Wed Jan 9, 2013, 11:57 PM
JReed (149 posts)
Obama Said to Name Jack Lew to Replace Geithner at Treasury
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.
Geithner, 51, the only remaining member of Obama’s original economic team, has told White House officials he doesn’t want to serve in a second term and intends to leave the job by the end of the month.
Lew’s nomination as Treasury secretary is subject to Senate confirmation. While his relations with congressional Republicans have been at times strained, he’s successfully been through the Senate process before.
Flashback: Lew's Time at Citi And Other Disappointments
—By Siddhartha Mahanta
Mon Jan. 9, 2012 1:12 PM PST
... it's worth revisiting Shahien Nasiripour's blow-by-blow of Lew's brief, less-than-illustrious stint at a unit of Citigroup that made money by betting against the housing market as it prepared to implode:
Multi-Adviser Hedge Fund Portfolios LLC was a unit of Alternative Investments' Hedge Fund Management Group, the 36th-largest such "fund of hedge funds" in the world when Lew came aboard, according to a ranking by Alpha magazine, a publication that covers the hedge fund industry.
That Multi-Adviser fund in particular had $407 million by the end of 2007, a week before Lew was named as Alternative Investments' chief operating officer…At that time, it had $18 million invested in Paulson Advantage Plus LP, worth $26.4 million, comprising about 6.5 percent of the Multi-Adviser fund's total capital.
The Paulson fund was run by hedge fund king John Paulson, the man who made billions off the deterioration of the housing industry by making bearish bets on securities tied to home mortgages—particularly subprime home mortgages.
Jacob Lew, Obama Nominee And Former Citigroup Executive, Doesn't Believe Deregulation Led To Financial Crisis
Lew 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 Robert Rubin, contributed significantly to the disaster we saw on Wall Street.
Lew . . . 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.
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