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Obama Picks Jack Lew for Treasury

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Jack Lew is tapped to replace Tim Geithner at Treasury. He's currently White House Chief of Staff. Formerly he was Clinton and Obama Office of Management and Budget director. On January 27, he assumed his current post.

Like everyone holding high-level Washington positions, he's a consummate insider. He started early. 

At age 12, he did political canvassing for Gene McCarthy (D. MN). He worked briefly for Rep. Bella Abzug (D. NY). He was Rep. Joe Moakley's (D. MA) legislative assistant.

He was Speaker Tip O'Neil's (D. MA) senior policy advisor. He was an attorney in private practice. In 1993, he was Clinton's Special Assistant. He served on his National Security Council.

In 1994, he was Associate Director for Legislative Affairs and Deputy Office of Management and Budget director. He headed OMB twice from 1998 - 2001 and from 2010 - 2012. 

In 2009 and 2010, he was First Deputy Secretary of State for Management Resources.

From 2001 - 2006, he was New York University executive vice president. 

From 2006 - 2009, he was Citi Global Wealth Management (GWM) managing director and Citi Alternative Investments (CAI) CEO.

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CAI specializes in proprietary trading. It manages private client portfolios and investment funds. They include hedge funds, private equity funds, real estate ones, and various hedge investments globally. 

High-risk speculation is prioritized. CAI profited from the 2008 subprime housing/financial crisis. Lew foresaw it. He bet the right way and won. He gained at the expense of millions of homeowners and many others who suffered.

During an earlier confirmation hearing, he said he didn't believe "deregulation was the proximate cause" of the 2008 financial crisis.

He told senators CAI operations "ranged from private equity investments to real estate investments and various forms of fixed-income investments."

He omitted explaining high-risk investments, betting against the house, and profiting at the expense of millions of others. 

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CAI was heavily involved in structured investment vehicles. They tanked during the subprime collapse. Tens of billions of dollars were lost. Citi got bailed out. So did other troubled financial giants. Taxpayers got the bill.

White House sources won't comment about Lew's Citi involvement. Whether Senate Republicans or Democrats raise it and other issues during confirmation proceedings remains to be seen. Expect largely softball questions if so.

Citi steals with the best of them. Dirty money props up corrupt operations. Money is made the old-fashioned way. It's stolen. Investors, communities, and societies are swindled.

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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Lets not forget that in early 2009 Lew left Citiba... by Poor old Dirt farmer on Friday, Jan 11, 2013 at 11:50:49 AM