OMB nominee got $900,000 after Citigroup bailout

by
July 29, 2010

By Jim McElhatton – The Washington Times

President Obama‘s choice to be the government’s chief budget officer received a bonus of more than $900,000 from Citigroup Inc. last year — after the Wall Street firm for which he worked received a massive taxpayer bailout.

The money was paid to Jacob Lew in January 2009, about two weeks before he joined the State Department as deputy secretary of state, according to a newly filed ethics form. The payout came on top of the already hefty $1.1 million Citigroup compensation package for 2008 that he reported last year.

Administration officials and members of Congress last year expressed outrage that executives at other bailed-out firms, such as American International Group Inc., awarded bonuses to top executives. State Department officials at the time steadfastly refused to say if Mr. Lew received a post-bailout bonus from Citigroup in response to inquiries from The Washington Times.

But Mr. Lew‘s latest financial disclosure report, provided by the State Department on Wednesday, makes clear that he did receive a significant windfall.

White House officials declined to discuss the compensation Wednesday, saying only that Mr. Lew is the right person to lead the Office of Management and Budget.

Jack Lew has dedicated two decades to public service,” White House spokeswoman Moira Mack wrote in an e-mail to The Times. “He has served with distinction in two Administrations and in Congress, and has precisely the kind of experience we need at OMB at this critical juncture.”

Formerly a chief operating officer at Citi Alternative Investments, a unit of Citigroup, Mr. Lew disclosed in an ethics filing that the money was “discretionary cash compensation” from 2008 that he received on Jan. 15, 2009.

To read more, visit: http://www.washingtontimes.com/news/2010/jul/28/omb-nominee-got-900000-after-citigroup-bailout/

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