The partisan gridlock in Washington combined with a slow moving vetting process has led to many of the key posts in the Obama Administration remaining vacant. Even as the administration asks for more power to police the internet and meddle in other country’s affairs abroad it lacks the staff to meet current responsibilities. As the [...]

Despite a slew of damaging revelations Jack Lew has been confirmed by the Senate. With a 71-26 vote Lew received more Republican support than Chuck Hagel. On some level Lew’s easy confirmation is a testament to how much influence Wall Street has in Washington but it still is interesting to compare the two nominations and [...]

There may not be anyone left in America that doesn’t know Wall Street sets the agenda in Washington, that the revolving door between finance capital and the so-called regulators of finance capital spins so fast the IAEA should demand inspections. And so we learn that President Obama’s Treasury Secretary nominee not only worked for the [...]

Treasury Secretary nominee Jack Lew made a stunning and fantastic claim at his confirmation hearing, namely that the Too Big To Fail or systemic risk threat from the mega banks no longer existed. That the problem had been solved by the Dodd-Frank legislation. Seriously. You may not have heard this utterly amazing news. Neither has [...]

Treasury Secretary nominee Jack Lew went before the Senate Finance Committee today for his confirmation hearing. The hearing was mostly deferential with Lew finding considerable agreement with the Republicans on the committee, particularly on trade and corporate tax policy, but Lew did face questions over his bonuses at Citigroup and tax shelters in the Cayman [...]

Jack Lew’s nomination for Treasury Secretary was already proving to be contentious but now questions are being raised on Lew’s personal financial activities. Lew reportedly made an offshore investment in the Cayman Islands that may have been an attempt to avoid taxes. Treasury secretary nominee Jack Lew will face questions at his confirmation hearing next [...]

After a global financial crisis, an epic price fixing scandal, and embarrassing criminal conduct British regulators are considering ending Too Big To Fail Banking. British Finance Minister George Osborne has proposed legislation that if banks do not shield their riskier investment activities from day to day banking they will face restructuring. Britain is shaking up [...]

When President Obama announced Jack Lew’s nomination for Treasury Secretary he promised Lew would help bring people together, I doubt this is what he meant. From ABC News: Sen. Jeff Sessions, R-Ala., the ranking member on the Senate Budget Committee, declared today that Jack Lew must “never” become secretary of the Treasury. “To confirm Mr. Lew would [...]

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 [...]

Matt Yglesias makes the astute observation that Jack Lew will be the next Treasury Secretary, and I agree. However, his reasoning for this overlooks one key detail: Why? Well because the White House has decided that it wants the Treasury Secretary to be deeply involved with budget issues, and who better than a former OMB [...]

Erskine Bowles told Maria Bartiromo last night that he would not serve as the nation’s next Treasury Secretary. This apparently happened off-air, but it has been confirmed in local papers in North Carolina, Bowles’ home state: Bowles reportedly confirmed to host Maria Bartiromo off-air that he would not serve as the next Treasury secretary, according [...]