term 178 00:10:30,120 --> 00:10:32,120 Speaker 1: you became Secretary of Commerce. So why did you want 179 00:10:32,120 --> 00:10:35,920 Speaker 1: to uproot yourself moved to Washington for the second part 180 00:10:35,960 --> 00:10:39,240 Speaker 1: of his administration? And did you enjoy being Secretary of Commerce? 181 00:10:39,679 --> 00:10:42,319 Speaker 1: I loved being Secretary of Commerce. It was an honor 182 00:10:42,360 --> 00:10:45,319 Speaker 1: of a lifetime to serve our country and to serve 183 00:10:45,360 --> 00:10:51,679 Speaker 1: in his administration. You know, Obama and I have relatively 184 00:10:51,760 --> 00:10:54,800 Speaker 1: long history. I met him when my kids were five 185 00:10:54,880 --> 00:11:01,440 Speaker 1: and seven years old and their basketball coach at the 186 00:11:01,520 --> 00:11:07,040 Speaker 1: Lincoln Belmont. Why was Michelle Robinson's brother, Craig Robinson, and 187 00:11:07,160 --> 00:11:10,400 Speaker 1: I met Barack and Michelle when he was a state senator, 188 00:11:10,440 --> 00:11:12,920 Speaker 1: and I think she was working at the University of Chicago, 189 00:11:13,720 --> 00:11:17,120 Speaker 1: and so I had known them for a long time. 190 00:11:17,160 --> 00:11:23,800 Speaker 1: I knew what terrific individuals they were. And when Barrock 191 00:11:23,960 --> 00:11:26,760 Speaker 1: decided he was going to run for the presidency, he 192 00:11:26,920 --> 00:11:30,240 Speaker 1: contacted me in two thousand and six and said, would 193 00:11:30,240 --> 00:11:33,480 Speaker 1: you help me? Would you become my national finance chair? 194 00:11:33,520 --> 00:11:36,640 Speaker 1: Would you raise the money for me to run for president? 195 00:11:37,960 --> 00:11:40,400 Speaker 1: And I thought this was a crazy idea. I'd never 196 00:11:40,520 --> 00:11:44,240 Speaker 1: raised money on a national level for a presidential campaign. 197 00:11:44,240 --> 00:11:46,439 Speaker 1: I had no idea how you one did that. And 198 00:11:46,520 --> 00:11:48,680 Speaker 1: he said, no, no, I want you to do this role. 199 00:11:49,360 --> 00:11:53,880 Speaker 1: And I did, and it was but I really almost 200 00:11:53,920 --> 00:11:59,000 Speaker 1: said no. And what happened was I was sitting talking 201 00:11:59,040 --> 00:12:02,360 Speaker 1: to my husband after the evening that Brock had asked me. 202 00:12:02,679 --> 00:12:05,679 Speaker 1: He said to me, this is destiny knocking on the 203 00:12:05,720 --> 00:12:08,600 Speaker 1: door of our nation, and you've got to find a 204 00:12:08,640 --> 00:12:12,079 Speaker 1: way to help. And so that led me to get 205 00:12:12,120 --> 00:12:16,640 Speaker 1: involved in Barack's campaign. I was the eleventh person in 206 00:12:16,720 --> 00:12:20,800 Speaker 1: the campaign, and over the ensuing two years, we built 207 00:12:20,840 --> 00:12:23,640 Speaker 1: the equivalent of a fortune five hundred company. We went 208 00:12:23,679 --> 00:12:27,120 Speaker 1: from eleven people to three thousand people. That we were 209 00:12:27,160 --> 00:12:31,040 Speaker 1: paying and thousands of volunteers. We raised the most amount 210 00:12:31,040 --> 00:12:34,480 Speaker 1: of money ever for a presidential campaign. It was an 211 00:12:34,480 --> 00:12:40,080 Speaker 1: extraordinary experience. I didn't serve in the first term, but 212 00:12:40,200 --> 00:12:42,600 Speaker 1: when the President called me and asked me if I 213 00:12:42,640 --> 00:12:48,280 Speaker 1: would help him, he really felt that his relationship with 214 00:12:48,320 --> 00:12:54,120 Speaker 1: the business community was challenged, that he really needed a 215 00:12:54,520 --> 00:12:59,800 Speaker 1: Chief Commercial Officer for the United States and he wanted help. 216 00:13:01,200 --> 00:13:05,040 Speaker 1: You know, that's a call that everyone hopes that they get. 217 00:13:05,640 --> 00:13:08,240 Speaker 1: So when you're a friend of somebody becomes president, you 218 00:13:08,320 --> 00:13:11,120 Speaker 1: call him all the time, Barack, Barack Barack for many years. 219 00:13:11,559 --> 00:13:14,880 Speaker 1: When you're Secretary of Commerce and he's the president, it's 220 00:13:14,880 --> 00:13:17,319 Speaker 1: a different kind of relationship. Did it make it more 221 00:13:17,360 --> 00:13:19,800 Speaker 1: difficult for you to socialize with him? Or I assume 222 00:13:19,840 --> 00:13:22,520 Speaker 1: you stopped calling him baraqu But what was the relationship 223 00:13:22,559 --> 00:13:24,600 Speaker 1: like when you were Secretary of Commerce and he was president? 224 00:13:24,880 --> 00:13:27,560 Speaker 1: He was my boss, and in fact we talked about 225 00:13:27,600 --> 00:13:32,160 Speaker 1: it when he interviewed me for the job. He said 226 00:13:32,400 --> 00:13:37,760 Speaker 1: he really asked me point blank and whether I could 227 00:13:37,800 --> 00:13:40,800 Speaker 1: accept the idea. He said, Look, you've been a CEO, 228 00:13:41,000 --> 00:13:44,480 Speaker 1: You've made decisions. You know what running an organization is like, 229 00:13:44,920 --> 00:13:48,160 Speaker 1: He said, can you accept the fact that I'll listen 230 00:13:48,200 --> 00:13:51,160 Speaker 1: to all your arguments, but at the end of the day, 231 00:13:51,240 --> 00:13:55,000 Speaker 1: I'm the decision maker. And I said, mister President, of 232 00:13:55,040 --> 00:13:57,760 Speaker 1: course I can. And what I thought to myself is, 233 00:13:58,200 --> 00:14:01,440 Speaker 1: mister President, you've never worked in a family business. It's 234 00:14:01,440 --> 00:14:04,720 Speaker 1: a lot like that. So you were confirmed ninety seven 235 00:14:04,760 --> 00:14:07,320 Speaker 1: to one. Yes, there aren't that many people these days 236 00:14:07,360 --> 00:14:11,000 Speaker 1: confirmed that way, So were you surprised that the confirmation 237 00:14:11,120 --> 00:14:13,840 Speaker 1: took not that long compared to what some people might 238 00:14:13,880 --> 00:14:17,000 Speaker 1: have expected. And do you think Washington is more or 239 00:14:17,080 --> 00:14:20,160 Speaker 1: less broken these days because the Democrats Republicans can't really 240 00:14:20,200 --> 00:14:22,880 Speaker 1: agree to almost anything. You know, one of the nice 241 00:14:22,920 --> 00:14:27,400 Speaker 1: parts about commerces is bipartisan. And I worked really hard 242 00:14:27,560 --> 00:14:32,720 Speaker 1: during the process of confirmation to meet people across the 243 00:14:32,760 --> 00:14:38,120 Speaker 1: aisle and even folks who like a Ted Cruz, who 244 00:14:38,160 --> 00:14:41,920 Speaker 1: would have very little in common with Barack Obama, you know, 245 00:14:42,080 --> 00:14:44,680 Speaker 1: he and I saw Ey'd eye on what you know, 246 00:14:44,800 --> 00:14:47,680 Speaker 1: the Commerce Department could do, you know, for the state 247 00:14:47,680 --> 00:14:51,880 Speaker 1: of Texas. And so I really made it my business 248 00:14:52,080 --> 00:14:55,280 Speaker 1: to say I'm going to I will work for everyone 249 00:14:55,320 --> 00:15:00,560 Speaker 1: in Commerce in Congress, regardless of what party. And I 250 00:15:00,640 --> 00:15:03,480 Speaker 1: answered the phone and tried to help them solve problems. 251 00:15:03,840 --> 00:15:06,920 Speaker 1: Regardless of who called me. You were Secretary of Commerce 252 00:15:07,240 --> 00:15:09,920 Speaker 1: for almost four years. What are you most proud of 253 00:15:09,960 --> 00:15:12,600 Speaker 1: having achieved? You know, we did a number of things 254 00:15:12,600 --> 00:15:15,000 Speaker 1: that I'm really proud of. We laid one hundred thousand 255 00:15:15,040 --> 00:15:19,560 Speaker 1: miles of broadband. We revamped the Patent and Trademark Office. 256 00:15:19,840 --> 00:15:22,760 Speaker 1: We worked with Ukraine to help them. They really wanted 257 00:15:22,800 --> 00:15:25,800 Speaker 1: to turn from east to west and to attack and 258 00:15:25,920 --> 00:15:30,880 Speaker 1: address their corruption. You know, one of the things that 259 00:15:30,960 --> 00:15:35,520 Speaker 1: I did was, as it relates to it became really 260 00:15:35,520 --> 00:15:39,200 Speaker 1: obvious to me that the semiconductors, we were going to 261 00:15:39,240 --> 00:15:41,640 Speaker 1: have a problem in the United States with a shortage 262 00:15:41,640 --> 00:15:45,760 Speaker 1: of semiconductors. Also that we were going to really run 263 00:15:45,800 --> 00:15:51,400 Speaker 1: into a national security challenge because we were designing our 264 00:15:51,440 --> 00:15:56,360 Speaker 1: semiconductors but we weren't producing them. And so I galvanized 265 00:15:56,400 --> 00:16:00,560 Speaker 1: the department to write a report to the administration into 266 00:16:00,680 --> 00:16:04,080 Speaker 1: the federal government about this, and that actually turned out 267 00:16:04,080 --> 00:16:06,080 Speaker 1: to be the foundation of what became the Chips in 268 00:16:06,160 --> 00:16:09,680 Speaker 1: Science Act. Avrel Haynes, who was head of DNI, and 269 00:16:09,800 --> 00:16:12,280 Speaker 1: Ben Rhodes and others who were involved in the transition 270 00:16:12,280 --> 00:16:15,440 Speaker 1: to the Biden administration asked me about a number of 271 00:16:15,480 --> 00:16:18,520 Speaker 1: things for advice, and I said, you know, you got 272 00:16:18,560 --> 00:16:22,040 Speaker 1: to focus on the semiconductor challenge that we face, and 273 00:16:22,120 --> 00:16:24,880 Speaker 1: so we did a whole kind of things that have 274 00:16:25,040 --> 00:16:31,920 Speaker 1: had a huge amount of impact. With such a diverse department, 275 00:16:32,320 --> 00:16:34,520 Speaker 1: you get to be involved in a lot of different things. 276 00:16:34,720 --> 00:16:38,200 Speaker 1: At the end of the Obama administration, you came back 277 00:16:38,240 --> 00:16:42,840 Speaker 1: to Chicago and you restarted your family business PSP Partners, 278 00:16:43,240 --> 00:16:45,680 Speaker 1: and you got involved as well in a lot of philanthropy. 279 00:16:46,120 --> 00:16:48,640 Speaker 1: So what are the philanthropic interests that you and your 280 00:16:48,720 --> 00:16:51,840 Speaker 1: husband and your children most care about. Now, we're very 281 00:16:51,840 --> 00:16:56,080 Speaker 1: focused on Chicago. We think Chicago is it's our home, 282 00:16:56,520 --> 00:16:59,480 Speaker 1: it's a place we're very, very committed to. And we've 283 00:16:59,480 --> 00:17:04,800 Speaker 1: really chosen to focus our philanthropy in two areas. One 284 00:17:04,920 --> 00:17:09,920 Speaker 1: is investing in underinvested communities. So we started, for example, 285 00:17:10,119 --> 00:17:13,840 Speaker 1: of something called the Chicago Prize. We just awarded our 286 00:17:13,880 --> 00:17:17,320 Speaker 1: second Chicago Prize. It's a ten million dollar grant to 287 00:17:17,960 --> 00:17:21,720 Speaker 1: a part of the city that's been underinvested in and unfortunately, 288 00:17:21,960 --> 00:17:26,440 Speaker 1: our black and brown communities have had massive disinvestment. And 289 00:17:26,480 --> 00:17:30,640 Speaker 1: so the recent winner of the Chicago Prize is West 290 00:17:30,720 --> 00:17:34,880 Speaker 1: Garfield Park and that's a community that has not had 291 00:17:35,000 --> 00:17:39,480 Speaker 1: any investment for fifty years. There's seventeen thousand people that 292 00:17:39,520 --> 00:17:43,560 Speaker 1: live in that neighborhood. They don't have any healthcare. And 293 00:17:43,680 --> 00:17:47,639 Speaker 1: so in partnership with RUSH and with Erie, which is 294 00:17:47,680 --> 00:17:54,760 Speaker 1: a great federally qualified health clinic, we're building and creating 295 00:17:54,800 --> 00:17:59,120 Speaker 1: both a health clinic, community services, and hopefully there will 296 00:17:59,160 --> 00:18:02,760 Speaker 1: be a new grocery store in that community. Our goal 297 00:18:03,119 --> 00:18:05,760 Speaker 1: in develop in investing in these types of communities the 298 00:18:05,760 --> 00:18:08,760 Speaker 1: first Chicago Prize went to Auburn Gresham, is to be 299 00:18:08,800 --> 00:18:16,560 Speaker 1: a catalyst for additional investment in really these underserved communities. 300 00:18:16,840 --> 00:18:20,399 Speaker 1: The other areas workforce in skills development that we're really 301 00:18:20,440 --> 00:18:23,359 Speaker 1: interested in helping people get the skills they need to 302 00:18:23,359 --> 00:18:26,880 Speaker 1: be successful. So you now have PSP partners and you're 303 00:18:27,400 --> 00:18:31,960 Speaker 1: running making investments, and among other things, you're building real 304 00:18:32,080 --> 00:18:35,399 Speaker 1: estate companies, and you're doing things with other women. In 305 00:18:35,440 --> 00:18:37,400 Speaker 1: some cases you build a company form in real estate 306 00:18:37,400 --> 00:18:40,920 Speaker 1: with another woman. Is important to you to have women 307 00:18:40,960 --> 00:18:42,560 Speaker 1: in business and are you trying to be a role 308 00:18:42,600 --> 00:18:44,600 Speaker 1: model and have you trying to be a role model 309 00:18:44,600 --> 00:18:47,359 Speaker 1: for women in the business world. Well, I think it's 310 00:18:47,359 --> 00:18:51,600 Speaker 1: really important to have diverse voices at the table absolutely, 311 00:18:51,600 --> 00:18:55,880 Speaker 1: no matter what you're doing and in business, particularly because 312 00:18:56,400 --> 00:19:01,600 Speaker 1: most consumers are women. Also, I have built two businesses 313 00:19:02,160 --> 00:19:06,160 Speaker 1: in partnership with women. We started the first, this is unbelievable. 314 00:19:06,640 --> 00:19:10,760 Speaker 1: Thirteen years ago. My partner, Deb Harmon and I started 315 00:19:10,800 --> 00:19:14,040 Speaker 1: the first woman owned real estate private equity firm in 316 00:19:14,080 --> 00:19:17,160 Speaker 1: the United States. It's hard to believe. Thirteen years ago 317 00:19:17,200 --> 00:19:22,960 Speaker 1: there wasn't one. Today, we're we compete a little bit 318 00:19:23,000 --> 00:19:26,840 Speaker 1: with Carlyle. We're much smaller than Carlyle, but we compete 319 00:19:26,880 --> 00:19:31,000 Speaker 1: sometimes with Carlyle. But we've built a real firm and 320 00:19:31,280 --> 00:19:36,240 Speaker 1: one of our ambitions with the firm my partner Deb 321 00:19:36,280 --> 00:19:38,840 Speaker 1: and I. At the time, we'd each been more than 322 00:19:38,880 --> 00:19:42,040 Speaker 1: twenty years in real estate. Real estate's a very male 323 00:19:42,160 --> 00:19:46,560 Speaker 1: dominated field. One of our missions was to be excellent 324 00:19:46,640 --> 00:19:50,280 Speaker 1: and superb, to deliver great returns to our investors, but 325 00:19:50,400 --> 00:19:56,680 Speaker 1: also to help diversify our industry. Recently, you've been selected 326 00:19:56,720 --> 00:19:59,760 Speaker 1: as the first woman in Harvard's nearly four hundred year 327 00:20:00,560 --> 00:20:02,639 Speaker 1: to be effectively the chairman of the board of Harvard. 328 00:20:03,119 --> 00:20:05,360 Speaker 1: So how do you have time for that and why 329 00:20:05,359 --> 00:20:07,560 Speaker 1: were you so committed and interested in doing that job? 330 00:20:07,600 --> 00:20:10,920 Speaker 1: Which is a very very time consuming position. Well, first 331 00:20:10,960 --> 00:20:12,960 Speaker 1: of all, Harvard is near and dear to my heart. 332 00:20:13,040 --> 00:20:15,560 Speaker 1: I went to college there, and I went to college 333 00:20:15,600 --> 00:20:19,840 Speaker 1: at a tumultuous time in my life, and it really 334 00:20:19,840 --> 00:20:23,359 Speaker 1: served a very grounding as a very grounding place for me. 335 00:20:23,680 --> 00:20:26,679 Speaker 1: I met all kinds of people that have really influenced 336 00:20:26,720 --> 00:20:31,359 Speaker 1: my life. I have dear, dear friends from my experience 337 00:20:31,400 --> 00:20:36,680 Speaker 1: at Harvard, and I think higher education is under attack, 338 00:20:37,320 --> 00:20:42,600 Speaker 1: and I like a challenge. And frankly, after three hundred 339 00:20:42,600 --> 00:20:44,760 Speaker 1: and eighty six years, is about time they had a 340 00:20:44,760 --> 00:20:48,480 Speaker 1: woman leading, and so I felt also a call to 341 00:20:48,600 --> 00:20:51,639 Speaker 1: rise to that occasion. Harvard Corporation is the twelve people 342 00:20:51,680 --> 00:20:54,359 Speaker 1: that more or less run Harvard. It's like a board 343 00:20:54,760 --> 00:20:57,160 Speaker 1: and you're a senior fellow or the chair of it. 344 00:20:58,160 --> 00:21:02,080 Speaker 1: What do you really do during that efforts? As a 345 00:21:02,119 --> 00:21:05,080 Speaker 1: senior fellow, what is your responsibility? Well, David, as you know, 346 00:21:05,160 --> 00:21:08,679 Speaker 1: because you're serve on the corporation with me, we're a 347 00:21:08,720 --> 00:21:12,200 Speaker 1: board really of we have two roles. We really advise 348 00:21:12,359 --> 00:21:16,480 Speaker 1: the president and the senior leadership of the university on 349 00:21:17,080 --> 00:21:22,000 Speaker 1: very significant issues that are affecting either the schools or 350 00:21:22,359 --> 00:21:27,880 Speaker 1: the university at large. Were involved in financial decisions, were 351 00:21:27,920 --> 00:21:35,760 Speaker 1: involved in governance decisions during COVID, lots of major topics 352 00:21:35,800 --> 00:21:39,600 Speaker 1: that we worked with the university on. So we have 353 00:21:39,800 --> 00:21:43,840 Speaker 1: the fiduciary duty as the corporation. The senior fellow is 354 00:21:43,840 --> 00:21:47,920 Speaker 1: the leader of the corporation. It's like a lead independent director, 355 00:21:47,960 --> 00:21:55,119 Speaker 1: if you will. And it's a you know, Harvard, like 356 00:21:55,280 --> 00:21:59,159 Speaker 1: the University of Chicago, like many many of our significant 357 00:21:59,240 --> 00:22:02,840 Speaker 1: universities in this country. They're very important to the success 358 00:22:02,920 --> 00:22:06,639 Speaker 1: of our country and it's important that these institutions thrive. 359 00:22:07,400 --> 00:22:15,280 Speaker 1: And I find it very stimulating to try and be 360 00:22:15,359 --> 00:22:20,119 Speaker 1: a good advisor and thought partner to the leadership of 361 00:22:20,160 --> 00:22:23,760 Speaker 1: a university. So some people have suggested that you would 362 00:22:23,760 --> 00:22:26,720 Speaker 1: be a candidate, a good candidate for the United States 363 00:22:26,720 --> 00:22:29,399 Speaker 1: Senate or the presidency itself. Have you ever thought of 364 00:22:29,480 --> 00:22:31,800 Speaker 1: running for anything like that. No, I don't think I 365 00:22:32,160 --> 00:22:35,200 Speaker 1: would be a good politician. I think I'm a good 366 00:22:36,280 --> 00:22:38,399 Speaker 1: leader and manager, but I'm not sure i'd be a 367 00:22:38,400 --> 00:22:41,960 Speaker 1: good politician. Well, suppose somebody gets elected president who's a 368 00:22:42,000 --> 00:22:44,840 Speaker 1: Democrat and says I'd like you to come back in 369 00:22:44,920 --> 00:22:48,440 Speaker 1: government as Secretary of Treasury or Secretary of State or something. 370 00:22:48,480 --> 00:22:50,880 Speaker 1: Would you go back in government. I would never rule 371 00:22:50,920 --> 00:22:54,520 Speaker 1: out serving my country, but I'm really excited about what 372 00:22:54,560 --> 00:22:58,160 Speaker 1: I'm doing today in business, in philanthropy. Suppose somebody says 373 00:22:58,200 --> 00:23:01,240 Speaker 1: I want to be Penny Pritzker, a younger says, I 374 00:23:01,280 --> 00:23:06,080 Speaker 1: like what she's done business, government, family, philanthropy. How do 375 00:23:06,200 --> 00:23:08,920 Speaker 1: you tell somebody they can achieve what you've done? Is 376 00:23:08,960 --> 00:23:12,720 Speaker 1: it working hard, studying hard, getting along with people. What 377 00:23:12,760 --> 00:23:15,280 Speaker 1: are the skill sets that you think are most important. Well, 378 00:23:15,320 --> 00:23:17,239 Speaker 1: I think one of the most important things to do 379 00:23:17,320 --> 00:23:20,760 Speaker 1: is to recognize that life is a team sport and 380 00:23:20,840 --> 00:23:24,080 Speaker 1: that you can't do anything alone. And it's important to 381 00:23:24,080 --> 00:23:27,800 Speaker 1: be surrounded by people are good at the things you're 382 00:23:27,840 --> 00:23:29,800 Speaker 1: not good at, and good at the things you are 383 00:23:29,840 --> 00:23:34,879 Speaker 1: good at, but also surrounded by diverse voices and diversity 384 00:23:34,880 --> 00:23:37,080 Speaker 1: of all types. And I really got to see that 385 00:23:37,240 --> 00:23:41,080 Speaker 1: in government. I think the second thing that's important is 386 00:23:43,480 --> 00:23:47,800 Speaker 1: to have an open mind, to be curious, to have 387 00:23:47,840 --> 00:23:53,479 Speaker 1: a growth mindset, to listen and to be constantly learning 388 00:23:53,520 --> 00:23:58,600 Speaker 1: and growing. And then I think it's important to be 389 00:23:58,720 --> 00:24:06,439 Speaker 1: empathetic and you know, to care about humanity. Thanks for 390 00:24:06,480 --> 00:24:09,320 Speaker 1: listening to hear more of my interviews. You can subscribe 391 00:24:09,320 --> 00:24:13,520 Speaker 1: and download my podcast on Spotify, Apple, or wherever you listen.