Budget appointee continues Obama’s ties to Wall Street

July 14, 2010 06:37

When President Obama introduced Jacob J. “Jack” Lew as his top budget officer Tuesday, he praised his work handling finances in the Clinton White House and recently as a deputy secretary in the State Department — but he forgot to mention the lucrative Wall Street job in between.

By Jim McElhatton at Washington Times

Mr. Lew was chief operating officer at Citi Alternative Investments, a unit of Citigroup, just before joining the Obama administration last year. Citigroup received a big bailout months before Mr. Lew took his last job as Deputy Secretary of State for $177,000 per year.

It was a big pay cut.

Mr. Lew took home $1.1 million in compensation from Citigroup during 2008 and the first two weeks of January 2009, according to his 2009 government ethics filing.


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