“There was a time when you had to be successful on Wall Street to become secretary of the Treasury. Now along comes presidential nominee Jack Lew, whose only business credential is a stint at the most troubled too-big-to-fail bank. During the darkest days of the financial crisis Mr. Lew served as the chief operating officer of Citigroup‘s Alternative Investments unit (CAI). CAI no longer exists. At the end of Mr. Lew’s first quarter on the job, the unit reported a $358 million loss. Things got much worse after that but Citi stopped breaking out CAI results in its earnings releases. The unit was eventually shuttered and many of its assets were sold.”
http://online.wsj.com/article/SB10001424127887324734904578243932620870510.html
Related posts:
Tallest Skyscraper Yet Going Up In Midland, Texas
How CEOs are clueless about technology
Finance Goes From Foe to Friend in Hollande Government
Parched Jordan to start pumping radium-laced water from 300,000-year-old aquifer
Nobel Prize winner warns of US stock market bubble
Members Of LAPD SWAT Team Caught Selling Department Guns
Forbes: 1.6 Billion Rounds Of Ammo For Homeland Security? It's Time For A National Conversation
Dolce and Gabbana jailed over tax evasion
British parliament votes against military strike on Syria
Hiding dual citizenship now a criminal offense in Russia
The End of Free Speech at University of Colorado?
Oklahoma changes lethal injection drugs due to seller withholdings
Company pensions in peril as shortfalls hit record
Armed cops storm house after owner posts picture of TOY weapon on Facebook
Bitcoin store opens in Calgary