Comment: Citigroup Banker Boy Paid Big Time for US Gov Show Time!

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Citigroup Banker Boy Paid Big Time for US Gov Show Time!

Bloomberg News: Citigroup's Man Ascends to the Treasury

Robert Rubin Protégé Ascends to Treasury Throne:

Jacob "Jack" Lew was director of the Office of Management and Budget during [Robert Rubin, Secretary of Treasury] appointed into President Bill Clinton’s administration, after which he worked at New York University as an executive and a professor. He joined Citigroup in 2006 as chief operating officer of its global wealth-management division. Lew was recommended by former Treasury Secretary Robert Rubin, who at the time was chairman of Citigroup’s executive committee. (There seems to be an unwritten rule that every Treasury secretary must have deep ties to Rubin.) He became chief operating officer of the bank’s alternative-investments unit in January 2008.

Lew’s employment agreement with Citigroup said his “guaranteed incentive and retention award” wouldn’t be paid if he quit his job, with limited exceptions. One was if he left Citigroup “as a result of your acceptance of a full-time high level position with the United States government or regulatory body.” This applied if he left “prior to the payment of any incentive and retention award for performance year 2008 or thereafter.”

2013 Congressional Testimony: Lew stood to receive $250,001 to $500,000 worth of accelerated restricted Citigroup stock when he left the company, according to a disclosure report he filed in January 2009. The same document listed $1.1 million of “salary and discretionary cash comp” from Citigroup. Lew said at last week’s hearing that his salary for 2008 was $350,000.

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