Thursday, January 3, 2013

Geithner out at the end of the month, Jack Lew in at Treasury

Geithner doesn't want to go through the debt ceiling lunacy again, so he's leaving before the shit hits the fan. And replacing him will probably be Jack Lew, who is currently serving as White House Chief of Staff.

Lew ran Citigroup's Alternative Asset Unit from 2002 to 2006, basically overseeing a hedge fund type operation that was betting against the housing market even as Citi was making billions in new subprime loans and mortgages.

Conflict of interest? Unethical? Illegal? Ya think?

Say hello to our 76th Treasury Secretary.

Only on Wall Street, kids...only on Wall Street.

6 comments:

CyrilD said...

Well said!!

Matt Franko said...

If they weren't all morons I might think they all have bought puts...

circuit said...

OMG...

It just can't get any worse than this...Lew was Director of the Office of Management and Budget under Clinton.

In other words, Lew was the "deficit reduction Czar" during the roaring 90s.

Crake said...

http://www.whitehouse.gov/blog/2011/09/19/president-s-plan-economic-growth-and-deficit-reduction

Sounds like he would advocated future spending cuts, versus current, and increases taxes on those with high propensities to save.

Perhaps that is not ideal, but far from what could happen in this political climate.

Adam2 said...

Just watched the movie Arbitage.

Most Wall Streeters are not Bernie Madoff.

mike norman said...

Circuit:

That's riiiigght!