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President Obama's first chief of staff Rahm Emanuel once sat on the board of troubled federal mortgage giant Freddie Mac. Bill Daley, the president's chief of staff whose departure was announced today, was previously a top executive at financial firm J.P. Morgan Chase & Co. So of course there should be little surprise that Obama's latest chief of staff, announced today by the president himself, also has deep ties to the financial industry himself.
From 2006-2008, Jack Lew was chief operating officer of Citibank's alternative investments division. And it was his division that made billions of dollars betting "U.S. homeowners would not be able to make their mortgage payments," as the Huffington Post reported.
Obama's New Chief of Staff: Former Hedge Fund Exec. at Citigroup, Made Money Off Mortgage Defaults
Seeded on Wed Jan 11, 2012 3:11 PM EST
Article Source: Campaign Standard
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"Lew made millions at Citi, including a bonus of nearly $950,000 in 2009 just a few months after the bank received billions of dollars in a taxpayer rescue, according to disclosure forms filed with the federal government. The bank is still partly owned by taxpayers.”
- 5 votes
#1 - Wed Jan 11, 2012 3:13 PM ESTTalk about arrogance. The height of it.
That's right, Barack. Poke that stick in America's eye.
- 4 votes
#2 - Wed Jan 11, 2012 9:46 PM ESTHe surrounds himself with frigging morons.
This is just frosting.
US Commerce is a disgrace! NOAA/NMFS is a @!$%#ing disgrace.
- 3 votes
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