As I and many others have pointed out for years, unless you are a crony Wall Street welfare queen you can pretty much forget about any high level position in the Obama Administration. Barack made that clear from day one when he decided to surround himself with two of the people at the core of the 2008 financial crisis, Larry Summers and Tim Geithner. The trend is simply continuing with the current nominee for Treasury Secretary: Jack “Bailout Bonus” Lew. The revolving door is institutionalized and at this point as reliable as a Swiss watch. From Bloomberg:
Jack Lew is the nominee for Treasury secretary whose own bonus as an investment banker was bailed out by the Treasury Department when it rescued Citigroup Inc. (C) in 2008. He owes much to America’s taxpayers. He should also be grateful to Citigroup for agreeing to let him rejoin the government without suffering much for it financially.
An intriguing revelation from Lew’s Senate confirmation hearing last week was that he stood to be paid handsomely by Citigroup if he left the company for a top U.S. government job, under his 2006 employment agreement with the bank. The wording of the pay provisions made it seem, at least to me, as if Citigroup might have agreed to pay Lew some sort of a bounty to seek out, and be appointed to, such a position.
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2 comments:
Someone refresh my memory...how many of our Congressmen objected to this appointment? Obama's not the only one in Wall Street's pocket.
They are ALL in someone's pocket. They are SO slimy. Worse, they are so BLATANTLY slimy, dishonest, and crooked. They think they can tell us anything and at least 49% of us will believe it like it's gospel. They don't even worry about what the rest of the serfs think...consequences are beyond them....
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