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GOP Scrutiny of NYU Payment to Treasury Nominee

GOP Scrutiny of NYU Payment to Treasury Nominee
February 26, 2013

Senate Republicans are raising new questions about payments Jack Lew, President Obama's nominee to become treasury secretary, received upon leaving a top position at New York University, The New York Times reported. Lew left the position of executive vice president in 2006 to take a post at Citigroup. On Monday it was revealed that Lew -- who was earning in excess of $700,000 a year since starting at NYU in 2001 -- received an exit payment of $625,000. While deferred compensation and bonuses are common for long-time leaders or presidents of colleges and universities, Lew's tenure at NYU was not exceptionally long. NYU officials said that the payment reflected his successful work at the university.

One of the Republicans reviewing Lew's nomination is Charles Grassley of Iowa, who regularly raises questions about salaries and benefits provided by nonprofit organizations. "Mr. Lew’s track record of getting well paid by taxpayer-supported institutions raises questions about his regard for who pays the bills,” Grassley said. “The problem of colleges that always seem to find money for the executive suite even as they raise tuition is not unique to New York University. However, New York University is among the most expensive, has a well-funded endowment, and has high student debt loads. It should explain how its generous treatment of Mr. Lew and other executives is necessary to its educational mission."

 

 

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