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President Barack Obama plans to name White House Chief of Staff Jack Lew tomorrow as his choice for Treasury secretary, replacing Timothy F. Geithner, a person familiar with the process said.
On January 9, 2012, President Obama announced that Lew would replace William M. Daley as White House Chief of Staff.[31] Lew's nomination was followed with criticism[32][33][34][35] after renewed reports that he received over $900,000 in bonuses while working as COO of Citigroup, following the company's $45 billion in TARP rescue funds, after it saw $27.7 billion in loses, a 90% depletion in value.[36][37]