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NYT: Obama's cheif economic advisor earned $5.2 million in last two years working 1 day/wk

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FourScore Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-05-09 10:24 PM
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NYT: Obama's cheif economic advisor earned $5.2 million in last two years working 1 day/wk
A Rich Education for Summers (After Harvard)
By LOUISE STORY
Published: April 5, 2009

Lawrence H. Summers plays down his stint in the hedge fund business as a mere part-time job but the financial and intellectual rewards that he gained there would make even most full-time workers envious.

Lawrence H. Summers, a former Treasury secretary and an ex-Harvard president, is President Obamas chief economic adviser.

Mr. Summers, the former Treasury secretary and Harvard president who is now the chief economic adviser to President Obama, earned nearly $5.2 million in just the last of his two years at one of the worlds largest funds, according to financial records released Friday by the White House.

Impressive as that might sound, it is all the more considering that Mr. Summers worked there just one day a week.

Much is known about Mr. Summerss days in Washington and Cambridge, but little attention has been paid to his two years in New York, from late 2006 to late 2008, advising an elite corps of math wizards and scientists devising investment strategies for D. E. Shaw & Company.

Mr. Summers said in an interview that his experience at Shaw, however brief, gave him valuable insight into the practical realities of Wall Street, insight he is now putting to use in shaping economic policy in the White House.

I have a better sense of how market participants sort of think and react to things from sort of listening to the conversations and listening to the way the traders at D. E. Shaw thought, he said.

Mr. Summers and Shaw executives say his role there was to be a sounding board for Shaws traders. But interviews with friends and former colleagues suggest that Mr. Summerss role at D. E. Shaw was wider and more complex.

Mr. Summers, these people say, was a marquee hire, a prized spokesman for Shaw. He routinely made himself available for private consultations with Shaws clients, an attractive perk for investing with the firm, as one client put it.

Mr. Summers, who taught economics and public policy at Harvard while advising Shaw, also met with investors in the United States, as well as in the cash-rich Middle East and Asia. He spoke at industry conferences, mixing with officials from public pension funds, endowments and other large institutions with many billions of dollars to invest.

While at Shaw, Mr. Summers also peered into the inner workings of the $2 trillion hedge fund industry, which the Obama administration is now relying on to buy billions of dollars of worrisome assets from the nations beleaguered banks.

Some of his critics worry that such ties raise questions about whether the governments ever-changing effort to bolster the financial industry will benefit Wall Street in general, and hedge funds in particular, at the expense of taxpayers...

http://www.nytimes.com/2009/04/06/business/06summers.ht...
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Hawkowl Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-05-09 10:53 PM
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1. Corrupt piece of shit
The only legitimate reason I can possibly think of for President Obama for appointing this corrupt bastard is the old tenet of keep your friends close and your enemies closer.

This is the proverbial fox in charge of the chicken coop. And "worry that hedge funds are going to benefit at the expense of the taxpayers"? I'm not worried because it is fucking GUARANTEED taxpayers get the shaft in this plan.
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girl gone mad Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-05-09 10:58 PM
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2. Two words for the President:
DUMP SUMMERS.
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eridani Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-05-09 11:01 PM
Response to Reply #2
3. Hell, dump everyone who was wrong about deregulation
Hire some of the people who were right.
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GoesTo11 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-05-09 11:44 PM
Response to Reply #2
4. Good advice
I don't care how smart Summers is supposed to be. He is newly enriched. Of course keep him away from the ability to pay off his benefactors. They all do this. Shit.
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BrklynLiberal Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-06-09 12:25 AM
Response to Reply #4
6. Being smart does not necessarily mean one is always right.
Summers is an excellent case in point.
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Skittles Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-06-09 12:00 AM
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5. disgusting
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FourScore Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-06-09 11:11 AM
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7. kick
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