Chicago billionaire Penny Pritzker failed to disclose at least $80 million in income from the past ten years on forms submitted for her nomination as Commerce secretary. The original version of the documents submitted last week reported that she had earned about $32.2 million for consulting on her family’s trusts, but new filings, released on Tuesday, reveal that she received at least $80 million on top of that previously reported income, according to Bloomberg.

“It is a substantial amount,” Pritzker’s spokesman said in a statement, “and we moved to correct the mistake as soon as it was discovered.”

As the spokesman explained, Pritzker’s consulting work meant she ”was engaged by the U.S. trustee of trusts for the extended Pritzker family for advice on restructuring trust investments for the purpose of dividing assets along individual family lines,” a process at least as concerned with ensuring that the family members don’t pay a huge amount of taxes on their holdings as it is with the actual division of assets.

The Hyatt Hotels heiress, worth an estimated $1.8 billion, also earned a tidy $54 million last year alone for advice on the restructuring and division of the Pritzker family’s offshore trusts, most of which are apparently located in Bermuda. Such trusts, which are roughly similar in purpose to some of 2012 GOP nominee Mitt Romney’s holdings that attracted so much controversy, allow assets to appreciate without owing U.S. income taxes (the beneficiaries eventually have to pay taxes on the gains) and facilitate investments with foreign partners.

Pritzker was on the short list for the Commerce spot in 2008, but as John Fund reported for NRO, “Team Obama and Pritzker soon decided her nomination would be too controversial in the middle of a financial crisis caused in large part by banks’ reckless subprime lending.” The billionaire businesswoman was on the board of Chicago-based Superior Bank, which failed in 2001, according to a federal report, because of its risky subprime-lending strategies and ineffective management by its board.

She will be appearing before the Senate Commerce Committee today for a confirmation hearing.