When people point to the lack of private-sector experience in the Obama administration, I usually reply by pointing out Lawrence Summers's $5.2 million a year, one-day-a-week job at the D.E. Shaw hedge fund, or Rahm Emanuel's two-and-a-half year, $16.2 million stint as managing director in the Chicago office of Wasserstein, Perella. Now comes President Obama's nominee to head the office of management and budget, Jacob Lew, who shares with Mr. Emanuel and Mr. Summers private sector experience that is both short and lucrative. From 2006 to January 2009 Mr. Lew worked at Citigroup. The Washington Times reports:
Mr. Lew took home $1.1 million in compensation from Citigroup during 2008 and the first two weeks of January 2009, according to his 2009 government ethics filing.
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.
Funny, in introducing him yesterday, President Obama somehow didn't use the word "fat cat," which is what the president sometimes calls financial-industry types who don't work in his administration. In fact, Mr. Obama's remarks didn't mention Mr. Lew's Citi experience at all, though they did note that "He was a principal domestic policy advisor to Tip O'Neill."