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Unions to Oppose Lew Nomination
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This WSJ editorial says AFL-CIO union leader Trumka's questions about the Lew nomination at Treasury are appropriate even though they come 2 years later. The questions relate to clauses in bank contracts that allow accelerated vesting of equity awards for executives who may be likely to join the government- looking towards favorable treatment of the banks by these executives that join the government. In this case it is Citicorp where Treasury Secretary Lew worked before becoming Treasury Secretary. The original Lew employment contract with Citicorp had a bonus guarantee if Lew left the bank for a "high level position with the United States government or regulatory body." The revolving door has a pernicious effect on America's regulatory system especially for financial markets and bank regulation by permitting behavious that would otherwise be discouraged or penalized.
Jacob Lew, U.S. Treasury Secretary 2013-2016
01/09/2013
Grouped Articles
Wall Street Journal 07/15/2014
Unions to Oppose Lew Nomination
Wall Street Journal 11/20/2014
A Treasury Secretary at the Center of Obama’s Most Pressing Policies
New York Times 04/07/2016
Wall Street Journal 01/10/2013
New York Times 01/09/2013
Obamaâs Pick for Treasury Is Said to Be His Chief of Staff
New York Times 01/09/2013
A Citigroup restructuring plan, and bank restructuring plans that were never developed by Treasury Secretary Geithner for President Obama
01/02/2009
Ron Suskind documents the making of key economic decisions in the Obama White House from 700 hours of interviews in his new book released in Sept 2011: "Confidence Men: the Obama White House, Wall Street and the Education of a President." In the book he says Obama asked Geithner to develop a plan for restructuring Citigroup after the bailout of Citi. A month later he followed up in a meeting, and was told by Romer at a meeting Geithner did not atttend, that no plan had been developed. The President's response was "it better be." Geithner says he was asked to do so but "fortunately there was never a need to put them in place."
Grouped Articles
New York Times 05/16/2010
A Conflict in Geithner's New Job- Not Exactly
New York Times 11/18/2013
Charlie Rose Talks to Robert Reich
BusinessWeek 10/21/2010
A Stress Test for the Latest Bailout Plan
New York Times 02/14/2009
Citigroup Hits 'Penny Stock' Realm
Wall Street Journal 03/06/2009
Obama, Geithner Get Low Grades From Economists
Wall Street Journal 03/11/2009
Joseph Stiglitz on U.S. president Obama and Treasury Secretary Geithner's policies favoring banks in the 2008 global financial crisis
04/01/2009
Grouped Articles
New York Times 04/01/2009
Geithner's Plan: Loopholes Galore
BusinessWeek 04/01/2009
Book Review: 'Stress Test' by Timothy F. Geithner
Wall Street Journal 05/12/2014
New York Times 05/17/2014
Treasury Chief Says He’s Open to Ousting Heads of Frail Banks
New York Times 04/06/2009
New York Times 05/19/2014
Revolving door for officials in U.S. government and regulatory authorites, the S.E.C., the Federal Reserve, and the large banks.
01/28/2009
Orszag, budget director in the Obama administration, joins Citigroup. A senior official at the New York Fed's regulatory department joins Goldman Sachs. Another Fed official joins Morgan Stanley as chief economist. S.E.C. enforcement chief leaves Deutsche Bank for the S.E.C. and leaves the S.E.C. for a position in the financial industry. The nominee for S.E.C. chief in 2013, Jo White, represented JP Morgan Chase in her work at a law firm. The nominee for Treasury Secretary Jacob Lew, worked at Citigroup for a short period. A similiar situation exists in the UK and in other EU countries.
Grouped Articles
New York Times 12/27/2011
SEC's Top Cop Oversaw Deutsche CDOs
Wall Street Journal 04/24/2010
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
SEC Deals With Turnover at the Top
Wall Street Journal 08/20/2013
SEC Tries to Rebuild Its Reputation
Wall Street Journal 09/12/2013
SEC 'Revolving Door' Under Review
Wall Street Journal 06/16/2010
Geithner's close contacts with Goldman, Chase, Citigroup and BlackRock.
01/02/2009
Grouped Articles
New York Times 05/16/2010
A Conflict in Geithner's New Job- Not Exactly
New York Times 11/18/2013
Obama, Geithner Get Low Grades From Economists
Wall Street Journal 03/11/2009
New York Times 04/01/2009
Geithner's Plan: Loopholes Galore
BusinessWeek 04/01/2009
Book Review: 'Stress Test' by Timothy F. Geithner
Wall Street Journal 05/12/2014
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