Most transparent Administration ever, ad infinitum
It’s difficult to make Tim Geithner look good but the hapless Jack Lew, President Obama’s nominee for Treasury Secretary, is finding a way.
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.
Yes, this sounds like a bonus… a bonus with a promise attached and the implication is obvious: “Jack, get back in high-level government and you take care of Citi and Citi will take care of you.”
This astounding conflict of interest is on top of the rest of the Lew fail-file:
Investor in Cayman Islands tax haven? Check. Recipient of a bonus and corporate jet rides underwritten by taxpayers at a bailed-out bank? Check. Executive at a university that accepted student-loan “kickbacks” for steering kids toward a favored bank? Check. Excessive compensation with minimal disclosure? Check.
And if the media can’t see this, they’re blind and inept. If they can see it and don’t think it important enough to mention, they’re the political stenographers and puppets a few already admit to being. Either way, it’s bad.