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

Throughout the week, Here & Now is looking at the impact a raise in the minimum wage would have on states, the federal government and workers.

Robin and Jeremy

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

One Breast Cancer Advocate On Why She Hates Fundraising Walks

Karuna Jaggar, who runs a breast cancer organization, expresses her concerns about the impact of large-scale fundraising walks.

Sitar Player Anoushka Shankar’s New Album Responds To Refugee Crisis

Shankar said she decided to focus her new album, titled "Land of Gold," on the refugee crisis.

Does Raising The Minimum Wage Hurt Jobs?

We examine how increasing the minimum wage impacts the overall economy and job sector.

May 4 Comment

DJ Sessions: From Southern Fried Soul To Dance Party Duos

In this week's DJ Sessions, we spoke with KCRW's Raul Campos about "southern fried soul" from Texas and a dance duo from Los Angeles.