Obama To Appoint Jack Lew As Treasury Secretary Tomorrow, Bloomberg Reports

Tyler Durden's picture

As reported previously, when Bloomberg broke the news two days ago, it now appears that the official appointment of Jack Lew as the new SecTres will take place tomorrow. From Bloomberg: "President Obama will announce tomorrow that White House Chief of Staff Jack Lew is his pick for Treasury secretary, person familiar with the matter tells Bloomberg’s Han Nichols." In other words - goodbye Timmah: best of luck writing your new book, which in the tradition of every ex-public servant who departs the government where they kept their mouths firmly shut, we assume will be all about bashing Tim Geithner.

And for those who missed it:

Meet Jack Lew: Tim Geithner's Replacement

Bloomberg is out after hours with news that was expected by many, but which was yet to be formalized, until now: namely that following today's flurry of contntious nomination by Obama, the latest and greatest is about to be unveiled - Jack Lew, Obama's current chief of staff, is likely days away from being announced as Tim Geithner's replacement as the new Treasury Secretary of the United States. In other words, Jack will be the point person whom the people who truly run the Treasury, the Treasury Borrowing Advisory Committee, chaired by JPM's Matt Zames (who just happens to also now run the notorious JPM Chief Investment Office which uses excess deposits to gamble - yes, you really can't make this up) and Goldman's Ashok Varadhan, global head of dollar-rate products and FX trading for North America (recently buying a $16 million pad at 15 CPW) will demand action from.

President Barack Obama is close to choosing White House Chief of Staff Jack Lew for Treasury secretary with an announcement as soon as this week, according to two people familiar with the matter.


Selecting Lew to replace Timothy F. Geithner would also require Obama to install a new chief of staff, the first step in a White House staff shuffle for his second term. Many of the president’s senior aides may be taking new roles as the president recasts his team, said the people, who requested anonymity to discuss personnel matters.


While Obama hasn’t made a final decision to pick Lew, his staff has been instructed to prepare for his nomination, said one of the people. Among the leading candidates to replace Lew as Obama’s chief of staff are Denis McDonough, currently a deputy national security adviser, and Ron Klain, who had served as Vice President Joe Biden’s chief of staff.


The next Treasury secretary will play a leading role in working with Congress to raise the government’s $16.4 trillion debt ceiling. The U.S. reached the statutory limit on Dec. 31, and the Treasury Department began using extraordinary measures to finance the government. It will exhaust that avenue as early as mid-February, the Congressional Budget Office says.


Geithner plans to leave the administration by the end of January even if the debt ceiling issue hasn’t been settled.

Somewhere, Larry Fink, and Jamie Dimon just exhaled (not to mention Mark Zandi whose stomp to the Great Barrier Reef brought him nothing but more seasonally adjusted disappointment).

So who is Jack Lew?

Here is an extended profile by Sam Stein, which however, will likely leave as many open questions as it answers:

White House Chief of Staff Jack Lew has been an unassuming figure during the Obama years. His media appearances are dull; his presentation is a bit bookworm-ish -- as if Harry Potter grew up and replaced his magic wand with Excel spreadsheets. When he speaks, the tone is usually measured and unemotional.

Behind the scenes, however, Lew has proven to be Obama's most skillful consigliere in matters of political trench warfare. Time and again during the debt ceiling debate, as Republicans attempted to get the administration to bend on top domestic priorities, it was Lew who proved to be a stick in the mud. Then serving as Office of Management and Budget Director, his insistence on playing out the practical impact of those cuts irritated Republicans to no end.

"What is infuriating to Republicans is that no one knows the federal government, the budget, these policies, better than Jack Lew," Kenneth Baer, a former senior adviser to Lew, told The Huffington Post. "Just as I imagine it would be frustrating to hit batting practice off Sandy Koufax."

Below are just a few excerpts from Woodward's book, "The Price of Politics":

[Brett] Loper [House Speaker John Boehner's policy director] found Lew obnoxious. The budget director was doing 75 percent of the talking, lecturing everyone not only about what Obama's policy was, but also why it was superior to the Republicans'.

[Barry] Jackson [Boehner's chief of staff] found Lew's tone disrespectful and dismissive.

Lew was incredulous when he considered the Republican proposal as a whole. The changes they were considering sounded simple. But the speaker's office was laying down general principles and looking to apply them to extremely complex programs. The devil was always in the details.

Boehner was sick of the White House meetings. It was still mostly the president lecturing, he reported to his senior staff. The other annoying factor was Jack Lew, who tried to explain why the Democrats' view of the world was right and the Republicans' wrong.

'Always trying to protect the sacred cows of the left,' Barry Jackson said of Lew, going through Medicare and Medicaid almost line by line while Boehner was just trying to reach some top-line agreement.

[Ohio Governor John] Kasich called [economic adviser Gene] Sperling at the White House, suggesting that he meet with Boehner. Lew, he said, did not know how to get to yes.

Sperling realized it was not a compliment that they wanted him. It essentially meant, 'Lew's being too tough. Can we get Sperling?'

Lew's wonky stubbornness during those negotiations didn't make him a progressive hero. In private caucus meetings, congressional Democrats laced into him for keeping them out of the loop and placing sacred cows on the negotiation table. But it did establish Lew as a true hub of power within the administration, and it showed that he, perhaps more than any other top adviser, had Obama's ear.

"I was in many meetings," Sperling recalled in an interview with The Huffington Post, "where Jack would say, clear as a bell, 'Mr. President, I think we can accept this. I’d have to go through all these little tiny cuts and stuff.' And the president would say, 'Jack ... you know my values. I trust your values.'"

For someone in a position of immense power, Lew remains a difficult figure to pin down philosophically. His youth was spent in New York City where -- as a June 2011 Politico profile noted -- he rallied against the Vietnam War and touted the import of immigration and public housing while serving as the editor of his high school newspaper. At Carleton College, his faculty adviser was Paul Wellstone, then a political scientist and later a famously liberal senator. Lew worked with Rep. Bella Abzug (D-N.Y.), another unapologetic progressive, before gravitating towards more moderate, establishment ground. He went to work with Rep. Joe Moakley (D-Mass.) and then took a job with House Speaker Tip O'Neill (D-Mass.).

Along the way, his view on D.C. politics changed. "[T]here’s a space in Washington that is not deeply populated, which is a bridge between the highly technical and the political,” he would tell Politico. "[I]f you could be fluent in both worlds and respected enough in both worlds, you could have an opportunity to be a translator and to make a difference."

Those who worked with him during that time period recall a type of pragmatism that seems antiquated today.

"It was a much different world, with a lot of collegiality amongst the Senate and House, the Republicans and Democratic staff people," said Lynn Sutcliffe, chief executive officer of EnergySolve, LLC, who worked with Lew while general counsel of the U.S. Senate Commerce Committee. "It was the art of the possible, not the art of promoting oneself or your boss' re-election."

Lew's work would prove influential in forging the famed Social Security deal made between O'Neill and Ronald Reagan in 1983. And when he departed the Hill in 1986 to join the lobbying shop that Sutcliffe once helped run, it was an important enough development to merit a small item in The New York Times.

Lew returned to government during the Clinton years, gradually rising to the ranks of OMB Director. He packed in long hours six days a week, taking off every Saturday to observe the Sabbath (he is an Orthodox Jew), honing the type of negotiating acumen that would prove useful for Obama. In talks with House Republicans, Lew would use fluency in economics -- despite not being an economist -- and a mastery of budget details to essentially out-will the president's priorities into legislation.

"What makes him a tough negotiator is not that he can’t get to yes or that he’s some kind of bulldog," Sperling said. "What makes him a tough negotiator is he knows his stuff so well ... He negotiates well by being a master of the detail."

In the Obama administration, Lew has been comfortable working largely in the shadows. His predecessor as OMB Director, Peter Orszag, matched his budget expertise with a sharp media savviness. His two predecessors as chief of staff, Rahm Emanuel and Bill Daley, were veritable celebrities.

Lew stepped into that position after the high-profile budget and debt ceiling fights of 2011 had passed. But aides and friends stress that he's been handed heavy tasks: not just managing a White House with half of its focus on the reelection campaign, but also restoring damaged relations with congressional Democrats.

"[Senate Majority Leader Harry] Reid didn't know much of Jack Lew until he started having to deal with him because he couldn’t trust Daley," said Jim Manley, Reid's former top spokesman. But once he did, a strong relationship was established. In a private meeting shortly after the debt ceiling deal was concluded, it was Lew who helped convince attendees that the final legislation wasn't such a bitter pill.

"Democrats soon became comfortable with it because he outlined the blow back or ping pong effect that would occur," Manley said. "He knew his facts cold. And he knows his stuff better than Boehner and just about anyone else on Capitol Hill."

Still, it's tough to tell what type of ideological imprint Lew has had on the administration. Aides credit him and Sperling with scoring major victories during the government shutdown debate in the spring of 2011 and the debt ceiling debate later that summer. House Republicans left the former thinking they'd secured $100 billion in savings, only to discover, upon closer inspection, that it was $32 billion. The $1 trillion sequester included in the debt ceiling deal included defense cuts, while leaving out top Democratic priorities like Medicaid (in one late-stage phone call with Republican aides, Lew screamed down attempts to make that program part of the trigger).

But in each instance, the broader debate was waged on Republican terms: additional stimulus spending took a backseat to deficit reduction. One Lew confidant said that Lew personally views himself as a progressive, despite having a reputation as a Clinton-era, new Democrat budget hawk. Sperling would only describe him as someone who straddles, if not outright ignores, the labels and lines.

"I’ve worked with Jack a large part of my adult life and I mean, he is what you see," he said. "He is very serious about deficit reduction but he operates from core progressive principles. In other words, he is not the type of person who either lets conservatives pressure him into backing down on basic issues of fairness, but on the other hand, he is never beholden to litmus tests from progressive groups that he does not believe are reasonable from a policy context."

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AccreditedEYE's picture

BOOM! There it is. :) Algos take any headline and run and, like magic, anyone who DIDN'T buy the dip is f-ing wishing they did! LOL Not too late... BTFD!!

Buckaroo Banzai's picture

No, it's "Lack Jew", LOL...just what we need, a head money man that "Lacks Jew"!!

Really, you can't make this stuff up.

SilverIsKing's picture

Does it make a difference whether he is Jewish or not?  If he is not Jewish, will he do a better job as Treas Sec?

Yeah, thought so you fucking retards.

Buckaroo Banzai's picture

Relax, Francis. I think you missed the point there.

whstlblwr's picture

No, you missed the point, fucking stooge. Is this you?

Belgian discovers his wife used to be a man after 19 years
http://www.telegraph.co.uk/news/worldnews/europe/belgium/9703166/Belgian..."Even during sex, I never noticed anything," he said.

"A friend told me that he had heard that Monica was actually a sex-changed man. I could not believe it. My son heard similar rumours," he said.

"I pushed her against the wall and said: Now I know the truth. Are you a man? She then announced that she was born as a boy and that she had been operated on. She was now a woman, and so she did not need to tell me about her past as a man. My world collapsed. That evening came to blows. The police came."

Poor stupids no wonder you can't figure out the real bad guys.

trav777's picture

lemme guess: it's the Germans?  Bc if I watch drama shows produced by hollweird, I tend to notice that the evil masterminds behind all crime are aryan males typically with german accents.  Even if there are some fronts like a hispanic gang or some "armenians," they are always taking their marching orders from the germans.

This view on reality tends to be very different from real reality.  But what do you expect from a clan whose entire history and self-image is a lie?  A god who told them to slaughter and genocide and upon that alone is the basis for their claim to ownership of a slice of land?  A group with a religion which sets in black letter policies of genocide, racism, and ethnic supremacy?

Ghordius's picture

lol, you forgot to mention that the bad guys always drive a Mercedes - big giveaway

didn't the church tell us to slaughter because "Deus Vult"? I forgot how many Crusades we had over the centuries

no group ever had a monopoly on slaughter, wrong self-image and idiocy

trav777's picture

I always laugh at people who in response to something going on NOW, bring up something that happened like a THOUSAND FKIN YEARS AGO.

STFU, you gd'd idiot.

Kitler's picture

In June 2006, Lew was named chief operating officer of Citigroup's Alternative Investments unit, a proprietary trading group. The unit he oversaw invested in a hedge fund "that bet on the housing market to collapse."[21]

On January 9, 2012, President Obama announced that Lew would replace William M. Daley as White House Chief of Staff.[31] Lew's nomination was followed with criticism[32][33][34][35] after renewed reports that he received over $900,000 in bonuses while working as COO of Citigroup, following the company's $45 billion in TARP rescue funds, after it saw $27.7 billion in loses, a 90% depletion in value.[36][37]

phyuckyiu's picture

Wake me up when we get a Chairman without Tribe heritage. Fucking idiots can't figure out who's really in charge.

AnAnonymous's picture

no group ever had a monopoly on slaughter, wrong self-image and idiocy

But 'americans' have a monopoly on hijacking humanity to pursue their best interests.

TheFourthStooge-ing's picture

AnAnonymous said:

But 'americans' have a monopoly on hijacking humanity to pursue their best interests.

Made me laugh.

Self thriving fantasy of Chinese citizenism too bizarre even for strange Hollywood standards.

Now documentary film about Chinese citizenism roadside crapping? Maybe...

Squid Vicious's picture

or if you need a dose of some dead German bad guys, just tune in pretty much any night to the Hitlery Channel, or Hitlery Channel "2"... brought to you by: guess who!

Oquities's picture

YES it does matter.  jews head up Treasury, Fed, CFTC, and SEC.  this, along with their positions as heads of top financial cos., gives them the crony capitalist edge they need in raping and looting taxpayers/citizens for their consolidation of wealth and power.

whstlblwr's picture

The stooges of Zero Hedge.

Divided States of America's picture

i dont know what the exact numbers are but I am positive that the percentage of blacks, latinos, asians, africans are bigger than the jews yet the whole effin U.S. financial system's power positions are stocked up 90% with one group of people. the jews.

Fink, Bernanke, Yellen, Blankfein, I could go on all day long....oh yeah its definitely 'LACKING of JEWS' alright. Like another poster said, its perfect irony we got another crony with this name in power.

Not to mention the jews stronghold on media and spreading propaganda on MSM and making sheeps believe everything they say.

Yeah this country really stands for democracy. I have dealt with many jews and these effers only care about themselves first, then fellow jews, then people with big noses or have a name that resembles jewish. You and me were never in their plans, we just effin expendable sheeps.

whstlblwr's picture

This is bullshit crap. Why are there more blacks in American football and women secretaries. This has been discussed here before, so you are a STOOGE. And just for your fun look at what group gives away more money to all people.

trav777's picture

yep, because they've been run out of everywhere they've ever been...

ya wonder if maybe it was bc of stuff like they do here?  Their homeland came as a result of genocide.  The talmud is veritably satanic.  Gee what a shock that nobody anywhere ever can get along with them?  It's not the world that has the problem if nobody likes you.  It's probably you.

Bay of Pigs's picture

Who is the fucking stooge here? Oh, it's a conspiracy right? You really ought to get up to speed instead of flapping your lips so much.

"Lew is an Orthodox Jew who observes the Jewish Sabbath and attends Congregation Beth Sholom.

Interviewed in a 2010 article, Lew's former boss on the National Security Council, Sandy Berger, commented that "Lew's faith never got in the way of performing his duties." Berger also said that Lew's commitment to his family was also extremely important, but that Lew "was able to balance the requirements, which was very, very hard—and he was determined to observe his religious traditions."

A 2011 press release from the Religion News Service noted that Lew also "has extensive connections in the American Jewish community," and that he might be able to help President Obama "build a more friendly rapport" with Israeli Prime Minister Benjamin Netanyahu."


whstlblwr's picture

You're a stooge. Who the fuck cares if he's a Jew? Did he lie on his taxes like Geithner? Do anything to make him unfit to be Treas Sec? That's the question, not Jew not-Jew, WTF? The Jew thing is a diversion away from the bad guys and we can see it fucking STOOGE.

Bay of Pigs's picture

I present facts to you and you post this? A "diversion away from the bad guys"? LOL.



trav777's picture

who are the bad guys, then?

whstlblwr's picture

Look in the mirror troll

trav777's picture

is one of your clan standing behind me?

AnAnonymous's picture

who are the bad guys, then?

Everyone but 'Americans'

TheFourthStooge-ing's picture

AnAnonymous said:

who are the bad guys, then?

Everyone but 'Americans'

The weirdest result of Chinese citizenism is the impossibility to self indict.

This although these gives the Chinese citizenism weirdos of type to opening to blame shifting and saving of faces.

Chinese citizenism systemics at work.

Element's picture

Shut the hell up fool, the adults want to talk.

Mad Mohel's picture

".... diversion away from the bad guys "

And which group do the "bad guys" belong to? You got your yarmulke too tight kid, wake up and smell the knishes.

Oquities's picture

and as an orthodox jew. he is generally guided by the beliefs enshrined in the talmud, which is a racist, master-race type document that espouses lying, subterfuge and theft/murder if necessary to obtain mastery over the goyim.

whstlblwr's picture

All the ancient documents are the same. You guys think you're making headway with the Jew thing? LOL.

Oquities's picture

the problem is not the ancient nature of the religious documents - it's the fools who still practice their tenets.  you have not made one cogent argument - accept the truth.

trav777's picture

wrong.  The New Testament is NOTHING whatsoever like this.

Another projection from the tribe.

Oquities's picture

imagine the gnashing of teeth if a fundamentalist Christian were appointed Treasury Sec.!

Element's picture



You forgot child rape and incest ... that's a real fav of theirs.

MP3 audio book of: Elizabeth Dilling

"The jewish Religion. It's Influence Today"

PDF book here:

trav777's picture

so the reason there are more jooz in finance and media is because they have a genetic predisposition toward stealing and lying?

It is you who are the stooge, in the literal sense of the word.  Jooz predominate in these industries because they practice ethnocentrism, aka racism, in favor of their clan.  We don't need more of them in positions of power that they never share nor relinquish.

If we take a look at professions they dominate, we see nothing but things that revulse us.  Media is full of walking bags of filth.  Finance is full of thieves and con artists.  Congress, with senior positions now dominated by jooz, is less highly-regarded than cockroaches.

When everyone throughout time dislikes you, maybe it's not everybody else that has the problem.

whstlblwr's picture

Easy to gather stooges of ZH in one post. Just mention someone with Jewish name and out come the filth. And you are the stooge, here to divert our rage from your group.

Hint: More jews in finance because it's what you MASTERS allowed

trav777's picture

yep...it's all "everyone else's fault."

Got it. Do you guys actually believe that? I mean I have some acquaintances and they are mostly self-deceptive like this.  I wonder if it's the talmudic taqiyya thing that Mo stole or if the Big Lie is so well-ingrained that you started believing your own crap.  I guess that would explain the self-destructive tendency among you...I get a whiff of your actually wanting someone to put you out of your collective misery.

"We only peddle the filth and con and scam people because we were persecuted into doing it."

ROTFL...you've been bleating this BIG LIE for centuries.  Cry out in pain as you strike.

whstlblwr's picture

And the fact that you want it so bad for us to blame the Jew. You NEED us to blame the Jew makes us even more suspicious.

trav777's picture

I neither want nor need anything.

You will not be permitted to turn blunt factual statements into referenda on the people making the statements.

The group that is pathologically INCAPABLE of self-awareness is not the anglosaxon, the creator of things called human rights, the freer of slaves, the Prometheus Race of man.

People had to BEND christianity, the "white" religion, to get it to condone barbarism.  The same isn't true of judaism and mohammedism; genocide and slaughter is written into those religions as commandments.

Evil people have evil religions.

whstlblwr's picture

Maybe you are just an old racist, doubt it.

Here is some info about your anglosaxon fantasy.

11th century Anglo-Saxons had a violent and gruesome justice system

London, Jan 1 (ANI): Latest archaeological techniques used on headless bodies found in a Yorkshire cemetery in UK, has led researchers to suggest that the system of justice carried out by the Anglo-Saxons was quite violent and gruesome.

According to the Yorkshire Post, the dozen skeletons 10 without their heads were discovered by archaeologists in the late 1960s in a Bronze Age barrow at Walkington Wold, sparking theories that it was the site of a massacre, a series of executions or even a Celtic head cult.


trav777's picture

and what did Anglos do since?

Instituted human rights.  Invented modern medicine, electric power, lifted more people up from a hardscrabble life and gave more to more people than your parasitic clan could ever DREAM of.  Truly, the european male is PROMETHEUS.  From Greece to Rome to France to Britain to the USA.  WTF has ANYONE ELSE done that can REMOTELY compare in terms of bettering the human condition?

All you apologists can do is compare behavior NOW to stuff someone did 1000 years ago. 

Anglosaxons evolved; it's time for you to.

whstlblwr's picture

Now it's confirmed. Your words reek of fake passion. You're a STOOGE.

Divided States of America's picture

Wow, this guy's like the koshered energizer bunny that doesnt give up. Good Riddance.

Squid Vicious's picture

and he loves the word STOOGE, must be from THREE STOOGES, also known as Moses, Samuel and Jerry Horwitz

whstlblwr's picture

As in:

Definition of STOOGE
a : one who plays a subordinate or compliant role to a principal
b : puppet 3
: straight man
: stool pigeon 1

Examples of STOOGE

1. a gangster and his stooges
2. He's just a stooge for the oil industry.

Oquities's picture

you can't seem to distinguish fact vs. opinion.

Jews disproportionately populate positions of power and influence in this country, and many of them are dual citizens in Israel, an inherently race/religious based state.  That implies, at least, split loyalty. Within this US oligarchy of finance and fascist politics (AIPAC), cronyism pervades.  With a little research, you can verify this yourself.  See who runs major finance, govt appointed finance, entertainment and news media, hedge funds, NGOs, blah blah.  it's easy to prove.  it is not coincidence - it is religio-ethnic cronyism, the very thing the ACLU, JDL, SPLC,  fight against when it is exercised by others.

trav777's picture

nonwhite countries are only for nonwhites.  Go home gringo.

white countries, on the other hand, belong to everybody.

I had some liberal idiot tell me straightfaced that the UAE has no obligation to give political power or decision say to the MAJORITY of their country that is now Indians (in Dubai especially), because well, it's a dictatorship and it's the emiratis' dictatorship.

WTF?  But the US or Holland has NO RIGHT YOU FKIN RACIST to say that ANYONE from ANYWHERE else should have to do things THEIR way or that they should be able to establish a government that doesn't have more-than-equal participation by minorities.

South Africa was evil...Israel is pure.

Divided States of America's picture

The black players in American football dont affect my life aside from some excitement on sundays

The female secretaries usually just do their job without affecting me aside from the good looking ones giving me a boner.

But the effin policies enacted by the Jews 'for' the Jews are effin raping my hard earned money

Of course I give a damn about it, you fuckin STOOGE.

And all the money the jews are giving away? Well they go right back into the jewish community. I dont get an effin cent of it....actually I funded the local synagogue with my hard earn money that somehow got funnelled into their greedy hands!