Jack Lew, veteran of Citigroup and current White House Chief of Staff, will be our next Treasury Secretary:
President Obama will on Thursday afternoon announce his intent to nominate Jack Lew to serve as treasury secretary, the White House said.
The pick, widely reported on Wednesday, will come at a 1:30 p.m. ceremony in the East Room. The president and Lew, Obama’s current chief of staff, will be joined by Treasury Secretary Timothy Geithner, who held the job throughout Obama’s first term.
Ahead of the announcement, an official shared the White House’s rundown of Lew’s career, arguing that he “will bring an impressive record of service in both the public and private sectors for over three decades and economic expertise to this important role, and his deep knowledge of domestic and international economic issues will enable him to take on the challenges facing our economy at home and abroad on day one.”
An impressive record in the private sector?
Though Lew is a longtime public servant who’s spent nearly 30 years in various positions throughout government, it is his few years at Citi — in particular the one year he spent at its then-$54 billion proprietary trading, hedge fund and private equity unit — that’s likely to raise the most eyebrows in the coming weeks as Lew faces a Senate confirmation hearing.
Especially his unit’s investments in a hedge fund that bet on the housing market to collapse — a reality suffered by millions of American homeowners.
So yet another administration official with his fingerprints all over the 2008 financial crisis. Geithner, Holder, and now Lew takes the big chair at Treasury.
It is becoming clearer by the day why no serious investigations and prosecutions of the Wall Street banks who instigated the financial crisis were done by the Obama administration – they would have to investigate themselves.