Unbelievable that his supporters let him get away with this.
I mean, really?
This is really only the start. So, Mr. Lew (Treasury Sec to be) got paid two bonuses that look really sketchy. This goes on in both parties, but I am shocked how little outrage there is at this.
"After Mr. Lew repeatedly responded "I do not recall" to key questions about his actions while working at New York University and Citigroup.......
This is a shame because Mr. Lew is well qualified to explain how the Washington-Wall Street axis of access really operates....... They relate to the paychecks he received from his last two employers before returning to government.
We wrote recently about the oddity of New York University paying severance to Mr. Lew in 2006 when he left there voluntarily to work at Citigroup. NYU hasn't explained why it would pay someone for quitting to take a job on Wall Street.
As for the Citi paycheck, the story is how Wall Street has become a get-rich-turnstile for Democratic political operatives. The terms of Mr. Lew's original employment contract with Citi included a bonus guarantee if he left the bank for a "high level position with the United States government or regulatory body."
Most companies include incentives for top employees not to leave, but in this case the contract was written to reward Mr. Lew for treating the bank like a revolving door. Citi says it likes to accommodate employees who do public service or work at nonprofits. But the Lew contract was specific about a senior job in the federal government. There would be no special payout if he left to run the Red Cross or the New York state budget office........
Mr. Lew's contract suggests that Citi knew from the start that Mr. Lew was headed back to a powerful job in Washington, and that it wanted him to remember the bank fondly when he left.......
All of this matters in particular in a Dodd-Frank world when the biggest banks are public utilities. They have little choice but to do what a Treasury Secretary tells them to do.....
Review & Outlook: Jack Lew's Golden Parachute - WSJ.com