Posted on 01/09/2012 5:07:24 PM PST by Sub-Driver
New Chief of Staff: Former Hedge Fund Exec. at Citigroup, Made Money Off Mortgage Defaults Daniel Halper January 9, 2012 5:56 PM
President Obama's first chief of staff Rahm Emanuel once sat on the board of troubled federal mortgage giant Freddie Mac. Bill Daley, the president's chief of staff whose departure was announced today, was previously a top executive at financial firm J.P. Morgan Chase & Co. So of course there should be little surprise that Obama's latest chief of staff, announced today by the president himself, also has deep ties to the financial industry himself.
From 2006-2008, Jack Lew was chief operating officer of Citibank's alternative investments division. And it was his division that made billions of dollars betting "U.S. homeowners would not be able to make their mortgage payments," as the Huffington Post reported.
The piece also reported: “Lew made millions at Citi, including a bonus of nearly $950,000 in 2009 just a few months after the bank received billions of dollars in a taxpayer rescue, according to disclosure forms filed with the federal government. The bank is still partly owned by taxpayers.”
Of course, one should not begrudge Lew his personal, professional, and financial successes. But one might wonder what kind of message the president is sending with this appointment.
“I welcome constructive input from folks in the financial sector. But what we’ve seen so far, in recent weeks, is an army of industry lobbyists from Wall Street descending on Capitol Hill to try and block basic and common-sense rules of the road that would protect our economy and the American people,” Obama said in 2010. “So if these folks want a fight, that’s a fight I’m ready to have.”
In announcing Lew today, the president mentioned his previous work at the State Department and in the Clinton administration. Obama did not mention Lew's past of making billions of dollars for Citibank just a few years ago.
Further evidence that our government has been captured and held hostage by the crooks on Wall Street. I’m not against capitalism but that isn’t what we have now.
“In announcing Lew today, the president mentioned his previous work at the State Department and in the Clinton administration. Obama did not mention Lew’s past of making billions of dollars for Citibank just a few years ago.”
Imagine if we had a real media in this country to grill him on stuff like this. The Dems would be defunct in ten years.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.