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« How Wall Street Turned A Crisis Into A Cartel | Main | ABC 20/20 Video: Iceland's Financial Crisis In 6 Minutes »
Thursday
Jan122012

Jacob Lew - Obama's Third Chief Of Staff Got Rich On Wall Street (Thank You Taxpayers!), Just Like His Predecessors

Huff Post

Jacob Lew, Obama Nominee And Former Citigroup Executive, Doesn't Believe Deregulation Led To Financial Crisis

A former top executive at Citigroup who participated in the deregulation of Wall Street during the Clinton administration and recently was tapped by President Barack Obama for a top White House post told a Senate panel last week that deregulation didn't lead to the recent financial crisis.

Jacob "Jack" Lew, Obama's nominee to lead the Office of Management and Budget, the White House agency entrusted with ensuring that federal regulations reflect the president's agenda, was asked Thursday during his confirmation hearing before the Senate Budget Committee by Sen. Bernie Sanders whether he believed that the "deregulation of Wall Street, pushed by people like Alan Greenspan [and] Robert Rubin, contributed significantly to the disaster we saw on Wall Street."

Lew, a former OMB chief for President Bill Clinton, told the panel that "the problems in the financial industry preceded deregulation," and after discussing those issues, added that he didn't "personally know the extent to which deregulation drove it, but I don't believe that deregulation was the proximate cause."

Continue reading...

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More on Jacob Lew:

The Wall Street White House

Among the familiar Wall Street faces that Hormats will encounter in his new post will that of Deputy Secretary of State Jacob Lew, lately Chief Financial Officer of Citigroup Alternative Investments Group which lost $509 million in the first quarter of 2008 alone. On visits to the White House he is sure to bump into Michael Froman, who also tore a swath through the Citi balance sheet at the alternative investments shop (they specialized in “esoteric” investments such as private highways) but is now Obama’s Deputy National Security Adviser for International Economic Affairs. If Froman is otherwise engaged, Hormats can interface with Froman’s deputy, David Lipton, who was until recently running Citi’s global country risk management effort.

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Jacob Lew's $900,000 Bailout Bonus

Snip:

President Obama’s choice to be the government’s chief budget officer received a bonus of more than $900,000 from Citigroup Inc. last year — after the Wall Street firm for which he worked received a massive taxpayer bailout.

The money was paid to Jacob Lew in January 2009, about two weeks before he joined the State Department as deputy secretary of state, according to a newly filed ethics form. The payout came on top of the already hefty $1.1 million Citigroup compensation package for 2008 that he reported last year.

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Obama’s third chief of staff, like first two, got rich on Wall Street

All three of President Barack Obama’s chiefs of staff earned millions of dollars after passing through the revolving doors that lie between the Democratic Party and Wall Street.

Yet Obama is positioning himself as Wall Street’s foe in the 2012 election, aided by millions of dollars in political donations from Wall Street companies, including Goldman Sachs.

Rahm Emanuel and Bill Daley, and now Jacob Lew, are all career Democrats who have taken lucrative trips through those revolving doors, eliciting jeers from Republicans who say Obama is running an administration of crony capitalists.

 

 

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Reader Comments (14)

Jan 12, 2012 at 1:17 PM | Registered CommenterDailyBail
Wall Street's Washington Infiltration Continues with New Chief of Staff Jacob Lew

http://moneymorning.com/2012/01/11/wall-streets-washington-infiltration-continues-with-new-chief-of-staff-jacob-lew/
Jan 12, 2012 at 1:18 PM | Registered CommenterDailyBail
Some more on Jacob Lew...


Former Citi Alt Exec Tabbed for WH Post

http://news.hedgefund.net/default.aspx?story=13218

[snip]

However, various news outlets this week are pointing out that the unit invested $18 million in a fund run by hedge fund titan John Paulson in 2007. Specifically, this was during the time of the housing market collapse when Paulson made a fortune from betting on mortgage securities, especially those of the subprime variety.
Jan 12, 2012 at 1:18 PM | Registered CommenterDailyBail
Red Alert in USA

"SEC" Proven criminal scam gang aiding USA working class pensions bust via Biggest LOOT scam Protection.
Obama scam Wall street Reform Bill actually provided new scam weapons for loot at lightening speed as a Gift to Wall(FRAUD) street Casino Bankster Financial Terrorists.

NETFLIX insiders LOOT billions in just 2 years with biggest scam Fraud planning and execution and now NETFLIX is insolvent will go bust like Worldcom?Enron/DOTCOM Fraud scam play Books.
http://www.henzellaw.com/frame.htm
Netflix, Inc.(Nasdaq: NFLX)
The firm is investigating claims on behalf of purchasers of Netflix, Inc.(Nasdaq: NFLX) during the period of March 25, 2009 thru October 1, 2011. The investigation is focusing on the possible impropriety surrounding the Company’s massive buy back of its own stock during the last two years while senior management sold over $1 billion into the market. The company used cash to buy back $160 million in stock at an average price of $225 per share while insiders sold almost 700,000.00 shares at an average price of approximately $240 per share. The insiders sold what amounts to almost $200 million in stock or 3% of the then current market cap of the company in the time period directly preceding a 60% increase in the price of their bundled service package and the announcement of the end of a key content deal, two things which they knew would impact growth and ultimately the share price.

If you are a purchaser Netflix, Inc.(Nasdaq: NFLX) during the period of March 25, 2009 thru October 1, 2011 and would like to discuss your options of exercising your rights as an investor, please contact us.

Please visit the firm's website www.henzellaw.com

http://www.scamflixhouseofcards.com/

Dollars and Sense, Show 11 -- The Fix Is In, the 2nd Great Depression
http://www.youtube.com/watch?feature=player_embedded&v=65CnOUhEFIk

http://911blogger.com/node/23027
Jan 12, 2012 at 4:05 PM | Unregistered CommenterKen
And this:

OBAMA connection to REED HASTINGS Scam Gang at NETFLIX

Wines and Dines with Reed Hastings in 2012
Reed Hastings on his Fraud Job Creation Team too


"There Will Be Violence, Mark My Words" - By Michael Thomas (3/1/12)
Michael Thomas
Tuesday, 03 January 2012 09:37
that was back when Wall Street was basically honest, brought into line thanks in part to Ferdinand Pecora's 1933 humiliation of the great bankers of the Jazz Age and even more so because of the communitarian exigencies forced on the nation by war. From Pearl Harbor to V-J Day, greed was definitely not good, and that proscriptive spirit lingered on right up to 1970, when everything started to change, and the traders began their long march through our great houses of finance, with the inevitable consequence that the Street's moral bookkeeping grew more and more contorted, its corruptions more elaborate, its self-interest less and less governable. What someone has called the "Greed Wars" began.

But now, I think, the game is at long last over.

As 2011 slithers to its end, none of the major problems that led to the crisis point three years ago have really been solved. Bank balance sheets still reek. Europe day by day becomes a financial black hole, with matter from the periphery being sucked toward the center until the vortex itself collapses. The Street and its ministries of propaganda have fallen back on a Big Lie as old as capitalism itself: that all that has gone wrong has been government's fault. This time, however, I don't think the argument that "Washington ate my homework" is going to work.

This time, a firestorm is going to explode about the Street's head - and about time, too.

It's funny; the Big Lie has a long pedigree. A year or so ago, I was leafing through Ron Chernow's indispensable history of the Morgan financial interests, and found this interesting exchange between FDR and Russell Leffingwell, a Morgan partner and Washington fixer, a sort of Robert Strauss of his day. It dates from the summer of 1932, with FDR not yet in office:

"You and I know," wrote Leffingwell, "that we cannot cure the present deflation and depression by punishing the villains, real or imaginary, of the first post war decade, and that when it comes down to the day of reckoning nobody gets very far with all this prohibition and regulation stuff." To which FDR replied: "I wish we could get from the bankers themselves an admission that in the 1927 to 1929 period there were grave abuses and that the bankers themselves now support wholeheartedly methods to prevent recurrence thereof. Can't bankers see their own advantage in such a course?" And then Leffingwell again: "The bankers were not in fact responsible for 1927–29 and the politicians were. Why then should the bankers make a false confession?"

This time, I fear, the public anger will not be deflected. Confessions, not false, will be exacted. Occupy Wall Street has set the snowball rolling; you may not think much of OWS - I have my own reservations, although none are philosophical or moral - but it has made America aware of a sinister, usurious process by which wealth has systematically been funneled into fewer and fewer hands. A process in which Washington played a useful supporting role, but no more than that.

Over the next year, I expect the "what" will give way to the "how" in the broad electorate's comprehension of the financial situation. The 99 percent must learn to differentiate the bloodsuckers and rent-extractors from those in the 1 percent who make the world a better, more just place to live. Once people realize how Wall Street made its pile, understand how financiers get rich, what it is that they actually do, the time will become ripe for someone to gather the spreading ripples of anger and perplexity into a focused tsunami of retribution. To make the bastards pay, properly, for the grief and woe they have caused. Perhaps not to the extent proposed by H. L. Mencken, who wrote that when a bank fails, the first order of business should be to hang its board of directors, but in a manner in which the pain is proportionate to the collateral damage. Possibly an excess-profits tax retroactive to 2007, or some form of "Tobin tax" on transactions, or a wealth tax. The era of money for nothing will be over.

But it won't just end with taxes. When the great day comes, Wall Street will pray for another Pecora, because compared with the rough beast now beginning to strain at the leash, Pecora will look like Phil Gramm. Humiliation and ridicule, even financial penalties, will be the least of the Street's tribulations. There will be prosecutions and show trials. There will be violence, mark my words. Houses burnt, property defaced. I just hope that this time the mob targets the right people in Wall Street and in Washington. (How does a right-thinking Christian go about asking Santa for Mitch McConnell's head under the Christmas tree?) There will be kleptocrats who threaten to take themselves elsewhere if their demands on jurisdictions and tax breaks aren't met, and I say let 'em go!

http://futurefastforward.com/ component/content/article/6519
Jan 12, 2012 at 4:10 PM | Unregistered CommenterKen
Recall all the "Occupier" groups for a new assignment in Washington D.C. Jacob Lew is the epitomy of a "1 percenter," so just split up your protest/camping out time between the sidewalk outside the White House and Mr. Lew's front yard. Let your outrage show people! Your "MESSIAH" is responsible for authorizing the bailouts of so many American and European banks (some to the tune of OVER $1 TRILLION); and, what dollars you still have are being devalued every time he orders the FED to crank up the printing presses.
Jan 13, 2012 at 12:14 AM | Unregistered CommenterRadman
Na wa o.
Jan 13, 2012 at 3:39 AM | Unregistered CommenterOdun
Must Watch Videos:
RED ALERT IN USA:COMING TO USA LATE 2012/EARLY2013
F*CK WALL STREET
http://www.youtube.com/watch?feature=endscreen&NR=1&v=jjF2D6XqKPw
Gene Burnett - Jump You F*#kers (A Song For Wall Street)
http://www.youtube.com/watch?v=yge311sFhC8
Jan 13, 2012 at 11:51 AM | Unregistered CommenterKen
What a racket. Lew should be the poster boy for why foxes shouldn't design hen houses
Jan 13, 2012 at 12:44 PM | Unregistered Commenterrobertsgt40
The Truth of the matter is that Mitt Romney is a a PAID Stooge of his Masters the ISRAELIS and NEONCONS!

God SAVE America from such PAID WHORES and PROSTITUTES!

ROMNEY'S ISRAELI HANDLER - Orit Gadiesh, former "War Room" assistant to Ezer Weizman and Moshe Dayan, is the daughter of Israeli Brigadier General Falk Gadiesh (born Falk Gruenfeld, Berlin, 1921) and his Ukrainian-born wife. Gadiesh is chairman of the management consulting firm Bain & Company, the parent company of Bain Capital, and was the company's managing director under CEO Mitt Romney in 1992.
Jan 14, 2012 at 12:37 AM | Unregistered Commenterkaycee
America’s Last Chance

Paul Craig Roberts
Infowars.com
January 15, 2012
http://www.infowars.com/america%E2%80%99s-last-chance/
Jan 15, 2012 at 11:03 AM | Unregistered CommenterKen
Jeffrey Zients named acting White House budget director

http://thehill.com/blogs/on-the-money/budget/204613-zients-to-be-named-acting-white-house-budget-director

[snip]

President Obama on Tuesday appointed Jeffrey Zients as acting director of the Office of Management and Budget (OMB).

Zients replaces Jack Lew, who is leaving his post as budget director to become White House chief of staff.



Jeffery Zients....

http://en.wikipedia.org/wiki/Jeffrey_Zients

[snip]

He graduated in 1984 from St. Albans School and earned a bachelor's of science degree at Duke University summa cum laude. Zients worked in management consulting for Mercer Management Consulting and Bain & Company and then was chief operating officer of DGB Enterprises, a holding company for the Advisory Board Company, Corporate Executive Board, and Atlantic Media Company .[1]
Jan 17, 2012 at 5:19 PM | Unregistered Commenterjohn
DB, I a going to re-post this here due to the Obama/Bain connection regarding Jeffery Zients in my above comment.

Bain gives more to Dems than GOP

http://thehill.com/homenews/senate/205025-dems-receive-more-bain-dollars-than-gop
Jan 19, 2012 at 11:23 AM | Unregistered Commenterjohn

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