Lew Easily Confirmed As Treasury Secretary

Feb 28 2013 | 11:08am ET

Former Citigroup hedge fund executive Jacob Lew was easily confirmed as the 75th U.S. Treasury secretary yesterday.

Lew's approval offered a rare bit of bipartisan good nature on an increasingly polarized and bitter Capitol Hill. Twenty Republicans joined 51 Democrats in backing his appointment, against 25 Republicans and Sen. Bernard Sanders (I-Vt.), who usually votes with Democrats, voting no.

The confirmation follows the bitterly contested approval of Lew's new Cabinet colleague, Defense Secretary Charles Hagel, yesterday, and just days in advance of $1.3 trillion in automatic budget cuts set to take effect on Friday.

Unlike Hagel, Lew won G.O.P. support with a strong appearance before the Senate Finance Committee, and in spite of questions about his investments and a large exit bonus he received when he left New York University to join Citi.

"Jack was by my side as we confronted our nation's toughest challenges," President Barack Obama said. "His reputation as a master of fiscal issues who can work with leaders on both sides of the aisle has already helped him succeed in some of the toughest jobs in Washington."

Lew served as chief operating officer at Citi Alternative Investments between 2006 and 2009, when he returned to Washington as deputy secretary for management and resources at the State Department. He then served as director of the Office of Management and Budget and White House chief of staff.

Lew also served as head of OMB under President Bill Clinton.


In Depth

High Time For A Cannabis Hedge Fund?

Sep 30 2014 | 7:07am ET

Launching a hedge fund is always a gamble, but Leslie Bocskor's decision to launch...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Appraisal Ratio Key To Evaluating Hedge Funds And Other New Investments

Sep 29 2014 | 3:07pm ET

As a former finance professor Peter Hecht experiences heartburn every time he hears...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

September 2014 Cover

High frequency market making

High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.