Wall Street's Washington Infiltration Continues with New Chief of Staff Jacob Lew [View all]

[SixthSense]

U.S. President Barack Obama is keeping a trend alive with new White House Chief of Staff Jacob Lew.

You see, Lew has something in common with his predecessors: He spent years raking in millions on Wall Street.

Like William M. Daley, who on Monday resigned from his post as chief of staff, and Rahm Emanuel, who vacated the position in 2009 to successfully run for mayor of Chicago, Lew has strong ties to the financial sector. Until 2009 he was the chief operating officer of Citigroup Alternative Investments, which made money betting against the housing market with controversial credit default swaps.

Lew also told the Senate during his 2010 confirmation hearing that he does not think financial deregulation contributed to the housing market crash.

http://moneymorning.com/2012/01/11/wall-streets-washington-infiltration-continues-with-new-chief-of-staff-jacob-lew/