Wall Street On Parade-

Have you ever landed a new job with a private employer who bought you a $1.3 million house and paid you a bigger salary than your boss. Did you ever have an employment contract that called for awarding you a bonus of $940,000 if you could somehow advance yourself from shepherding an insolvent bank to a “full time high level position with the U.S. government or regulatory body.” How about getting a deal where your company will leverage your investment in a Cayman Islands fund by chipping in $2 for every $1 you put in and let you keep all the winnings. Did you ever refinance a mortgage loan, take out $352,195 in new cash and not have to pay a legally mandated mortgage recording tax?   

I don’t know of anyone in America who has these kinds of skeletons popping out of their closets daily except  the one man that President Obama continues to support for a “full time high level position” on one of the highest perches in America: his nominee, Jack Lew, for U.S. Treasury Secretary. 

The Treasury Department is not some little nickel and dime operation where screaming conflicts and funny money games in your past don’t matter. It’s the Federal agency that collects the Nation’s taxes, pays the Nation’s bills, prints our currency and oversees the stability of the financial system. (And if the past is prologue, it can run the Nation into deep debt throwing money at insolvent institutions on Wall Street.) If you don’t have trust and confidence in the man running the U.S. Treasury Department, you don’t have trust and confidence in anything to do with money in America. If you follow some excruciatingly bad advice and nominate a man who can’t pass the smell test from the get-go, have the good sense to yank the nomination before your reputation follows that of the nominee.

[WALL STREET ON PARADE]

Comments

comments