CRONY CAPITALIST

Jack Lew is a classic Washington-Wall Street “revolving door” operator, accomplished crony capitalist, and spectacularly failed manager of other people’s money.

Lew’s only financial sector experience was a stint at Citigroup’s Alternative Investments, described by one Wall Street insider as a “third rate division at a third rate bank.”1

Lew oversaw a group profiting off the housing collapse and financial crisis. He made millions at Citigroup including a bonus of nearly $950,000 in 2009 while Citi was being bailed out to the tune of $45 billion by taxpayers.

His unit at Citigroup began losing billions of dollars in 2008 as its bets turned south.

In the first quarter of 2008 the unit lost $509 million and the company stopped publicly disclosing the information.  The part of the company that absorbed Alternative Investments lost $20.1 billion in 2008.2

Lew’s division managed to post nearly half a billion dollars in losses in the first quarter of 2008, yet he still got paid millions in pay and bonuses.


Call Your Senator and tell them say No to Jack Lew



1. Stiles, Andrew “Getting To Know Jack” National Review Online
2. LoGuirato, Brett “10 Things You Need To Know About Jack Lew, Obama’s Next Treasury Secretary” Business Insider