President Barack Obama has nominated Jacob "Jack" Lew to be treasury secretary.
Oddly enough, Republicans see him as not being pro-business enough. Lew was the architect of deregulation in the Clinton administration, where he served as director of the Office of Management and Budget, a post he filled in the Obama administration as well.
He was instrumental in scrapping the protections of the Glass-Steagall Act and blocked regulating credit default swaps, which were at the heart of the financial meltdown in 2008. He demonstrated his knack for disaster by losing billions for Citibank, heading their hedge find unit. He was paid a$1.1 million bonus for bringing Citibank to its knees. Why would Obama want to hire such a loser?
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