Jack had better be nimble.
Treasury secretary nominee Jack Lew navigated a gantlet of questions from senators yesterday trying to unearth skeletons from the former Citigroup banker’s past.
Lew adamantly defended his role as a former banker who pocketed a fat $940,000 paycheck in 2008 — even as his bank was on the brink of financial collapse.
“I was employed in the private sector,” Lew said. “I was compensated in a manner similar [to my peers],” he told lawmakers at his confirmation hearing in front of the Senate Finance Committee.
President Obama selected his former chief of staff last month to replace Tim Geithner.
Lew, 57, was taken to task by lawmakers dubious about his lack of knowledge that a fund he invested in was domiciled in the tax haven Cayman Islands.
Lew underscored that he didn’t know the fund he invested $56,000 in was based offshore and noted that he took a loss of about $1,500 when he sold out of the internal Citi fund.
“My benefit was really very small in the sense that I took a loss when I sold the investment,” he noted.
His seemingly out-of-touch comments sparked fiery responses from some lawmakers.
“You invested more money there than the average American makes in a year,” said Sen. Chuck Grassley (R-Iowa).
Lew carries a DC pedigree that harks back to the Clinton administration, where he was director of the Office of Management and Budget.
Although he faced tough questions at times, most pundits believe he’s likely to be confirmed.
On monetary questions, Lew told the panel that he favored a strong dollar and supported changing the tax code to eliminate corporate loopholes.