Lew Faces Sharp Questions About Time at Citi

WASHINGTON (AP) -- Treasury Secretary nominee Jacob Lew is facing sharp questions from Republicans over his tenure at Citigroup (NYSE: C  ) during the financial crisis and a nearly $1 million bonus he received while the bank was being bailed out by taxpayers.

Lew joined Citi in 2006 and became chief operating officer for its alternative investments unit in January 2008. He held the position during the peak of the financial crisis, when Citi received a $45 billion bailout from the federal government.

Lew's unit had been criticized for making risky investments that imploded during the crisis. But Lew said during a Senate Finance Committee hearing that he did not make investment decisions in his job.

He received a $940,000 bonus in early 2009, shortly before he left to join the Obama administration.


Read/Post Comments (3) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On February 13, 2013, at 12:58 PM, mdk0611 wrote:

    All they have to do is take Obama's attacks on Romney from the campaign and change the name. Gonna love to hear Jay Carney's bob and weave tapdance about Cayman Island investments.

  • Report this Comment On February 13, 2013, at 4:10 PM, eddietheinvestor wrote:

    It's amazing that Obama keeps blaming Bush for the economy and then attempts to hire people who make bad investments and who really contributed to the problem, such as Lew and Goldman Sachs people.

  • Report this Comment On February 13, 2013, at 4:12 PM, eddietheinvestor wrote:

    I find the article amusing. It says that Lew will face serious questions from Republicans about his past. It's a shame that Democrats are not interested in asking serious questions. Obviously they don't care about Lew's Cayman Island investments, his past, or his philosophy. It's a shame that Democrats merely rubber stamp Obama.

Add your comment.

DocumentId: 2253093, ~/Articles/ArticleHandler.aspx, 7/24/2014 9:56:05 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement