imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Subscribe Calendar Publish RSS
Tell the NSA: StopWatching.US

Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

CopWatch LA

ABCF LA

Activist Video

Dope-X-Resistance-LA List

LAAMN List





IMC Network: www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech
printable version - json version - email this article - view hidden posts - tags and related articles
link:

Obama Picks Jack Lew for Treasury

by Stephen Lendman Friday, Jan. 11, 2013 at 11:27 PM
lendmanstephen@sbcglobal.net

class war

Obama Picks Jack Lew for Treasury

by Stephen Lendman

Staff changes usually occur in second presidential terms. John Kerry was picked to replace Hillary Clinton at State. Chuck Hagel is Obama's Defense choice. John Brennan was tapped for CIA director.

Others expected to leave include Attorney General Eric Holder. Reports say he’ll stay several more months, then leave. Possible replacements include Homeland Security Secretary (DHS) Janet Napolitano. Senate Democrats Amy Klobuchar (D. MN) and Sheldon Whitehouse (D. RI) are also mentioned.

A new Commerce Secretary will be chosen. The post stayed unfilled after John Bryson resigned last June.

He was involved in two car crashes. He was investigated for possible felony hit and run. In July, Los Angeles prosecutors announced no criminal charges would be filed. It pays to be well connected. Rebecca Blank served as Acting Commerce Secretary in his place.

Replacement favorites include Export-Import Bank chairman Fred Hochberg, US Trade Representative Ron Kirk, and Small Business Administration head Karen Mills.

Energy Secretary Steven Chu plans to go. His Deputy Secretary Daniel Poneman may succeed him. Other floated names include former Senate Democrat Byron Dorgan (D. ND) and former Clinton chief of staff John Podesta.

In December, EPA administrator Lisa Jackson said she'll leave after Obama's January State of the Union address. Washington Democrat Governor Christine Gregoire may replace her.

Other possibilities include Deputy EPA administrator Bob Perciasepe, EPA air head Gina McCarthy, and White House energy and climate issues aide Heather Zichal.

If DHS Secretary Napolitano becomes Attorney General, possible replacements include New York Police Commissioner Ray Kelly, former New York/Los Angeles/Boston Police Commissioner Bill Bratton, and retired Coast Guard Admiral Thad Allen.

Months ago, Transportation Secretary Ray LaHood said he'd leave. He hasn't said much since. If he goes, replacement choices include Los Angeles Mayor Antonio Villaraigosa, former Pennsylvania Governor Ed Rendell, and former Representative Steve LaTourette (R. OH).

On January 9, Labor Secretary Hilda Solis resigned. She's expected to seek a seat on the Los Angeles County Board of Supervisors.

Possible replacements include Deputy Labor Secretary Seth Harris, former Clinton Deputy Chief of Staff Maria Echaveste, former Clinton pension and welfare assistant secretary Olena Berg Lacy, or perhaps others

Jack Lew is tapped to replace Tim Geithner at Treasury. He's currently White House Chief of Staff. Formerly he was Clinton and Obama Office of Management and Budget director. On January 27, he assumed his current post.

Like everyone holding high-level Washington positions, he's a consummate insider. He started early.

At age 12, he did political canvassing for Gene McCarthy (D. MN). He worked briefly for Rep. Bella Abzug (D. NY). He was Rep. Joe Moakley's (D. MA) legislative assistant.

He was Speaker Tip O'Neil's (D. MA) senior policy advisor. He was an attorney in private practice. In 1993, he was Clinton's Special Assistant. He served on his National Security Council.

In 1994, he was Associate Director for Legislative Affairs and Deputy Office of Management and Budget director. He headed OMB twice from 1998 - 2001 and from 2010 - 2012.

In 2009 and 2010, he was First Deputy Secretary of State for Management Resources.

From 2001 - 2006, he was New York University executive vice president.

From 2006 - 2009, he was Citi Global Wealth Management (GWM) managing director and Citi Alternative Investments (CAI) CEO.

CAI specializes in proprietary trading. It manages private client portfolios and investment funds. They include hedge funds, private equity funds, real estate ones, and various hedge investments globally.

High-risk speculation is prioritized. CAI profited from the 2008 subprime housing/financial crisis. Lew foresaw it. He bet the right way and won. He gained at the expense of millions of homeowners and many others who suffered.

During an earlier confirmation hearing, he said he didn't believe "deregulation was the proximate cause" of the 2008 financial crisis.

He told senators CAI operations "ranged from private equity investments to real estate investments and various forms of fixed-income investments."

He omitted explaining high-risk investments, betting against the house, and profiting at the expense of millions of others.

CAI was heavily involved in structured investment vehicles. They tanked during the subprime collapse. Tens of billions of dollars were lost. Citi got bailed out. So did other troubled financial giants. Taxpayers got the bill.

White House sources won't comment about Lew's Citi involvement. Whether Senate Republicans or Democrats raise it and other issues during confirmation proceedings remains to be seen. Expect largely softball questions if so.

Citi steals with the best of them. Dirty money props up corrupt operations. Money is made the old-fashioned way. It’s stolen. Investors, communities, and societies are swindled.

Money power runs America. Wall Street's business model reflects fraud and grand theft. Casino capitalism is prioritized. Markets are front-run and manipulated for profit.

All banking giants operate the same way. The system is too corrupt to fix. Central bankers, financial bosses, and complicit politicians bear full responsibility. Lew knows where the bodies are buried. Expect no dark secrets revealed.

The Washington Post, Bloomberg, Politico, and other sources say Geithner plans to leave Treasury by end of January.

Earlier this month, Treasury hadn't confirmed it. An agency spokesman said:

"Secretary Geithner has previously stated that he plans to be at Treasury until around inauguration."

"We do not plan to make any further announcements about the timing of (his) departure until after his successor is named."

His departure is imminent. He'll reside in New York. He formerly headed the New York Federal Reserve. He's a consummate Wall Street insider. He'll return to his ideological roots. Expect him to assume a high-level banking post.

Lew is a skilled technocrat. He's a numbers guy. In 2011, he told Politico:

"The thing that I learned early on was there’s a space in Washington that is not deeply populated, which is a bridge between the highly technical and the political."

"You didn’t have to be the best politician, and you didn’t have to be the best numbers cruncher or analyst. But if you could be fluent in both worlds and respected enough in both worlds, you could have an opportunity to be a translator and to make a difference."

Senate leaders know him well. He survived multiple previous confirmations processes. Approval will be largely pro forma.

An unnamed longtime Republican Senate aide said:

"You have to be a little bit above the fray as Treasury Secretary - not just another advocate for the president. World markets are looking at what you say."

"That will be a challenge for him. On fiscal issues, he knows a lot more about spending programs than most Treasury secretaries know."

In June 2011, Politico called him a "liberal GOP says it trusts." House Majority leader, Eric Cantor said "No one (is) more prepared and more in tune with the numbers than Jack Lew."

Wall Street bosses have final say on top-level financial appointments. They're comfortable with Lew. Expect little change from Geithner. Money power will run things the same way.

A Final Comment

At Treasury, Lew becomes Obama's deficit-cutting point man. He'll function in his low key/soft-spoken way. He'll mask what's really going on.

Eroding America's social contract is prioritized. Death by a 1,000 cuts is planned. Social Security, Medicare, Medicaid, and public pensions are targeted.

So are food stamps and other vital benefits. Millions rely on them. Eventually they'll have to manage on their own. In a decade or sooner, they'll be largely or entirely gone. Grand bargain betrayal plans it.

Deficits will be cut on the backs of ordinary people. Corporations and super-rich elites will profit at their expense. Lew's job entails disguising planned harshness. His future political/business prospects depend on how well he succeeds.

Stephen Lendman lives in Chicago and can be reached at lendmanstephen@sbcglobal.net.

His new book is titled "Banker Occupation: Waging Financial War on Humanity."

http://www.claritypress.com/LendmanII.html

Visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.

http://www.progressiveradionetwork.com/the-progressive-news-hour

http://www.dailycensored.com/obama-picks-jack-lew-for-treasury/
Report this post as:
Share on: Twitter, Facebook, Google+

add your comments


Local News

Rock, Rap & Speakout vs Poverty, Prisons & War A13 3:16PM

Report Back: 4th Annual Hahamongna Walkabout A13 2:33PM

Pacifica Exe Director position is in confusion still putting KPFK at risk A10 3:52PM

Bernard Duncan, prior GM of KPFK is still in play A08 5:01PM

San Diego May Dai Workers Film Festival A06 5:11PM

Southern California Joins Worldwide Wave Of Action A05 2:31AM

Pacifica board members named here, who attempted ousting ED A04 1:06PM

LA Weekly promotes a slanted view of Pacifica/ KPFK A04 10:36AM

More Info about Pacifica, which holds KPFK's license, etc. A03 2:08PM

Listen to KPFK's staff talking to Pacifica Exe Director M29 7:31PM

Pacifica IS also KPFK, so let's not ignore what going on M29 5:42PM

Reported excerpts of Pacifica's - and that's KPFK's - incidents happening - update M29 5:14PM

Repost from Counterpunch re Pacifica - KPFK too involved M29 2:10PM

Forever intertwined: KPFK, WBAI, Gary Null ? M28 4:10PM

Why is KPFK still failing to thrive ? M28 3:32PM

GLOBAL DAY of ACTION for the Indonesian Rainforests! M27 3:06PM

Opponents of SB County Jail's Letter Ban to Share Progress, Next Steps M27 9:58AM

Pacifica Radio, Rwanda, and DR Congo M26 2:29PM

International Multicultural Literary Magazine Features Armenia in Spring Issue M25 11:14AM

Why is KPFK still failing to thrive ? M24 9:10PM

Home-less-free occupying is not a free ride either M24 8:46PM

The US Occupy Movement - Since the Eviction from the Squares M21 6:32AM

Protest Against Latest U.S. Meddling M20 9:17PM

FOIA Request Results for LVIMC M20 12:22PM

black activista, white racists meet to discuss civil rights M01 12:55PM

Q: are we safely anonymous on Indy or can someone chose to find us for their personal ... F26 3:54PM

Meeting for upcoming April 4, Dr. King Workshop. F26 6:46AM

More Local News...

Other/Breaking News

Obama Heads for War in Ukraine A16 12:44AM

Israel Seeks Regional Anti-Iranian Alliance A16 12:39AM

Here's some interesting privatization connections in regards to the LAUSD District 1 race A15 4:25PM

Duplicitous Human Rights Misinformation on Ukraine A15 12:12PM

The Augean Stables Of US Justice From Prosecutors To Supreme Court A15 9:21AM

Paraphysique des droites A15 8:51AM

Public Relations - Propaganda as an Economic Branch A15 5:44AM

Duplicitous Obama Civil Rights Hyperbole A15 12:48AM

Ukrainians Resist A15 12:47AM

Navi Pillay: US Imperial Tool A14 12:55PM

The Neoliberal Model: Profits without Investments A14 5:46AM

Celebrate the RH victory in the Philippines, continue the struggle A14 2:21AM

We're All Ukrainians Now A14 12:37AM

Israeli State Terrorism A14 12:35AM

ARE WE READY FOR THIS? ""The Pin Up"" An Erotic Reality Show by LA Artist, David Goldner. A13 10:51PM

What Ukraine Propaganda Looks Like A13 1:16PM

US-Anti-Iranian Arrogance A13 12:27AM

Ukrainians Denied Democracy A13 12:24AM

Palestinian Children's Day 2014 A12 1:18PM

Assuétude paraphysique A12 9:17AM

Captain America 2 A12 7:21AM

Escalating War on Syria A12 12:42AM

Big Lies Drown Out Truth A12 12:40AM

Ideas for the Struggle, 24pp A11 3:28PM

Meet Obama's New HHS Chief A11 1:17PM

The anarchist subculture and the leftist protest ghetto: a review of 'Fireworks,' Issue 3 A11 11:30AM

IMF Annual Meetings Focus on High Debt Burdens and Global Inequality A11 10:44AM

Europe Targets Russia Irresponsibly A11 12:32AM

More Breaking News...
© 2000-2003 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy