Breaking: Bloomberg reports Lew to get Treasury job

J…..A……C……K……L…..E……W…..

There. With the typical egotism of 0bama appointees, he just scrawled his John Hancock across George Washington’s face.

Too bad his surmane isn’t “Leg.”

cane_loader on January 9, 2013 at 1:12 PM

I assume that a token female Hispanic will still be treasurer.

There has been an unbroken line of female Hispanic treasurers since Bush 41. It has become a sinecure, handed down from Wise Latina to Wise Latina.

cane_loader on January 9, 2013 at 1:14 PM

What idle fun it will be on the 2013 notes to scratch out the “W” and write in a “G” on every note I spend.

Pass it on!

cane_loader on January 9, 2013 at 1:15 PM

Jjust checked myself…. the tradition of only allowing female Wise Latinas to be Treasurer on our money began under Reagan – with one exception under Clinton (probably owed her a favor).

cane_loader on January 9, 2013 at 1:18 PM

Mostly off-topic, but I was struck by this wikipedia read of the downfall of the only U.S. Treasurer sent to jail.

It seems like a classic case study of the favor-trading nature of becoming Treasurer.

Read the link and the stuff before the below quote, of the political machinations that MADE her Treasurer.

Seems like a case study. Wonder how Jack Lew did it.

http://en.wikipedia.org/wiki/Catalina_Vasquez_Villalpando

I love the last line of the bio….. at the bottom of the below quote:

U.S. Treasurer

Villalpando was sworn in by the president on December 11. In attendance at her ceremony was Senator Phil Gramm of Texas and Gustavo Petricioli, Mexico’s ambassador to the United States.[8] As U.S. Treasurer, Villalpando became the highest-ranking Latina in the Bush Administration exhibiting a high-profile presence in the Hispanic community on its behalf.

While Treasurer, Villalpando presided over the first major change in US currency since the motto “In God We Trust” was introduced in 1957. Beginning in September, 1991, $50 and $100 bills with new, advanced technology designed to defeat digital printers was introduced into public circulation.[14] The same year, Villalpando initiated a special program to raise $37 million by selling commemorative coins honoring Mt. Rushmore. Half of the money raised would go toward restoration of the monument – the cost of which was estimated at $40 million – and half to pay into the national debt.[15]
Clinton comments

In August, 1992, Villalpando became embroiled in controversy over comments made by her and Commerce Secretary and Bush campaign manager Robert Mosbacher. The comments concerned ongoing sex scandals and rumors surrounding Arkansas Governor and Democratic presidential nominee Bill Clinton and former San Antonio mayor Henry Cisneros. Visiting the New Jersey delegation at the 1992 Republican National Convention, Villalpando reportedly said to the delegates: “Can you imagine two skirt-chasers campaigning together?” She also questioned Clinton’s qualifications under these circumstances. Some members of the delegation were not pleased with the comments, in particular former New Jersey Governor Tom Kean who called the remarks, “totally unnecessary.” Although both Bush and Villalpando issued apologies, Clinton campaign spokesman George Stephanopolous called on the president to dismiss both officials.[16][17]
Tax/CII scandal
Investigation

While still enveloped in the controversy surrounding her Clinton and Cisneros comments, Villalpando became the central figure in a criminal probe launched by the Department of Justice. The investigation initially focused on allegations that Villalpando accepted favors and other gratuities from CII while in office – a violation of federal law. However, it also incorporated an array of potential charges including “bribery, conspiracy to defraud the government, making false or fraudulent claims, racketeering, making false statements to federal agents and fraud by wire, radio or television.”[18]

News of the investigation broke on October 29, the day after FBI agents raided several buildings and residences in DC, Virginia, and Georgia. Among these were the homes of Villalpando and Olivas as well as the offices of CII in Norcross where boxes of documents were seized.[1][19] Villalpando took an immediate leave of absence from her post while Olivas, who was already on leave from CII to act as director of Hispanic outreach for the Bush-Quayle re-election team, quit the campaign.[11][19] Profit was not considered a suspect in the probe, telling reporters instead that investigators told him – and presumably other employees – that “‘they…were witnesses’ and would be asked to provide information.”[18]

Records obtained during the investigation revealed that Villalpando received in excess of $147,000 from CII after she assumed her post as U.S. Treasurer in December 1989. They further showed $441,417 in additional bonuses being received in the fall as she was readying her departure from the company. Finally, the records indicated that Villalpando still had between $250,000 and $500,000 in company stock.[7]

According to Villalpando’s notes, the $147,000 was listed as severance pay; however, no reference was made to it as required in the financial disclosure forms she submitted to the government upon being nominated. She did indicate at her confirmation hearings that she would retain her stock ownership in the company but promised to have no involvement in the firm’s business. The following year, she received her severance payment and an additional $7,000 in accrued leave. Investigators were charged with determining whether these payments were expected but simply not reported or received in expectation of gaining influence in obtaining federal contracts.[7]

CII, it was revealed, had a large amount of business with the government. Between 1983 and 1992, the telecommunications firm was awarded 56 non-competitive contracts totaling $68.6 million. As recently as the Persian Gulf War, CII had been awarded huge contracts to provide communication networks for U.S. forces in the region as well as to help rebuild Kuwaiti infrustructure after the war.[7][10]
Conviction

The investigation did not support charges of influence-peddling on Villalpando’s part. Instead, the probe began to intersect with another criminal investigation ongoing within the Department of Housing and Urban Development (HUD) over fraud and the improper awarding of federal contracts during the Reagan Administration. In May 1992, Villalpando was ordered to testify before a grand jury as well as produce certain documents related to that case involving HUD official Deborah Gore Dean. Villalpando’s own investigation began to turn toward her failure to reveal compensation from CII and failure to pay appropriate taxes. The following year, she was also accused of obstruction of justice by lying to investigators as well as ordering the destruction of subpoenaed documents.[20]

At her trial, prosecutors charged Villalpando with three felonies: tax evasion (specifically $47,013 in Federal income taxes), conspiracy to make false statements regarding her finances (namely that she believed she owed less than she did), and obstruction of a grand jury (due to the destruction of officially requested records in the HUD probe). The charges carried a maximum penalty of a $750,000 fine and 15 years imprisonment. Villalpando admitted to concealing “substantial funds and benefits”, received by her from CII, information which was “capable of influencing the actions and judgments of those departments and agencies” tasked to evaluate her qualification for the post of U.S. Treasurer. She further admitted that the conspiracy to conceal information was begun as early as March 1989, when she first learned that President Bush intended to nominate her for the post. Villalpando also acknowledged that in July 1992, she asked her long-time acquaintenance Olivas to destroy documents subpoenaed by the independent counsel in the Dean case.[13]

On February 18, 1994, Villalpando pled guilty to all three counts and was released pending her sentencing at which time she was expected to cooperate with ongoing probes into CII contracts and HUD in return for consideration.[13][20] At her sentencing, Villalpando received four months imprisonment, three years of probation (four months of which to be served under house arrest), 200 hours of community service, and a $150 tax evasion fee.[21] Prosecutors had unsuccessfully sought a harsher penalty.[22]
Post-Treasurer years

Villalpando technically remained in her post on leave of absence until the Clinton Administration was inaugurated in January, 1993.[13][23] In 2003, she appeared on a list produced by the D.C. government of notorious tax scofflaws. According to this report, the former treasurer owed the district government $168,417.72 in back taxes.[24] As of 2008, she was still in arrears.[25]

In 2006, Villalpando was awarded an honorary doctorate for her work from Atlantic Union College, a small liberal arts institution. She also served as that year’s commencement speaker, admonishing the graduates to “embrace the tough times encountered in life.” Villalpando also thanked the Seventh-Day Adventist Church – under whose auspices the college operates – for being there when she was at her lowest.[26][27]

Villalpando currently works as a quality assurance specialist at the Amerix Corporation call center in Columbia, Maryland.[26][27]

cane_loader on January 9, 2013 at 1:31 PM

So does Turbotax Timmy still owe back taxes?

cane_loader on January 9, 2013 at 1:33 PM