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**JRixlcvF** · 01-11-2012, 02:20 PM

Jack Lew Biography: Meet The New White House Chief Of Staff

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Lew worked at Citigroup from 2006 to 2009. The Huffington Post reported that in 2008, he served as chief operating officer of Citigroup Alternative Investments, investing in a hedge fund that bet on the housing market to collapse:

One part of the entity invested in hedge funds. Multi-Adviser Hedge Fund Portfolios LLC was a unit of Alternative Investments' Hedge Fund Management Group, the 36th-largest such "fund of hedge funds" in the world when Lew came aboard, according to a ranking by Alpha magazine, a publication that covers the hedge fund industry.

That Multi-Adviser fund in particular had $407 million by the end of 2007, a week before Lew was named as Alternative Investments' chief operating officer, according to SEC filings. At that time, it had $18 million invested in Paulson Advantage Plus LP, worth $26.4 million, comprising about 6.5 percent of the Multi-Adviser fund's total capital.

The Paulson fund was run by hedge fund king John Paulson, the man who made billions off the deterioration of the housing industry by making bearish bets on securities tied to home mortgages -- particularly subprime home mortgages.

01-11-2012, 02:20 PM	#6
JRixlcvF Join Date Oct 2005 Posts 505 Senior Member	Jack Lew Biography: Meet The New White House Chief Of Staff snip Lew worked at Citigroup from 2006 to 2009. The Huffington Post reported that in 2008, he served as chief operating officer of Citigroup Alternative Investments, investing in a hedge fund that bet on the housing market to collapse: One part of the entity invested in hedge funds. Multi-Adviser Hedge Fund Portfolios LLC was a unit of Alternative Investments' Hedge Fund Management Group, the 36th-largest such "fund of hedge funds" in the world when Lew came aboard, according to a ranking by Alpha magazine, a publication that covers the hedge fund industry. That Multi-Adviser fund in particular had $407 million by the end of 2007, a week before Lew was named as Alternative Investments' chief operating officer, according to SEC filings. At that time, it had $18 million invested in Paulson Advantage Plus LP, worth $26.4 million, comprising about 6.5 percent of the Multi-Adviser fund's total capital. The Paulson fund was run by hedge fund king John Paulson, the man who made billions off the deterioration of the housing industry by making bearish bets on securities tied to home mortgages -- particularly subprime home mortgages.
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