Meet your new Treasury Sec - Jack Lew (Updated)Submitted by Ian56 on Wed, 01/09/2013 - 15:58
Jack Lew was named chief operating officer of Citigroup's Alternative Investments unit, a proprietary trading group. The unit he oversaw invested in a hedge fund "that bet on the housing market to collapse." Source Wikipedia
He didn't do a very good job.
Citi paid Lew $1.1 million for his year at Alternative Investments, according to an ethics disclosure report filed in January 2009. He was also eligible for an undisclosed bonus. Lew did not immediately return a call for comment.
His unit, though, lost as much as billions of dollars in 2008 as its bets turned sour. In the first quarter of 2008 alone the unit lost $509 million; the company stopped publicly disclosing the unit's individual numbers soon thereafter, but the part of the company that absorbed Alternative Investments lost $20.1 billion in 2008, according to the bank's filings with the Securities and Exchange Commission.
Citigroup, the nation's third-largest bank, received $45 billion in TARP bailout funds that year.
Source Business Insider
He is also a member of the Brookings Institute and the Council on Foreign Relations. Just great.
Jack Lew doesn't believe that de-regulation led to the financial collapse!!!!!!!
The repeal of Glass-Steagal in 1999 and Clinton's return deal with the big banks to lend more to sub prime borrowers was the start of the real acceleration of the whole mess.
Clinton's pressured for more sub prime lending early in his Presidency.
Glass-Steagal needs to be put back to stop taxpayers being on the hook when the speculative big banks hit their next financial crisis in the near future.
The big banks need to be broken up.
There are no plans to so.
They are just pussy-footing around the big banks with meaningless legislation like Dodd-Frank for public consumption.