Jacob Lew, Obama’s New Chief-of-Staff, Will Not Please Occupy Wall Street
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- maasanova
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It has been less than a month since Jacob (Jack) Lew kindled the National Menorah in front of the White House. When he did so, Lew was director of the White House Office of Management and Budget (a position he had also held under the Clinton administration). Now, President Barack Obama is appointing Lew as White House’s new Chief of Staff.
Seeing as how sentiment against the unmitigated profits of Wall Street reached fever pitch over the last year, one would think President Obama would be wise to consider resumes from other corridors of power to choose from when deciding upon a new chief of staff. And maybe he did!
In the end, however, he decided upon Jacob Lew. Here are some fun facts about Jacob Lew:
•Prior to his appointment as a deputy secretary at the Department of State, Mr. Lew was Chief Operating Officer of CitiGroup’s Alternative Investments group.
•Do you know what Alternative Investments are? They’re things like hedge funds, who buy things like credit default swaps! Credit default swaps are essentially the ability to buy insurance on someone else’s house in one hand as you hold anything else—the adjustable-rate mortgage you know they can’t pay off, or the capacity to sell that mortgage and therefore generate more mortgages like it, or a gasoline can—in the other hand. This is what Jacob Lew invested in!
•In 2008 and the beginning of 2009, Mr. Lew took in $1.1M from CitiGroup.
•This included a $900,000 bonus.
•Mr. Lew doesn’t think financial deregulation was one of the problems adding up to the financial crisis that has persisted since 2008.
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- groups:
- Community, News and Politics, Politics
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- tags:
- Economy, Obama, Corruption, Wall Street, 5 more
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COMMONSENSEFORCOMMONGOOD_COM
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Whether it's due to Obama's economic naivete, as suggested in the media, or whether he is a closet vulture capitalist advocate, I grow increasingly alarmed by Obama's actions and decisions.
- 4 months ago
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COMMONSENSEFORCOMMONGOOD_COM
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ninja_tiger
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Obamas appointments speak a lot as to what he is about, as if we did not figure it out by now.
- 4 months ago
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ninja_tiger
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Radical_Centrist
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Well maasanova I guess we can look at the bright side at least this crook did not work for Goldman Sachs. I guess he is spreading the Cronism around to all of the Major Banking firms. :-)
- 4 months ago
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Radical_Centrist
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maasanova
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Radical_Centrist:
Yup...Sharing the love by extending the revolving door to Citigroup as well as Goldman Sachs appears to be the name of the game.
Peter R. Orszag, Obama's former Office of Management and Budget was a Citigroup Minion just like his Jacob Lew, who also oversaw the Office of Management and Budget under Obama and Clinton.
- 4 months ago
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maasanova
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maasanova
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Oh it looks like forgot to leave my source. It was the New York Observer I think.
- 4 months ago
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maasanova
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Truthitswhatsfordinner
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Great another 1%er.
- 4 months ago
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Truthitswhatsfordinner
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JudahBenGurion [removed]
- This comment was removed as a violation of community guidelines.
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JudahBenGurion [removed]
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maasanova
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JudahBenGurion:
That doesn't surprise me coming from "someone" who *ahem* created a profile just to leave that comment on this post.
- 5 months ago
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maasanova
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JudahBenGurion [removed]
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maasanova: This comment was removed as a violation of community guidelines.
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JudahBenGurion [removed]
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maasanova
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JudahBenGurion:
Actually, there is nothing antisemetic about this post whatsoever and everything here is true. You are hypersenstitive and paranoid for some reason. Perhaps you'd like to explain yourself and your random paranoid accusations.
- 4 months ago
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maasanova
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ThatCrazyLibertarian [removed]
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maasanova: This comment was removed by its owner.
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ThatCrazyLibertarian [removed]
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maasanova
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ThatCrazyLibertarian:
Well, I'm not sure if you were here for the Sandy Berman kerkuffle, but I guess only Current mods know for sure who this poster really is and how many profiles they have!
- 4 months ago
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maasanova
