Courtesy of Pam Martens.
Jacob (Jack) Lew Testifying Before the U.S. Senate on September 16, 2010 On His Nomination as OMB Chief
It has been previously reported that President Obama’s Treasury Secretary nominee, Jacob (Jack) Lew, earned millions in salary and bonus from Citigroup in the brief two and one half years he worked there. That should not come as a surprise to anyone. Former Treasury Secretary Robert Rubin left his post as Treasury Secretary in 1999 to join Citigroup and was paid $120 million over the next eight years for non-management work.
Citigroup is the mega bank the Securities and Exchange Commission charged with lying about its financial condition while Lew worked there in an executive position. Citigroup went from lying about its finances in 2007 to cumulatively requiring over $2.51 trillion in Federal Reserve loans, TARP capital and Federal asset guarantees to remain afloat during the financial crisis. During Lew’s stint at Citigroup, July 2006 through early 2009, Citigroup lost 85 percent of its shareholders’ value.
A review of documents submitted to the U.S. Senate Budget Committee for Lew’s confirmation hearing on September 16, 2010 to become Director of the Office of Management and Budget indicates Lew’s financial ties to Citigroup continued long after he joined the Obama administration. The public is being kept in the dark about the extent of Lew’s winnings at the Citigroup casino and its heads we win, tails you lose dealer tables.
One section of the documents (see link below) refers to “Business Relationships” and indicates that Lew had been a limited partner from 2007 through the date of the hearing on September 16, 2010 in the CVCI Private Equity Fund. There is nothing in these documents to enlighten either the Senators or the public that CVCI is an acronym for Citi Venture Capital International, a unit of Citigroup investing billions in foreign companies in hopes of making its limited partners very wealthy. (A limited partner in a private equity fund is synonymous with being an investor in the fund.)
During the 2010 Senate Budget confirmation hearing of Lew, Senator Bernie Sanders lost patience with Lew for avoiding direct answers to the questions posed. Lew performed the same maneuver in his written disclosure document to the Senate when asked about conflicts of interest which should have revealed his continuing investment in private foreign deals at Citigroup.
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