Obama Economic Council Head Larry Summers Paid Handsomely by Wall Street Last Year

Financial Industry Paid Millions to Obama Aide reports that President Obama's economic adviser, former Clinton Treasury Secretary Lawrence Summers received millions from the Wall Street wealth destroyers that he is now seeking to bail ou - $5 million last year from the hedge fund D. E. Shaw and collected $2.7 million in speaking fees as he did the Wall Street lecture circuit.

The White House claims there is no conflict of interest as he is an esteemed economist - however, many citizens may beg to differ - seeing how Mr. Summers is in charge of overseeing these very entities that have paid him so handsomely. 

Below are a list released in a Friday data dump from the White House of other administration personnel's financial rewards:

• David Axelrod, senior adviser
• Melody Barnes, director, Domestic Policy Council
• Carol M. Browner, climate czar
• Cassandra Quin Butts, deputy White House counsel for domestic policy and ethics
• Gregory B. Craig, White House counsel
• Thomas E. Donilon, deputy national security adviser
• Rahm Emanuel, chief of staff
• Michael Froman, deputy national security adviser
• Jason Furman, deputy director, National Economic Council
• Valerie Jarrett, senior adviser
• James L. Jones, national security adviser
• Desirée Rogers, White House social secretary
• Lawrence E. Summers, director, National Economic Council

 

Comments

[Jim V.]

Larry Summers, the one who was outraged two weeks ago about AIG executives who earned $1 million in bonuses, himself earned $8 million in bonuses from the same hedge funds and financial institutions that he was appointed to oversee and regulate. And during 2008, Larry earned $2.7 million from Wall Street banks that were recipients of government bailout money.

Is there a conflict of interest here? You bet!

Larry Summers should be fired from his position as the director of the National Economic Council immediately. He has demonstrated huge conflicts of interest, and he is corrupt, dishonest, and completely lacking in integrity. Is this who should be advising Obama on financial issues and the economy?