Jack Lew: The known unknown at the Treasury

  @FortuneMagazine August 29, 2013: 7:05 AM ET
ANN16 jacob lew

Somehow, in a matter of weeks this summer, Jack Lew, the 76th secretary of the Treasury, managed to turn conventional wisdom on its head. Twice. The first moment came early in July, after he summoned Gary Gensler, the chair of the Commodity Futures Trading Commission, into his office for an urgent meeting. Rumors swirled that Lew had reined in Gensler, a former Goldman Sachs partner turned zealous reformer who was pushing for rules in the global derivatives market that many in the financial industry considered draconian. Here was a clear sign, said Wall Street lobbyists: The new Treasury secretary, who had a quick stint at Citibank overseeing alternative investments -- who had been a protégé of Robert Rubin, after all -- was "one of us," a Wall Street ally.

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