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Wallstreet "FAT Cat" As Sec. of Treasury

Mike

Well-known member
Where's the "Change"?


President Barack Obama plans to name White House Chief of Staff Jack Lew tomorrow as his choice for Treasury secretary, replacing Timothy F. Geithner, a person familiar with the process said.
Enlarge image
President Barack Obama walks with White House Chief of Staff Jack Lew on his way to board Marine One. Photographer: Mandel Ngan/AFP via Getty Images
5:21
Jan. 9 (Bloomberg) -- Timothy Bitsberger, a managing director at BNP Paribas and a former assistant secretary for financial markets at the U.S. Treasury, talks about the possibility of White House Chief of Staff Jack Lew becoming the next Treasury secretary. Bitsberger, speaking with Betty Liu on Bloomberg Television's "In the Loop," also discusses U.S. debt ceiling negotiations and outlook for leadership at the Federal Reserve. (Source: Bloomberg)
Lew, 57, who also has served as director of the Office of Management and Budget, has been offered the Treasury post by Obama, according to the person, who asked for anonymity to discuss personnel matters.
Geithner, 51, the only remaining member of Obama’s original economic team, has told White House officials he doesn’t’ want to serve in a second term and intends to leave the job by the end of the month.
Lew’s nomination as Treasury secretary is subject to confirmation by the Senate.
The next Treasury secretary will play a leading role in working with Congress to raise the government’s $16.4 trillion debt ceiling. The U.S. reached the statutory limit on Dec. 31, and the Treasury Department began using extraordinary measures to finance the government. It will exhaust that avenue as early as mid-February, the Congressional Budget Office says.
 

TexasBred

Well-known member
Mike said:
Where's the "Change"?


President Barack Obama plans to name White House Chief of Staff Jack Lew tomorrow as his choice for Treasury secretary, replacing Timothy F. Geithner, a person familiar with the process said.
Enlarge image
President Barack Obama walks with White House Chief of Staff Jack Lew on his way to board Marine One. Photographer: Mandel Ngan/AFP via Getty Images
5:21
Jan. 9 (Bloomberg) -- Timothy Bitsberger, a managing director at BNP Paribas and a former assistant secretary for financial markets at the U.S. Treasury, talks about the possibility of White House Chief of Staff Jack Lew becoming the next Treasury secretary. Bitsberger, speaking with Betty Liu on Bloomberg Television's "In the Loop," also discusses U.S. debt ceiling negotiations and outlook for leadership at the Federal Reserve. (Source: Bloomberg)
Lew, 57, who also has served as director of the Office of Management and Budget, has been offered the Treasury post by Obama, according to the person, who asked for anonymity to discuss personnel matters.
Geithner, 51, the only remaining member of Obama’s original economic team, has told White House officials he doesn’t’ want to serve in a second term and intends to leave the job by the end of the month.
Lew’s nomination as Treasury secretary is subject to confirmation by the Senate.
The next Treasury secretary will play a leading role in working with Congress to raise the government’s $16.4 trillion debt ceiling. The U.S. reached the statutory limit on Dec. 31, and the Treasury Department began using extraordinary measures to finance the government. It will exhaust that avenue as early as mid-February, the Congressional Budget Office says.

Just another clone that will always bow down to the emperor's wishes no matter the cost. Fits right into the mold of all the other Buckwheat appointees.
 

TexasBred

Well-known member
hopalong said:
Oldtimer says the fat cats are only those that support Bush so how can that be

Obama’s 2008 campaign received $42 million — “more than any other candidate in history” — from “Wall Street bankers and financial insiders.” The campaign finance data by the Center for Responsive Politics, which reported that Obama’s campaign raised $42.2 million from the “finance, insurance and real estate” sector. That’s up from the $35.9 million that Bush raised for reelection in 2004.
 

Mike

Well-known member
Sessions: Lew must 'never' be Treasury secretary
By Erik Wasson - 01/09/13 02:48 PM ET

The top Republican on the Senate Budget Committee will oppose Jack Lew's nomination to be Treasury secretary.

Sen. Jeff Sessions (R-Ala.) has prepared a statement saying "Jack Lew must never be Secretary of Treasury."

He is not saying yet whether he will filibuster the nomination, however, which sources say President Obama will announce Thursday.

Sessions expects that the Lew nomination will fail in the Senate, an aide said.

The senator says Lew misrepresented Obama's 2012 budget by claiming that it did not add to the debt.

"His testimony before the Senate Budget Committee less than two years ago was so outrageous and false that it alone disqualifies," according to the Sessions' statement, which was obtained by The Hill in advance.

Sessions says in his statement that Lew, as the president’s budget director told Congress the budget "would not add to the debt of the United States."

He cites a Lew statment on CNN that reads: "Our budget will get us, over the next several years, to the point where we can look the American people in the eye and say we're not adding to the debt anymore; we're spending money that we have each year, and then we can work on bringing down our national debt."

Sessions's statement says: "To ‘look the American people in the eye’ and make such a statement remains the most direct and important false assertion during my entire time in Washington."
Another reading of Lew's testimony is that he is saying the budget starts a process of eventually getting to a balanced budget and the paying down of the debt, even though the budget itself does not balance.

Sessions' statement goes on to say: "It’s time for a Secretary of Treasury to look the American people in the eye and lay out an economic plan for America that will end our debt path that has endangered our future and which will find support among the American people and the world’s financial community. Far from being a positive force towards this essential good, Mr. Lew has given priority to the political interests of the President, in whose White House inner circle he has now served for several years."

"At this time of unprecedented slow growth, high unemployment, and huge deficits, we need a Secretary of Treasury that the American people, the Congress, and the world will know is up to the task of getting America on the path to prosperity not the path to decline. Jack Lew is not that man," Sessions said.


Read more: http://thehill.com/blogs/on-the-money/1007-other/276359-sessions-lew-must-never-be-treasury-secretary#ixzz2HWuPblVf
 
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