90.9 WBUR - Boston's NPR news station
Top Stories:
PLEDGE NOW
Here and Now with Robin Young and Jeremy Hobson
Public radio's live
midday news program
With sponsorship from
Mathworks - Accelerating the pace of engineering and science
Accelerating the pace
of engineering and science
Wednesday, February 27, 2013

Journalist Asks ‘Is Jack Lew A Friend To Wall Street?’

This Feb. 15, 2011 photo shows White House Chief of Staff Jack Lew testifying on Capitol Hill in Washington. (J. Scott Applewhite/AP)

This Feb. 15, 2011 photo shows White House Chief of Staff Jack Lew testifying on Capitol Hill in Washington. (J. Scott Applewhite/AP)

President Obama’s Chief of Staff and former budget director Jack Lew is well on his way to becoming Treasury Secretary.

The U.S. Senate is expected to approve his nomination in a vote that could come as early as Wednesday.

But Lew’s critics say that during the confirmation process, senators should have asked him tougher questions about his connections to Wall Street, particularly Wall Street titan Robert Rubin.

Lew was a top budget official in the Clinton administration when Robert Rubin was Clinton’s Treasury Secretary and brought about the bank deregulation that helped lead to the 2008 financial crisis.

Lew went on to work under Rubin at Citigroup. So, his critics say, Lew must be another Rubinite, like Tim Geithner before him, who will keep the status quo on Wall Street.

Journalist Michael Hirsh profiles Lew in a piece called “Is Jack Lew a friend to Wall Street?

He writes that Lew may be the most liked and admired men in Washington but he, like Rubin before him, will probably not tamper too much with Wall Street.

Hirsh says Lew has said very little about finance and “what he has said has raised suspicions that he is indeed of the same mindset as Robert Rubin, Tim Geithner and others who have not been willing to blame the deregulation that they themselves oversaw in the late 90s, which really started a whole process by which Wall Street was allowed to run wild.”

Guest:


Please follow our community rules when engaging in comment discussion on this site.
Spotlight

We now have a digital bookshelf! Explore all our books coverage or browse by genre.

Robin and Jeremy

Robin Young and Jeremy Hobson host Here & Now, a live two-hour production of NPR and WBUR Boston.

January 29 Comment

DJ Sessions: Go Deadhead

The Grateful Dead celebrates 50 years since the band's start this year.

January 29 11 Comments

Middle-Aged And Living Alone

"There might be an initial honeymoon period, but what does living alone eventually do to you?" Sandra Tsing Loh asks.

January 28 15 Comments

Zillow And ‘The New Rules Of Real Estate’

The CEO and chief economist of the groundbreaking real estate website explain how the rules have changed.

January 27 117 Comments

Nun Hopes For More Gender Equality In The Church

Sister Joan Chittister describes how the Vatican's tone toward nuns has changed and shares her hopes for the Catholic church.