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Obama's Treasury Nominee Got Unusual Exit Bonus on Leaving N.Y.U.

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At www.nytimes.com


Jacob J. Lew is the president’s choice for Treasury secretary
(image by Doug Mills/The New York Times)

President Obama's nominee to lead the Treasury Department, Jacob J. Lew, got a $685,000 severance payment when he left a top post at New York University in 2006 to take a job at Citigroup. He also received mortgages of roughly $1.5 million through the school as a perquisite -- $440,000 of which was forgiven by the university over time. University officials defended the additional lump-sum payment, which was not required by his original employment contract, citing Mr. Lew's role in addressing some of the university's major problems at the time.

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At www.nytimes.com


 

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