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President Barack Obama will nominate White House Chief of Staff Jack Lew to be Treasury Secretary, Bloomberg reports.

Outgoing Treasury Secretary Timothy Geithner is expected to leave his post at the end of the month.

This is a developing story... More information to come...

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Comment Preferences

  •  Tip Jar (10+ / 0-)

    As the Elites Come Together to Rise Above to Find a Third Way to do Rude things to the 99%

    by JML9999 on Wed Jan 09, 2013 at 07:09:18 AM PST

  •  Ehh (5+ / 0-)
    Recommended by:
    JML9999, mollyd, TomP, david mizner, raboof

    Guess it could be worse.  But it could be a whole lot better.

    •  NQABAEB (3+ / 0-)
      Recommended by:
      gooderservice, raboof, Nina Katarina

      Not quite as bad as Erskine Bowles.

      The Wall Street Democrats continue their reign as masters of the (crappy) American economy.

      •  David do you know anything about (1+ / 0-)
        Recommended by:
        Nina Katarina

        Lew's past? He has  never worked on Wall Street his single foray in to the private sector was to practice law with Van Ness, Feldman and Curtis And here he specialized on energy issues.

        If anything Wall Street is going to have a problem with this guy because he is not one of them.

        Why is it that, as a culture, we are more comfortable seeing two men holding guns than holding hands?

        by jsfox on Wed Jan 09, 2013 at 07:42:44 AM PST

        [ Parent ]

        •  Wait, wasn't he a COO @ citigroup? (1+ / 0-)
          Recommended by:
          Enzo Valenzetti

          Sounds like Wall St.

          •  You are right I forgot about (0+ / 0-)

            his 9month stint at Citigroup alternative investment group. Where he lost a small fortune.  

            MotherJones

            But Lew's time with Citigroup should be pared against his efforts to preserve programs for low-income Americans during last year's budget and debt-ceiling negotiations. Lew also boasts a record of policy achievements geared towards protecting the most vulnerable, like helping create the Low-Income Heating Assistance Program. And his time on the board of the Center on Budget and Policy Priorities, one of Washington's premier think tanks on low-income and poverty issues, suggests that his heart isn't with Wall Street, as Mother Jones DC bureau chief David Corn reminds us.

            Why is it that, as a culture, we are more comfortable seeing two men holding guns than holding hands?

            by jsfox on Wed Jan 09, 2013 at 07:53:34 AM PST

            [ Parent ]

        •  ? (1+ / 0-)
          Recommended by:
          JML9999
          President Barack Obama's choice to lead the White House budget office oversaw a Citigroup unit that profited off the housing collapse and financial crisis by investing in a hedge fund king who correctly predicted the eventual subprime meltdown and now finds himself involved in the center of the U.S. government's fraud case against Goldman Sachs.

          Jacob Lew, named Tuesday as Obama's nominee to lead the Office of Management and Budget to replace departing OMB chief Peter Orszag, served as chief operating officer of Citigroup Alternative Investments in 2008. He has served as a top aide to Secretary of State Hillary Clinton since the administration came into office.

          Though Lew is a longtime public servant who's spent nearly 30 years in various positions throughout government, it is his few years at Citi -- in particular the one year he spent at its then-$54 billion proprietary trading, hedge fund and private equity unit -- that's likely to raise the most eyebrows in the coming weeks as Lew faces a Senate confirmation hearing.

          Yeah, only a few years on Wall Street, then back through the revolving door into the Obama administration. Nothing to look at here. Keep it movin.
  •  In other words, same shit, different day n/t (5+ / 0-)

    Liberalism is trust of the people tempered by prudence. Conservatism is distrust of the people tempered by fear. ~William E. Gladstone, 1866

    by absdoggy on Wed Jan 09, 2013 at 07:15:06 AM PST

  •  He's by far the best realistic option I think... (1+ / 0-)
    Recommended by:
    JML9999

    as he's a Dem through and through and will fight for Dem principles as much as any REALISTIC Treasury Secretary candidate would, however I don't actually believe he's qualified - he's more a domestic policy financial guru type, not the jet setter international economic whiz.  

    I hope this is just a short term gig for him to get the US through the debt ceiling and sequester business and then somebody with much greater international economic credentials is nominated to replace him when he retires back to NY.  

    President Obama would have been a Republican in the 1980's.

    by Jacoby Jonze on Wed Jan 09, 2013 at 07:22:34 AM PST

  •  I thought I read that Jack Lew negotiated the (0+ / 0-)

    sequester plan that turned out to be much tougher for Republicans than for Democrats, and that Republicans fear/respect him so much they would rather deal with Tim Geithner. If so, this is good news.

    "It's not enough to be right. You still have to use your nice voice." -said by my then six-year-old daughter; "Love binds us all."-willb48

    by be the change you seek on Wed Jan 09, 2013 at 07:24:51 AM PST

  •  how long until republicans attack him? (2+ / 0-)
    Recommended by:
    Wednesday Bizzare, JML9999

    Since Obama nominated him the republicans will have to be outraged at his in your face nomination! I don't know much about him, he is an Orthodox Jew which will probably get the Birchers screaming about the Zionist takeover of America.

  •  Observations (0+ / 0-)

    1. Lew is mostly a public sector type.  The amount of time he spent at Citi is relatively short, so he wouldn't have time to become a cultural creature of Wall Street.

    2. His stint at Citi, which is obviously a revolving door thing, was in their derivatives trading unit.  To actually do derivatives trading, you need some amount of technical knowledge of derivatives.  So it's not clear how hands on he would be.  The problem here is that his main value to Citi would be to run interference with regulators.

    3. Geithner didn't work in the private sector either.  He was, however, the president of FRBNY, which he got by working his way up through the Lawrence Summers/Robert Rubin hierarchy.  He WAS rather cozy with Wall Street, as we well know.  He was not a respected executive at FRBNY; the worker bees did not think much of him.

    The answer is that Jack Lew is an unknown, probably the reason for his selection.   We weren't going to get Paul Krugman or anyone else of that ilk anyway.

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