Out: tax cheat for Treasury Secretary. In: bailout profiteer for Treasury Secretary
President Obama’s old Treasury Secretary was “Turbo Tax” Tim Geithner, one of the most celebrated tax cheats in America. Geithner comically claimed that his Turbo Tax software failed to ask him about the $42,000 dollars in self-employment taxes that he managed not to pay for four years running. The exact same defense has been rejected by the courts several times when other people tried to use it, but Geithner skated by. His boss, of course, is extremely determined to collect higher taxes from other people.
Geithner is riding off into his specially privileged ruling-class sunset, so it’s time for President Obama to name a replacement. The word is that he’ll pick Jack Lew. Jack Lew is exactly the kind of person Obama loves to portray as his mortal enemy: a fat-cat bailout profiteer. Wynton Hall at Breitbart.com reports:
In the wake of the financial meltdown, President Barack Obama derided Wall Street bonuses as “obscene,” calling them examples of “fat cats who are getting awarded for their failure.”
But now, Mr. Obama has announced that he will nominate as his next Treasury secretary Jack Lew, a man who in 2009 bagged a $950,000 bonus after his bank, Citigroup, received billions in a taxpayer-funded bailout.
Mr. Lew is the former chief operating officer of Citigroup’s Alternative Investments unit—a group that bet billions against homeowners paying their mortgages.
As the Huffington Post reported in 2010, during Mr. Lew’s Office of Management and Budget (OMB) director confirmation, “neither the Senate’s Budget Committee nor its Homeland Security and Governmental Affairs Committee bothered to ask a single question about Lew’s tenure at Citigroup, transcripts of the proceedings show.”
Lew didn’t just “fail.” His unit made “investments in a hedge fund that bet on the housing market to collapse,” as the Huffington Post put it, back when Lew was tapped to head up the Office of Management and Budget in July 2010.
Also, he has an incomprehensible signature that does not bear the slightest resemblance to his name, and which Jake Tapper of CNN thinks might be a hieroglyphic representation of a Slinky.
But small businesses that eke out $250,000 a year are the Devil, because they won’t give the government more of their hard-earned money to spend!