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Thread: Who is Jack Lew?

  1. #1
    Join Date
    Mar 2005
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    Who is Jack Lew?

    Just wanted to get opinions on Jack Lew, Obama's appointment for Treasury Sec. Daewoo seems to know everyone so I'm interested in his opinion. Frankly, I don't have time to follow all these guys but as a rule anyone from Citibank is automatically on my sh*t list until proven otherwise.

  2. #2
    Join Date
    Jan 2004
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    8,178
    Quote Originally Posted by Steeeeve View Post
    Just wanted to get opinions on Jack Lew, Obama's appointment for Treasury Sec. Daewoo seems to know everyone so I'm interested in his opinion. Frankly, I don't have time to follow all these guys but as a rule anyone from Citibank is automatically on my sh*t list until proven otherwise.
    I doubt you will see any proof to convince you differently on Lew. He was the head of Citibanks alternative investment division where he lost billions of dollars. He was also with the Hamilton Project, where he worked tirelessly to turn out policy proposals and position papers advocating further deregulation of financial markets. Many of those proposals ended up in the Commodity Futures Modernization Act which was signed under Clinton (he was one of Clintons top economic advisers). the CFMA is the law that exempted derivatives from any kind of regulation or oversight and allowed the financial world to leverage mortgages made to crack whores at 400:1. It basically turned out to be one of the worst ideas in American history.

    He is one of those Washington business "experts" who has failed miserably every time he has tried to move into the private sector.

    Some people think he is an odd choice for the post. I would replace "odd" with "terrible". In 2010 he was being vetted for his post at OMB and he admitted he did not fully understand how bond markets work. To me that is a pretty big negative if you are looking for somebody to put in the treasury secretaries post since a large part of that job involves, you know, bonds.

    If you are looking for somebody who is a safe political pick he is probably OK, as long as you are not going to let him do anything that involves money, financial markets, or business.
    If ye love wealth greater than liberty, the tranquility of servitude greater than the animating contest for freedom, go home from us in peace. We seek not your counsel, nor your arms. Crouch down and lick the hand that feeds you; May your chains set lightly upon you, and may posterity forget that ye were our countrymen. —Samuel Adams

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