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Jack Lew questioned about personal finances on the Hill

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    Inside treasury secretary nominee's confirmation hearing

  • Duration 5:55
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-- I've -- there and this is a Fox News alert would begin tonight with problems on several fronts for people President Obama has chosen.

For some key jobs in his second term first the man originally nominated as -- supreme allied commander Europe.

Is being as one source tells Fox News quote pushed out the -- war.

General John Allen was chosen some time ago for the post.

But the nomination expired during and I'm comfortable investigation.

Into the general's email exchanges with Tampa socialite.

Jill Kelly.

Allen was cleared of wrongdoing but was said to be leery of rehashing the issue during the confirmation process source tells our Ed Henry.

Allen was pushed out by the White House and will retire.

Asked if they push -- out administration officials are pointing to comments by Defense Secretary Leon Panetta who today loud it.

-- service but did not say whether he wants -- re nominate Panetta adding that he told -- to quote think about what you need to do.

Allen's emails were discovered during the investigation that led to the resignation.

Of CIA director David Petraeus.

Kentucky Republican senator Rand Paul says he is prepared to put a hold on the nomination of John Brennan as the new CIA director.

Until brand and -- answers his questions about drones.

Paul says he wants to know Brennan believes the president has the power to -- lethal force such as a drone strike against a US citizen.

On American soil.

And Jack Lou began his confirmation adventure today.

The former White House chief of staff is the president's pick to be the new Treasury Secretary.

The questions persist about his old job and his role during the night of the terror attack against the US mission in Libya last September.

Well.

Senator I did speak with the president added that evening -- -- national security staff was.

Working on the issue on a nonstop days look at who's who was actually -- the president.

When you.

I was not -- I was in in the room when the president was briefed but I was not briefing the president okay because John Brennan testified yesterday that it wouldn't him secretary for not.

So that it wasn't him in hearings is Leo would be a Mac clapper said it -- him acting DCI Mike -- that it wouldn't you know.

-- Kennedy said it wouldn't him and the FBI said it wouldn't them now what we've eliminated a lot of people.

Who.

Had contacts within the intelligence community that knew firsthand what was going on in -- Gaza.

Let me ask you again.

Who briefed the president on actually what was happening throughout.

This seven hour period well and in in the conversations that I was in the national security staff was president some of the people -- John -- have been included in my messier you're asking who did a briefing and that's different from who was in a conversation.

I think if you ask people were -- in conversations there might have been a different answer.

Was there anybody from intelligence community in that.

That briefing session on a continual places your -- in the intelligence community was in close touch with the white house with a national security team on and.

Near constant basis.

Lou the president's nominee to oversee the nation's money also had to answer questions today about how he is overseen his own money.

Chief congressional correspondent Mike Emanuel on a boat -- of issues over a fistful of dollars.

Treasury nominee Jack who -- some heat during his confirmation hearing about his time in the private sector working for Citigroup from 2006 to 2009.

And serving as chief operating officer of two units including one which did proprietary trading -- the finance committee's top Republican hinted at a possible conflict of interest.

He would effectively be saying to financial firms do as I say.

Notice I did.

Citigroup also required a 45 billion dollar tax Payer bail out during the financial meltdown and who was grilled about a 940000.

Dollar bonus he received -- Playing Mardy it might be morally acceptable to take -- million dollars out of a company that was financially insolvent.

Public man about to receive -- billion dollars of taxpayers' support.

Senator in 2008 I was an employee.

The private sector.

Compensated in a manner consistent with other people who did the kind of work that I did in the industry.

And I was compensated for my work -- leave for others to judge Democrat chairman Max Baucus asked Lou about investing in a fund based in a well known tax haven.

-- requires investment the Cayman Islands senator actually don't know why it was organizer was not involved in setting up the -- did you pay taxes on that investment.

I reported.

All all.

Income related to the investment.

On my tax forms -- fatal my taxes.

-- went on to say he actually lost money on the investment nevertheless last year the Obama campaign continually attacked Mitt Romney for investments and sheltering of money in the caimans.

-- urged congress to stop the sequester suggesting the cuts would impose self inflicted wounds to the economy.

On a second term priority key Republican said present Obama must lead.

-- I hear the president talking about raising revenue through tax reform it to me.

If you get economic growth you will get new revenue but you'll get it the old fashioned way and so.

That ought to be the -- and other conservatives including Alabama senator Jeff Sessions are angry about Lee's testimony -- 2011 I when he served as budget director senator I mean I think it's an accurate statement that our current spending will not be increased in the dead.

We've -- spending money we don't have.

We can't just wish the national -- away.

Sessions is so mad he sent a letter to colleagues accusing -- of deliberate deception with that comment it might not be enough to stop the nomination committee.

But could lead to some fireworks on the senate floor.

-- we'll follow all of that -- command a lot on the hill Mike thank you.

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