- Arkansas voter ID law struck down by state judge
- FDA proposes ban on e-cigarette sales to minors
- Bad omen? Italian man crushed to death by John Paul II crucifix
- Company stopped from accepting abortion waste
- Girl surprises Michelle Obama with unemployed dad’s resume
- ‘Harry Potter’ religion class seeks to enlighten students on ‘God, sin, and theodicy’
- ‘Optionally piloted’ Black Hawk helicopter clears tests; future missions to go ‘fully unmanned’
- Vice News reporter kidnapped in Ukraine is freed after being beaten, blindfolded
- FCC’s new ‘net neutrality’ proposal sparks outrage among consumer advocates
- Families of ferry’s lost confront South Korean officials
Lew earned $1.1M from Citigroup before State Department job
When President Obama introduced Jacob J. “Jack” Lew as his top budget officer Tuesday, he praised his work handling finances in the Clinton White House and recently as a deputy secretary in the State Department — but he forgot to mention the lucrative Wall Street job in between.
Mr. Lew was chief operating officer at Citi Alternative Investments, a unit of Citigroup, just before joining the Obama administration last year. Citigroup received a big bailout months before Mr. Lew took his last job as Deputy Secretary of State for $177,000 per year.
It was a big pay cut.
He also noted in the same Office of Government Ethics disclosure that he was eligible for a discretionary compensation — or a bonus — which he would collect prior to assuming the State Department post.
Last year, in response to an inquiry by The Washington Times about Mr. Lew’s Citigroup compensation, the State Department declined to say how much of his $1.1 million in compensation came in the form of bonuses.
“Like so many, Deputy Secretary Lew returned to government to serve the public. A review of his public financial disclosure report and his federal salary speaks to that commitment,” a spokesman said at the time.
“They ranged from private equity investments to real estate investments and various forms of fixed-income investments,” Mr. Lew answered, adding that he wouldn’t participate in any matters “that have particular impact on Citigroup.”
While the White House made clear mention of Mr. Lew’s work at the company in an announcement naming him the new director of the Office of Management and Budget, Mr. Obama passed over that portion of Mr. Lew’s resume in his remarks Tuesday.
Still, Mr. Obama praised Mr. Lew for his work as deputy director at the OMB, as a principal domestic policy adviser to Tip O’Neill, as an executive vice president at New York University and, most recently, as Deputy Secretary of State for Management Resources.
“At a time when so many families are tightening their belts, he’s going to make sure that the government continues to tighten its own,” Mr. Obama said. “He’s going to do this while making government more efficient, more responsive to the people it serves.”
“Jack has been through a vetting process before,” he said at a press briefing.
© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.
About the Author
Jim McElhatton is an investigative reporter for The Washington Times. He can be reached at email@example.com.
- Consumer protection board under fire for suspected violations of Hatch act
- Government watchdog mismanages its own funds
- Transparency's end: Sen. Richard Blumenthal fights subpoena of own records in union case
- GSA IG helped recover Depression-era masterworks
- HHS nominee Sylvia Burwell entangled in MetLife lawsuit
Latest Blog Entries
TWT Video Picks
By Tammy Bruce
Only IRS employees could expect rewards for failing to pay their taxes
- Holder cancels appearance in OKC amid angry protests
- 'Top Gun' for drones: Squadrons of carrier-based killers have Navy's approval
- In its hunt for Senate, Republican candidates campaign against Harry Reid
- America is an oligarchy, not a democracy or republic, university study finds
- Obamacare class-action suit opens a new legal front
- Sold out: Ukraine's leadership swapped best military weapons for cash
- Justice at last: 'Evil woman' outed for grabbing girl's game ball
- Gun control supporters send message to NRA
- Nevada rancher Cliven Bundy hailed as patriot, ripped as lawless deadbeat
- Nevada rancher's racial remarks cost him range of support
Top 10 handguns in the U.S.
Celebrity deaths in 2014