Obama nominee Penny Pritzker’s $80 million mistake (Have you ever made $80 million income error?)

Washington Post ^ | 05/22/2013 | Emily Heil

[Second Amendment First]

Hey, these things happen: Penny Pritzker, President Obama’s nominee to lead the Commerce Department, understated her income by some $80 million and had to file a correction to her government-filed disclosures, Bloomberg is reporting.

That might sound like a lot of money, but it’s all relative. Pritzker, whose family founded the Hyatt hotel chain, is worth about $1.5 billion. So it’s easy to see how a few million — or 80 — could go missing.

Maybe she left it in the other purse?

A spokeswoman told Bloomberg that the $80 million was “a substantial amount” and that Pritzker’s advisers corrected the error as soon as they realized it.

[Second Amendment First]

I wonder if she made similar rounding errors on her income taxes? Were her accountants former IRS agents?

[nascarnation]

Were her accountants former IRS agents?

I hear she uses "Geithner Tax Prep and Money Creation Service"

[Zuben Elgenubi]

Head of the Commerce Department? H*ll, with credentials such as this, she should follow “Turbo Tax” Tim Geithner over at Treasury!!!

[GeorgeWashingtonsGhost]

Hey, that’s the same amount of money Hillary spent on an Embassy that we abandoned because it was to dangerous to be there. Hillary’s naivete cost LIVES AND MILLIONS $$$$.

[I want the USA back]

All is forgiven if you bow down and worship the new messiah.

[Uncle Miltie]

But “Patriots” have to account for all their acquaintances.

[Sopater]

You.. can be a millionaire.. and never pay taxes! You can be a millionaire.. and never pay taxes! You say.. "Steve.. how can I be a millionaire.. and never pay taxes?" First.. get a million dollars. Now.. you say, "Steve.. what do I say to the tax man when he comes to my door and says, 'You.. have never paid taxes'?" Two simple words. Two simple words in the English language: "I forgot!" How many times do we let ourselves get into terrible situations because we don't say "I forgot"? Let's say you're on trial for armed robbery. You say to the judge, "I forgot armed robbery was illegal." Let's suppose he says back to you, "You have committed a foul crime. you have stolen hundreds and thousands of dollars from people at random, and you say, 'I forgot'?" Two simple words: Excuuuuuse me!!"

[txhurl]

We were just talking about Pritzker the other day vis-a-vis VJ.

Article makes it sound like her accountant found the error, not the IRS. Then how did this get into the news? Do all gazillionaires rat out their accounting teams’ mistakes?

[richmwill]

A family member of mine made a disastrous error that cost his company six figures. He’s still looking for a job.

[VRW Conspirator]

Oops, my bad.

[PieterCasparzen]

This is just about a disclosure form for her nomination to Secretary of Commerce.

It’s not about tax; taxes were all paid.

The person(s) who filled out the form / gathered the data for her probably just forgot to include amounts recorded under different business units or accounts when summing up all the consulting-related income that she recieved.

Some of it was in-kind, i.e., she may have received equity positions in partnerships as the fee. Which makes sense that it was missed at first because those accounts are capital accounts, not expenses.

Just guessing, no big deal - as long as it got reported immediately to the press. If they did not correct the form, and somehow the mistake came out later, then there would be a big hullaballo over nothing.

There are many, many thinks in Pritzkerland to be concerned with, I just doubt this is one of them.