Who is Obama's incoming Chief Of Staff??


Ex-Citigroup exec becomes Obama’s chief of staff

Shanny Basar in New York
10 Jan 2012

Jacob Lew, a former chief operating officer of Citigroup Alternative Investments, has replaced William Daley as President Obama’s chief of staff.

Obama announced yesterday that Daley, an ex-JP Morgan banker, had submitted his resignation last week and is returning to Chicago after only a year in the role. Obama confirmed the same day that Lew has agreed to replace him. Lew, who is better known as Jack, is currently director of the Office of Management and Budget.

Lew was also director of the budget office under the Clinton administration between 1998 and 2001.

Before joining the Obama administration in 2009, Lew was chief operating officer of Citi Global Wealth Management and then Citi Alternative Investments.

The New York Times reported in February 2009 that the Obama administration was criticised for appointing two senior executives from Citigroup’s Alternative Investments – Lew and Michael Froman, the ex-chief financial officer – after the business lost hundreds of millions of dollars..

http://www.efinancialnews.com/story/2012-01-10/jacob-lew-chief-of-staff

His illustrious career at Citi...


As White House budget director Jack Lew prepares to take over for departing chief of staff Bill Daley, it's worth revisiting Shahien Nasiripour's blow-by-blow of Lew's brief, less-than-illustrious stint at a unit of Citigroup that made money by betting against the housing market as it prepared to implode:

Multi-Adviser Hedge Fund Portfolios LLC was a unit of Alternative Investments' Hedge Fund Management Group, the 36th-largest such "fund of hedge funds" in the world when Lew came aboard, according to a ranking by Alpha magazine, a publication that covers the hedge fund industry.

That Multi-Adviser fund in particular had $407 million by the end of 2007, a week before Lew was named as Alternative Investments' chief operating officer…At that time, it had $18 million invested in Paulson Advantage Plus LP, worth $26.4 million, comprising about 6.5 percent of the Multi-Adviser fund's total capital.

The Paulson fund was run by hedge fund king John Paulson, the man who made billions off the deterioration of the housing industry by making bearish bets on securities tied to home mortgages—particularly subprime home mortgages.

Under Lew, the Multi-Adviser fund doubled its investment in Paulson's fund to nearly $42 million by March 2008; by the next quarter, it'd cranked that investment up to just over $60 million, making it the biggest piece of the Multi-Adviser fund, Nasiripour reported. So how'd it go for Lew and Citi?:

Citi paid Lew $1.1 million for his year at Alternative Investments, according to an ethics disclosure report filed in January 2009. He was also eligible for an undisclosed bonus….His unit, though, lost as much as billions of dollars in 2008 as its bets turned sour. In the first quarter of 2008 alone the unit lost $509 million; the company stopped publicly disclosing the unit's individual numbers soon thereafter, but the part of the company that absorbed Alternative Investments lost $20.1 billion in 2008, according to the bank's filings with the Securities and Exchange Commission.

Citigroup, as you might recall, also received $45 billion in TARP money.

http://motherjones.com/mojo/2012/01/flashback-lews-time-citi-and-other-disappointments

Oust one corrupt banker from his cabinet to replace him with an even worse one.... that will guarantee the campaign contributions to a higher degree, more destruction of our constitution and rights, and further enslavement of we the sheeple under banker rule!

Indeed.