Obama doubles down, picks another Wall Street crony for top post, Lew made billions for Citibank in US housing collapse

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1/9/12, "New Chief of Staff: Former Hedge Fund Exec. at Citigroup, Made Money Off Mortgage Defaults," Weekly Standard, Daniel Halper

"President Obama's first chief of staff Rahm Emanuel once sat on the board of troubled federal mortgage giant Freddie Mac. Bill Daley, the president's chief of staff whose departure was announced today, was previously a top executive at financial firm J.P. Morgan Chase & Co. So of course there should be little surprise that Obama's latest chief of staff, announced today by the president himself,

• also has deep ties to the financial industry himself.

From 2006-2008, Jack Lew was chief operating officer of Citibank's alternative investments division. And it was his division that made billions of dollars betting "U.S. homeowners would not be able to make their mortgage payments," as the Huffington Post reported.

The piece also reported: “Lew made millions at Citi, including a bonus of nearly $950,000 in 2009 just a few months after the bank received billions of dollars in a taxpayer rescue, according to disclosure forms filed with the federal government.

• The bank is still partly owned by taxpayers.”

Of course, one should not begrudge Lew his personal, professional, and financial successes. But one might wonder

• what kind of message the president is sending with this appointment. ...

In announcing Lew today, the president mentioned his previous work at the State Department and in the Clinton administration. Obama did not mention Lew's past of

• making billions of dollars for Citibank just a few years ago."

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Image of Obama and bankers accompanied Rolling Stone article from Dec. 2009 posted on the blog InfiniteUnknown.net. I'm guessing it came from Rolling Stone but not sure. I copied the
Rolling Stone piece about Obama and Wall St, 12/10/2009, "Obama's Big Sellout," Rolling Stone by Matt Taibbi. Bob Rubin "was more responsible for 2008's crash than any other single living person." Obama hired him and Rubin filled the White House with his friends. "Maybe it's our fault, for thinking Obama was different." Rolling Stone, 12/10/2009

via Drudge