February 25, 2013

MICHAEL BARONE: Jack Lew’s sweet deal at Citigroup.

Should the Senate confirm as treasury secretary a man who was paid $1.1 million by Citigroup after it was bailed out and whose employment contract gave him favorable stock option treatment if he left his job for a high federal government post but not for another governmental or nonprofit job? That’s the question raised by the nomination of Jack Lew, according to Bloomberg News’s Jonathan Weil, who got hold of the first three pages of Lew’s Citigroup employment agreement and interviewed a Citigroup spokesman about it. One inference you could draw is that Robert Rubin, the Clinton administration treasury secretary who has been exceedingly well paid at Citigroup even as it headed to bailout territory, wants to keep a Citigroup alumnus running Treasury.

Ya think?