Treasury Nominee Jack Lew’s Head-Spinning Mortgage Transactions

[unhappycamper]

http://wallstreetonparade.com/2013/02/treasury-nominee-jack-lews-head-spinning-mortgage-transactions/



Jack Lew Testifying at His Confirmation Hearing, February 13, 2013

Treasury Nominee Jack Lew’s Head-Spinning Mortgage Transactions
By Pam Martens: February 22, 2013

You know the President’s nominee for Treasury Secretary, Jack Lew, is in trouble when media from the left, right and center of the political spectrum are shredding the mild-mannered, bespectacled numbers cruncher. For good reason, I might add.

Lew will now have more embarrassing details to explain (or not, as has become his custom). We’ve dug out the details of his head-spinning mortgage deals with his two former employers, New York University and Citigroup. This comes on the heels of the bombshell dropped by Senator Orrin Hatch in the confirmation hearing regarding Lew’s cozy employment agreement with Citigroup that paid him a bonus of $940,000 if he could somehow manage to secure a “full time high level position with the United States Government or a regulatory body.” The insolvent bank had just been bailed out by the taxpayer, making the $940,000 bonus accepted by Lew in early 2009 a gift from the public purse.

Yesterday, the uber conservative editorial page of the Wall Street Journal clicked off the problems it has with Lew: “Investor in Cayman Islands tax haven? Check. Recipient of a bonus and corporate jet rides underwritten by taxpayers at a bailed-out bank? Check. Executive at a university that accepted student-loan ‘kickbacks’ for steering kids toward a favored bank? Check. Excessive compensation with minimal disclosure? Check.”

The kickbacks the editorial references were akin to what Bernie Madoff was doing in the “legitimate” stock trading side of his company. Madoff paid brokerage firms a penny or two a share to direct stock traffic to his brokerage business to steal trades away from the New York Stock Exchange. The practice was called “payment for order flow.”

[xchrom]

1. du rec. nt

[Warren Stupidity]

2. So Lew is accused of what crime?

[Angry Dragon]

5. Sometimes low morality just means you have low morals

That is not a crime but should that person have a say in how this country is run??

[Fuddnik]

6. Aggravated Ignorance.

[Tuesday Afternoon]

3. “payment for order flow.” what does that mean?

[Warren Stupidity]

4. It means all of these things are just fine if you are a republican.

And that du'ers will mindlessly join in the torch parade.