Obama Pick Helped Cause Financial Crisis
Posted in the Antioch Forum
#1 Jan 9, 2013
Obama Pick For Treasury Secretary Helped Cause the Financial Crisis
Jacob Lew presided over the Citigroup unit, Alternative Investments,“that made money by betting against the housing market as it prepared to implode.” Lew’s tenure reportedly included doubling the firm’s investment’s in Paulson Advantage Plus LP which was operated by “hedge fund king John Paulson, the man who made billions off the deterioration of the housing industry.” Along with Goldman Sachs’ role in betting against AIG, it played a major role in exacerbating the subprime mortgage crisis, which in turn triggered the larger financial crisis that we were told necessitated the bailout.
Lew has already come under fire for receiving a $900,000 bonus immediately following the 2008 financial crisis on top of $1.1 million in compensation for his job as Chief Operating Officer at Citigroup, shortly after it saw $27.7 billion in losses and received some $45 billion in bailout money under TARP.
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