You can’t make this stuff up: We are going to take a top executive from a too-big-to-fail bank and make him Treasury Secretary.
Confirming Jack Lew for this position enshrines the doctrine of too-big-to-fail for posterity.
This is a guy who got a bonus for being part of the leadership team that ran Citigroup into the ground and then ran to Washington for billions in bailouts. He didn’t have very good answers for it, either, as he took questions from the Senate Finance Committee last week. But apparently there is no longer any shame in this.
Click here to read my column on MarketWatch.