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Related: About this forumTreasury Nominee Jack Lew’s Head-Spinning Mortgage Transactions
http://wallstreetonparade.com/2013/02/treasury-nominee-jack-lews-head-spinning-mortgage-transactions/Jack Lew Testifying at His Confirmation Hearing, February 13, 2013
Treasury Nominee Jack Lews Head-Spinning Mortgage Transactions
By Pam Martens: February 22, 2013
You know the Presidents nominee for Treasury Secretary, Jack Lew, is in trouble when media from the left, right and center of the political spectrum are shredding the mild-mannered, bespectacled numbers cruncher. For good reason, I might add.
Lew will now have more embarrassing details to explain (or not, as has become his custom). Weve dug out the details of his head-spinning mortgage deals with his two former employers, New York University and Citigroup. This comes on the heels of the bombshell dropped by Senator Orrin Hatch in the confirmation hearing regarding Lews cozy employment agreement with Citigroup that paid him a bonus of $940,000 if he could somehow manage to secure a full time high level position with the United States Government or a regulatory body. The insolvent bank had just been bailed out by the taxpayer, making the $940,000 bonus accepted by Lew in early 2009 a gift from the public purse.
Yesterday, the uber conservative editorial page of the Wall Street Journal clicked off the problems it has with Lew: 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.
The kickbacks the editorial references were akin to what Bernie Madoff was doing in the legitimate stock trading side of his company. Madoff paid brokerage firms a penny or two a share to direct stock traffic to his brokerage business to steal trades away from the New York Stock Exchange. The practice was called payment for order flow.
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Treasury Nominee Jack Lew’s Head-Spinning Mortgage Transactions (Original Post)
unhappycamper
Feb 2013
OP
xchrom
(108,903 posts)1. du rec. nt
Warren Stupidity
(48,181 posts)2. So Lew is accused of what crime?
Angry Dragon
(36,693 posts)5. Sometimes low morality just means you have low morals
That is not a crime but should that person have a say in how this country is run??
Fuddnik
(8,846 posts)6. Aggravated Ignorance.
Tuesday Afternoon
(56,912 posts)3. “payment for order flow.” what does that mean?
Warren Stupidity
(48,181 posts)4. It means all of these things are just fine if you are a republican.
And that du'ers will mindlessly join in the torch parade.