Obama To Pick Jack Lew For Treasury – Updated, Bumped


According to Bloomberg, President Obama is going to name Jack Lew as his pick for Treasury Secretary. Lew is another big government guy with little private sector experience.

President Barack Obama plans to name White House Chief of Staff Jack Lew tomorrow as his choice for Treasury secretary, replacing Timothy F. Geithner, a person familiar with the process said.

Lew, 57, who also has served as director of the Office of Management and Budget, has been offered the Treasury post by Obama, according to the person, who asked for anonymity to discuss personnel matters.

As a former aide to the late House Speaker Tip O’Neill, a Massachusetts Democrat, and a two-time director of the Office of Management and Budget, Lew has experience on both ends of Pennsylvania Avenue. He’s spent most of his career in government, with a brief detour to Wall Street, where he worked as a managing director for Citigroup from July 2006 until joining the administration when Obama first took office. (Read More)

I wonder if Lew worked on the proposed White House budgets that got zero votes in the Senate.

Update: Jack Lew chose to work in the private sector at just the right time!

Jacob J. Lew, President Obama’s presumed choice to lead the Treasury Department, has close ties to Wall Street, receiving more than $900,000 in bonus cash from a division of Citigroup just as the company was getting bailed out by U.S. taxpayers.

The arrangement, previously reported by The Washington Times, received little scrutiny after Mr. Lew joined the Obama administration in 2009, first as a deputy in the State Department and later as Mr. Obama’s budget chief and chief of staff.

Mr. Obama has criticized hefty bonuses paid out to Wall Street executives. In his State of the Union address last year, he said, “Banks had made huge bets and bonuses with other people’s money.”

Formerly chief operating officer at Citi Alternative Investments, a division of Citigroup, Mr. Lew received a bonus of $944,578 in January 2009, a payment that came days before he joined the State Department and later surfaced in a government ethics form.

Read the whole thing.

Update 2: Check out Lew’s lousy, lazy signature at Fox News. You can’t even tell what letters he’s using, let alone decipher the name. That lazy, loopy signature could start appearing on our currency if he’s confirmed. Oh well, most of us don’t have any money, anyway, so maybe nobody will even notice.