The definition of cronyism: Jack Lew.
Senator Chuck Grassley blasts incoming Treasury Secretary Jack Lew for cronyism and hypocrisy.
From the floor statement of Sen. Chuck Grassley (R., Iowa) regarding the nomination of Jack Lew as Treasury secretary, Feb. 27:
The problem we face with Mr. Lew’s nomination is that the Senate does not have answers to basic factual questions about Mr. Lew. How can we make an informed choice on his nomination? For example, when Mr. Lew worked at tax-exempt New York University, he was given a subsidized $1.4 million mortgage. Now, Mr. Lew claims that he cannot remember the interest rate he paid on his $1.4 million mortgage that tax-exempt New York University gave him. Does this pass the laugh test? . . .
When Mr. Lew was executive vice president of NYU, the school received kickbacks on student loans from Citigroup . Then, Mr. Lew went to work for Citigroup. When I asked Mr. Lew if he had any conversations with Citigroup about these kickbacks while he was at NYU, he once again “could not recall.” . . .
In the past, the President has railed against the “fat cats” on Wall Street. Today, the President nominates a man who took a bonus from a bailed-out financially insolvent bank. The President has constantly complained about the high cost of college tuition. While Mr. Lew was at NYU, the University increased tuition nearly 40 percent while he was getting paid more than NYU’s President. In the not so distant past, President Obama called the Ugland House “the biggest tax scam in the world.” Today he nominates a man who invested there. In fact, the President has repeatedly railed against the Cayman Islands and Cayman Islands investments. Mr. Lew is a serial Cayman Islands investor. On his watch, Citigroup invested money there, NYU invested money there, and he invested his own money there.
I believe it is essential to hold everyone to the same standard they set for others. For these reasons I will vote no on this nomination.