Obama’s New Chief Budget Officer Got $900,000 After Citigroup (C) Bailout

Jacob Lew, President Obama’s nominee to head up the Office of Management and Budget, raked in $900,000 after Citigroup’s (C) 2008 $45 billion taxpayer bailout. The Washington Times reports that Mr. Lew took home nearly a million dollars in compensation from Citi during 2008 and the first two weeks of January 2009, according to his 2009 government ethics filing.

Lew was CEO at Citi Alternative Investments, a unit of Citigroup, just before joining the Obama administration last year.

From The WT: “President Obama’s choice to be the government’s chief budget officer received a bonus of more than $900,000 from Citigroup Inc. last year — after the Wall Street firm for which he worked received a massive taxpayer bailout.

The money was paid to Jacob Lew in January 2009, about two weeks before he joined the State Department as deputy secretary of state, according to a newly filed ethics form. The payout came on top of the already hefty $1.1 million Citigroup compensation package for 2008 that he reported last year.

Administration officials and members of Congress last year expressed outrage that executives at other bailed-out firms, such as American International Group Inc., awarded bonuses to top executives. State Department officials at the time steadfastly refused to say if Mr. Lew received a post-bailout bonus from Citigroup in response to inquiries from The Washington Times.”

[emphasis added]

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