Blog

Jack Lew’s Golden Parachute

President Obama has nominated Jack Lew to be the next Secretary of Treasury. Noting that “Wall Street has become a get-rich-turnstile for Democratic political operatives” according to the Wall Street Journal. Lew’s “original employment contract with Citi included a bonus guarantee if he left the bank for a high level position with the United States government or regulatory body.” While most companies provide incentives to retain employees, Lew’s contract included a bonus should he seek a powerful position with the federal government.

Jack Lew follows in the place of former Treasury Secretary Robert Rubin, who was, himself, paid “more than $115 million encouraging the risk-taking that would have destroyed Citi if not for a taxpayer rescue” according to the Wall Street Journal.

The Obama campaign last year criticized Mitt Romney for his offshore investments, being a “guy with a swiss bank account” who had “millions in the Cayman Islands” according to Joe Biden. The Obama administration is working to confirm Jack Lew as the new Treasury secretary who has invested $56,000 in a Cayman Island- based private equity fund according to the Daily Beast.

 

goldenparachute