Jack Lew received a $950,000 bonus after Citigroup was bailed out, now he is Barack Obama’s choice to head the Treasury Department
In his first term Barack Obama didn’t seem to see the irony of nominating a tax cheat to head the Treasury Department because he basically claimed that despite his flaws Timothy Geithner was the best qualified person to lead the nation out of the economic crisis. Everyone has to pay his fair share, except of course people like Timothy Geithner and John Kerry (who hid his multi-million dollar yacht to avoid paying taxes on it even as he called for higher taxes on the rich) so Timothy Geithner’s unwillingness to pay the taxes he owed was ignored by Barack Obama for the greater good.
During his first term Barack Obama railed against the Wall Street fat cats who accepted huge bonuses while driving the economy into the tank. He especially berated Wall Street for handing out billions in bonuses after they had received bailout money from the government:
That is the height of irresponsibility,” Mr. Obama said. “It is shameful. And part of what we’re going to need is for the folks on Wall Street who are asking for help to show some restraint and show some discipline and show some sense of responsibility
But as Barack Obama heads into his second term and no longer feels the pressure of another reelection bid he now feels much more flexible, as he told the Dmitry Medvedev when he thought he was off-mike, and has decided to nominate Jack Lew to replace the tax cheat as head of the Treasury Department.
According to this article Jack Lew was a chief operating officer of Citigroup while Citigroup was betting against homeowners paying their mortgages. Subsequently Citigroup received billions of dollars of bailout money and Jack Lew was awarded a bonus of $950,000 for his efforts.
This was precisely what Barack Obama was claimed he was fighting against and now he has rewarded Jack Lew with a nomination to his cabinet. Whose side is Barack Obama really on?