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Crony Capitalism And Jack 'Bailout Bonus' Lew's Voyage To Treasury

Tyler Durden's picture




 

Submitted by Michael Krieger of Liberty Blitzkrieg blog,

How Jack 'Bailout Bonus' Lew Got To Treasury

As I and many others have pointed out for years, unless you are a crony Wall Street welfare queen you can pretty much forget about any high level position in the Obama Administration.  Barack made that clear from day one when he decided to surround himself with two of the people at the core of the 2008 financial crisis, Larry Summers and Tim Geithner.  The trend is simply continuing with the current nominee for Treasury Secretary: Jack “Bailout Bonus” Lew.  The revolving door is institutionalized and at this point as reliable as a Swiss watch.  From Bloomberg:

Jack Lew is the nominee for Treasury secretary whose own bonus as an investment banker was bailed out by the Treasury Department when it rescued Citigroup Inc. (C) in 2008.  He owes much to America’s taxpayers. He should also be grateful to Citigroup for agreeing to let him rejoin the government without suffering much for it financially.

 

An intriguing revelation from Lew’s Senate confirmation hearing last week was that he stood to be paid handsomely by Citigroup if he left the company for a top U.S. government job, under his 2006 employment agreement with the bank. The wording of the pay provisions made it seem, at least to me, as if Citigroup might have agreed to pay Lew some sort of a bounty to seek out, and be appointed to, such a position.

 

Of course he is close to one of the biggest snakes in the grass in modern American history, Robert Rubin.

 

He joined Citigroup in 2006 as chief operating officer of its global wealth-management division. Lew was recommended by former Treasury Secretary Robert Rubin, who at the time was chairman of Citigroup’s executive committee. (There seems to be an unwritten rule that every Treasury secretary must have deep ties to Rubin.)

 

Lew’s employment agreement with Citigroup said his “guaranteed incentive and retention award” wouldn’t be paid if he quit his job, with limited exceptions. One was if he left Citigroup “as a result of your acceptance of a full-time high level position with the United States government or regulatory body.”

 

A similar provision concerned his stock-based compensation. If Lew left in 2008 or afterward to accept a high-level U.S. government position, all of his outstanding equity awards, including restricted stock, would vest immediately, the document said.

 

When I asked Citigroup what its rationale was for including the government-service exception, a spokeswoman, Danielle Romero-Apsilos, said: “Citi routinely accommodates individuals who wish to leave the firm to pursue a position in government or nonprofit sector.” I pointed out that the contract terms I was asking about didn’t mention anything about a nonprofit, but she declined to elaborate on her statement.

 

Of course she did.

Full article here.

 

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Mon, 02/25/2013 - 10:52 | 3273849 Super Broccoli
Super Broccoli's picture

hey it's normal ! Mr. President needs a job once he's done looting USA !

Mon, 02/25/2013 - 12:27 | 3274154 daxtonbrown
daxtonbrown's picture

It's not crony capitalism. It is crony socialism. The meme is the reality.

Mon, 02/25/2013 - 14:43 | 3274550 sgt_doom
sgt_doom's picture

Jack Lewcifer?

Mon, 02/25/2013 - 10:52 | 3273851 LongBallsShortBrains
LongBallsShortBrains's picture

What could be more non-profit than treasury????

Mon, 02/25/2013 - 11:01 | 3273865 Sudden Debt
Sudden Debt's picture

you wonder why they keep hiring economic people for the treasury....

WHY NOT HIRE SOMEBODY WHO'S IN THE PRINTING BUSINESS???!!!

 

Mon, 02/25/2013 - 10:56 | 3273853 slingblade
slingblade's picture

Jack Lew is indeed a very special kind of Crony Corruptocrat - they arent even trying to hide it anymore.  The Progs can count on their legion of "low information voters" to not notice or care....they will continue to lurch to the polls (or be driven there by Acorn) like the Zombies they are and continue to vote for living.

 

Mon, 02/25/2013 - 13:31 | 3274341 Anonymous peon
Anonymous peon's picture

You can tell how confident a government is in its control of its citizens by how hard they try to hide their corruption.

Mon, 02/25/2013 - 14:22 | 3274498 sharonsj
sharonsj's picture

We notice.  We care.  It's just that our elected reps ignore us.  As for low information, you do know that Acorn hasn't existed for several years?

Mon, 02/25/2013 - 10:54 | 3273856 Sudden Debt
Sudden Debt's picture

... they... they forgot to... GIVE ME A BAILOUT!!!!

at least I got to pay taxes.... AND THEY DIDN'T!! HA! WHO'S LAUGHING NOW BITCHEZ!!!!

 

 

Mon, 02/25/2013 - 11:44 | 3274020 Divided States ...
Divided States of America's picture

You wont be getting a bailout from JLew unless your last  name is Goldberg, Weinstein, Grossman  or a combination of the first and second syllable.

Mon, 02/25/2013 - 10:54 | 3273859 Dexter Morgan
Dexter Morgan's picture

Bailout Bonus Bitchez!!

Mon, 02/25/2013 - 10:55 | 3273860 Shizzmoney
Shizzmoney's picture

They may have to start printing up those pennies again once this guy gets into the halls of D.C.

Mon, 02/25/2013 - 10:55 | 3273863 irie1029
irie1029's picture

This is not even slightly shocking.  They are all sleazeballs from Obama to the most minor Representatives aide. 

Mon, 02/25/2013 - 10:56 | 3273867 francis_sawyer
francis_sawyer's picture

If I could say it better than LongSoupLine, I would...

Mon, 02/25/2013 - 10:57 | 3273871 Jack of All Trades
Jack of All Trades's picture

Lew is part of the "best" government money can buy. . .

 

That is why US has grossest national product. . . 

Mon, 02/25/2013 - 10:58 | 3273872 williambanzai7
williambanzai7's picture

DIAGRAM EXPLAINING OBAMA STAFF CHANGES

Mon, 02/25/2013 - 10:59 | 3273876 buzzsaw99
buzzsaw99's picture

why fight it? pick out a nice jewsy stock and go with it

Mon, 02/25/2013 - 11:06 | 3273900 Dexter Morgan
Dexter Morgan's picture

A classic cartoon revisited:  http://www.zerohedge.com/article/buy-dip

Mon, 02/25/2013 - 11:06 | 3273902 Edward Fiatski
Edward Fiatski's picture

Jack Lew... that's a nice anagram. LOL

Ah, they have a sense of humour in fisting the plebs.

Mon, 02/25/2013 - 11:20 | 3273936 fuu
fuu's picture

Jacob Joseph Lew = Lop Each Jews Job

Mon, 02/25/2013 - 15:34 | 3274711 Joseph Jones
Joseph Jones's picture

You mean the "goyim," i.e. mongrel human-dog mix? 

Mon, 02/25/2013 - 15:33 | 3274707 Joseph Jones
Joseph Jones's picture

So that's why Prince Charles is so very handsome?  Ever noticed the similarity Bush Jr. - "What Me Worry?" Mad magazine cover guy?  The uber-rich and wealthy naturally believe they want to secure their sacred jism for posterity. 

Mon, 02/25/2013 - 11:22 | 3273949 yogibear
yogibear's picture

Jack Jew is Wall Street's whore.

Mon, 02/25/2013 - 11:24 | 3273956 Sutton
Sutton's picture

It makes sense to appoint the men whoe looted-raped-bankrupted  The ContinentalHyperPower to the highest thrones in the land.

Mon, 02/25/2013 - 11:25 | 3273961 Herdee
Herdee's picture

All in the sacred name of GLOBALIZATION.But,here's the catch:If Gross public debt hits over 100% of GDP next year and the recovery falters on fear and spending cuts,what has happened to other countries around the world with a debt to GDP ratio of 80-90 %?Hint(Spain & Greece).Then what happens if interest rates rise in an environment of world industrial overcapacity that can't sell increasing production to the public?In trading it's called "cellarboxed",your stuck at the bottom (.0001) and the gangsters have you in the basement after your stock has been naked-short sold(counterfeited) into oblivion.The last hope then becomes this:If the U.S. does have close to 8800 tons of gold and repegs it to $10,000 U.S. will that help the world's reserve currency?

Mon, 02/25/2013 - 11:29 | 3273973 More_sellers_th...
More_sellers_than_buyers's picture

Why would interest rate ever rise? The fed just buys the whole issue

 

Mon, 02/25/2013 - 12:00 | 3274078 Hedgetard55
Hedgetard55's picture

When that is the case, why even bother to issue Treasuries. Just take the money directly from Ben and save a lot of bullshit paperwork.

Mon, 02/25/2013 - 14:12 | 3274474 Kastorsky
Kastorsky's picture

are you nuts?!

what about the INTERST?!

Mon, 02/25/2013 - 11:48 | 3274040 Skip
Skip's picture

For the key post of Treasury Secretary the President chose—surprise, surprise—his White House Chief of Staff, an observant Orthodox Jew named Jacob “Jack” Lew, a member of the Council on Foreign Relations (CFR) and the Brookings Institution.

He is called “Jack” rather than “Jacob” as many Jews semi-disguise their Old Testament first names with more mainstream-sounding nicknames: “Ben” rather than Benjamin,   “Josh” rather than Joshua. Wikipedia‘s page about him, which has been around a long time because of the many prominent positions he’s held, was headed “Jacob Lew” until yesterday, when it was changed to “Jack Lew.”

Over the years Lew has served as senior adviser to Leftist House Speaker “Tip” O’Neill (D.-Mass.), Special Assistant to President Clinton, a member of Clinton’s National Security Council, and Director of the Office of Management and Budget (OMB) under both Clinton and Obama.

“My mother could never understand how I became OMB director,” Lew, an attorney, confided to a reporter. “Because I’m not an economist, I’m not a finance professional.”

Smith noted that “Lew was in New York to give the commencement address at Forest Hills High School [his alma mater], where he extolled the values of immigration.” Indeed, Lew keeps a scale model of Ellis Island on his desk in the White House.

Because in a surveillance state the Treasury Department plays an essential role in destroying the financial underpinnings of groups opposed to government policy and surreptitiously undermines the sovereignty of foreign nations targeted by Jews, Israel, the UN, the EU, and the US, Treasury posts are extremely important positions.

America’s first Jewish Treasury Secretary was virulent Germanophobe Henry Morgenthau, Jr. under Franklin D. Roosevelt—though the horrifying anti-Semite (we are constantly told because he expelled Jews from his war zone in 1862) President Ulysses S. Grant in 1869 offered the post to Jewish financier Joseph Seligman, who turned it down.

Morgenthau was responsible for the disgusting Morgenthau Plan, a “vicious campaign for the starvation of central Europe” drafted in conjunction with Assistant Secretary of the Treasury Harry Dexter White, a Communist spy. Despite his WASP-sounding name, White was also Jewish.

Mon, 02/25/2013 - 15:59 | 3274687 Joseph Jones
Joseph Jones's picture

Americans were quite uninterested in the alleged suffering of jews under hitler.  Regardless how much TPTB desired the USA to enter the war we resisted.  Until some jew in the State Dept under FDR invented the term "Judeo-Christian," the most lying oxymoronic mutually exclusive term in the history of language.  Then, all of sudden, USA so-called (marginal at best if at all) "Christians" started getting interested in the cause.  After 70 years now, we have idiotic so called Christian protestants addresing Rabbis as "Brothers."  Pathetic.  Satan laughs. 

This is apparently still news to some nitwits: there was very good reason Spain and IIRC, possibly also England, banned jews for a time.  Also, rightfully so, the Talmud was banned for a period, then of all people, the Pope gave the rabbis permission to again publish their filthy garbage religious book the talmud.  the same office of the Pope just a few years ago decreed that if you believe or state the jews killed Jesus you go straight to hell.  Never mind the outright lie that Rome and "Protestants" are against Judaism.  Without question, Rome and Protestantism are 100% tools of Judaic devil worship, and have as much to do with Christ as Satan. 

I've got news for you readers: the primary purpose of the creation of the lie of the holocaust was to strictly enforce the rule that every single thing every single jew in history ever does is OK post-holocaust.  "Holocaustianity" is the religion based on the "fundamental truth" (lie) that because Germans desired to wipe jews off the earth, the UN and the USA must enforce the right of Israel and Israelis and Jews to murder everyone who stands in the way of jew domination of the western world. 

The very moment anyone stands in the way of the above paradigm, you are instantly labeled someone who wants to wipe jews off the earth, someone who must be demonized into oblivion.  We even passed a law criminalizing belief in Christ.

Game over, game done.  Jews own you.  Learn to love it.  It's your fate.  Not much you can do about it. 

"Holocaustianity:" the highest icon of western culture. 

BTW, just like the jews have been crying for the west to annhilate Iran for three+ decades...the jews myhthologized 6M dead jews ever since the early 20th C.  The lie finally stuck after Hitler.  To this day, the Rabbis state the dead jews got what they deserved because those jews disobeyed and turned against the rabbis.

You stupid idiot Muslim-haters who hate Islam becuase jew bastards like Michael Medved decry Islam's alleged death penalty (I don't know if it exists or not) for any Muslim who turns away from Islam.  Guess what: in Judaism, if you read the Talmud and don't obey the Talmud, same death penalty.  Also per the Talmud: every gentile (that's you idiot) deserves only death.      

Mon, 02/25/2013 - 16:06 | 3274805 11b40
11b40's picture

If I read you right, you are denying the holocaust.  Are you denying the death camps, too?  If so, that is a losing argument.  Too many people witnessed it.  It is too well documented.  My own Father, a Hardshell Baptist from rural South GA, and 20 years old at the time, was a machine gunner in the 45th Infantry Division, the force that liberated Dachau.  What he saw there was almost unspeakable.  He only told me about it after I had returned from my own little military adventure.

Don't let hatred blind you to facts.

Mon, 02/25/2013 - 23:10 | 3275088 Joseph Jones
Joseph Jones's picture

You pervert language, a typical and common tool of ideologs and liars (not saying you are one).  The term "denial" plants only one side on truth, and instantly permanently labels the other side as being a truth-denier.  Like someone who "denies" gravity.

I deny that Germany desired to wipe jews off the face of the earth.  I admit many thousands of jews died under horrific, criminal acts of Hitler and Germany.  I deny that the (alleged) gas chambers of Germany, as described, are/where physically capable of performing the death acts for which Judaic written history attaches.

The Judaic run west demands we must criminalize holocaust denial.  Such is the case in Canada and 17 Euro nations.  Human beings are behind bars for the thought crime of non-belief.  One Roman priest is currently being defrocked for this "crime."  They justify this by saying it is necessary to prevent future holocaust.  Bullshit.  This is extraordinary circular reasoning.  How can someone prove something did not happen if the mere thought of doing so lands one in jail before they start? 

In the monkey trials for above defendants, it is well documented that a proper defense was dissallowed. Scientists in fact are behind bars for their denial, after examining the physical evidence and disbelieving it.  Jewish witnesses were caught and proven to lie under oath.  But it's all OK, because the ends (allegedly saving jews) justifies the means (prison for non-thought compliance.)

How/why, after WW2, and after allegedly 6M died, could the Jewish population be larger than it was prior to the war?  Such is the case.

Why is it that independent scientists examined the physical evidence at the alleged extermination sites (the gas chambers) and state it is impossible for what is described to have happened?  The gas chambers could not do what they claim. 

What was the result of the alleged "holocaust?"  The invention of the state of Israel, alleged to be inhabited by descendants of Abraham who in fact comprise the DNA of persons from above Turkey (see Judaic Arthur Koestler's The Thirteenth Tribe, free on the net....jews are Khazars from Khazaria with no relation to the people of Palestine). 

If you cross the line to supporting criminalization for certain thoughts, you have crossed the line into oblivion.  The Judaic-run west states the holocaust is as obvious and simple to prove as gravity, even more so.  Why/how would or could something so obvious as gravity need to have its denial criminalized?  Because it's a lie, that's why.  Because the icon of holocaustianity is the very foundation of the defense for thousands of international judaic crimes.  Without the holocaust there is no justification for the term "anti-semite."

As I stated earlier, the Rabbis targetted, marketed, and started promoting the same story (lie) of 6M murdered innoccent jews since the early 20th C.  They finally got it to stick after ww2.  At times after ww2 they jacked the number up to 10m, but later throttled back to the more palatable figure of 6M.

I describe thought crime, such as "holocaustianity," as a hate crime.   

From the Judaic Talmud, the holiest of all Judaic holy books: "All gentiles deserve only death."  The Rabbis aknowledge this vs. existence, so it's senseless to deny its existence. 

How and why, exactly, does such vs. not constitute a hate crime against all so-called non-Judaic "gentiles?"

 

Thu, 02/28/2013 - 21:39 | 3288575 11b40
11b40's picture

"You pervert language, a typical and common tool of ideologs and liars (not saying you are one)."

Joseph....you need help, dude.

Mon, 02/25/2013 - 12:08 | 3274096 adr
adr's picture

Obama promised to run the most transparent administration in history. Like any good politician, he didn't lie. It just isn't transparent in the way you thought it meant.

His administration is the most transparent in history for directly helping out the scumbags that that put him in power. They don't even hide it. The bailouts and money printing were to pump up the stock market, his cabinet and tsar posts are to help out the banks, and the entire purpose of the government is to rebuild the fortunes of the ein brigade that were lost in 2008.

Half of America is so stupid that they still believe the lie they were told even if Obama tells them it is a lie to their face. Oh yeah, they say "I don't care if you lie as long as I still get my check. I caught my brother selling raw milk, do I get a bigger check?"

......AAANND The oscar for best picture goes to..... MICHELLE OBAMA. For pretending to be a woman for all these years.

Mon, 02/25/2013 - 12:26 | 3274104 Raymond Reason
Raymond Reason's picture

This is sad, so sad.  Meet the new jew lew, same as the old jew tim. 

Edit:  But not to lose heart.  The Russians ultimately managed to delouse themselves, and while this is a type of infection that sovereigns can never completely rid themselves of, Russia has proven that it can be controlled, without bloodying their own hands. 

Mon, 02/25/2013 - 12:27 | 3274153 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Oh, come on boys and girls.

It's all for your own good. You may not understand this. Or ever see any realization of anything good for you personally. Or for your family. Or friends. Or for your country. But rest assured, it really is all for your own good.

They know better than you.

Didn't Mr. Rubin do a bang up job appointing (ah hem), I mean having elected (whoops), I mean buying (uggghh) ah, well you get the point, Mr. Clinton? And didn't he do a great job at Citi ? Look at all the free money they got, for gross incompetence no less? It's the perfrect marriage of government work with the private sector.

Mon, 02/25/2013 - 14:22 | 3274496 Kastorsky
Kastorsky's picture

hold on.

you think Lack Jew is funny?

There is a jew named Lemon Juice from a wonderful NY jew community. 

 

http://www.nytimes.com/2012/11/30/nyregion/in-ultra-orthodox-sexual-abus...

 

 The four men, identified by prosecutors as Joseph Fried, Yona Weisman, Abraham Zupnick and Lemon Juice, were arrested and charged with criminal contempt in the second degree, a misdemeanor that carries a sentence of up to one year in jail.

The accuser, who is now 17, has testified that she and her family had faced a pattern of intimidation from the Satmar Hasidic community in Williamsburg, Brooklyn, since she alleged last year that Nechemya Weberman, the unlicensed therapist her parents had sent her to for counseling, repeatedly forced her to have oral sex during their sessions together from the time she was 12 until she turned 15.        

 


Mon, 02/25/2013 - 16:14 | 3274807 Joseph Jones
Joseph Jones's picture

What kind of phureeekin' anti-semite is this girl?  time for obama to laser paint a "T" for terrorist on this girl's back and incinerate her and all her family.  I mean, c'mon, she's obviously in denial of "Israel's right to exist!"

Leave dem chosenites alone now! 

/sarc off.

Just think all the blissful love this here rabbis spreads among his own jewish people...you know...for instance, the rabbis order the jewish preencis' to bring the rabbi the princes' under panties....then the rabbi measures the diameter of the red spots, then the rabbi gets out his kosher calculator and gives the girl strict orders: you must get pregnant only on X day.  If you get pregnant on some day other than X, you and your baby die in childbirth.  All for a measely $200 fee!  such a deal! 

I kid you not!  Above is typical rabbinical practice. 

Daily Judaic male prayer: "Thank you g_d you did not make me a slave, nor a gentile, nor a woman."

Judaism: the worship of the Judaic male as god. 

Rabbinical vs. from the talmud: g_d argued/debated with the rabbis, the rabbis won, now g_d obeys the rabbis by reading the talmud. 

 

Mon, 02/25/2013 - 17:48 | 3275298 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

I'm not an "expert" on this, but I don't think that was therapy.

Mon, 02/25/2013 - 15:37 | 3274717 Joseph Jones
Joseph Jones's picture

I saw this episode of "The Twilight Zone."

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