If you’re part of the Obama administration it’s okay to have taken millions from hedge funds and TARP recipients. Yet, the people who actually work for these companies all year should have their pay set by the Obama administration, if they’re lucky enough to get paid at all.
Top White House economic adviser Lawrence Summers received about $5.2 million over the past year in compensation from hedge fund D.E. Shaw, and also received hundreds of thousands of dollars in speaking fees from major financial institutions.
A financial disclosure form released by the White House Friday afternoon shows that Mr. Summers made frequent appearances before Wall Street firms including J.P. Morgan, Citigroup, Goldman Sachs and Lehman Brothers. He also received significant income from Harvard University and from investments, the form shows.
In total, Mr. Summers made a total of about 40 speaking appearances to financial sector firms and other places, with fees totaling about $2.77 million. Fees ranged from $10,000 for a Yale University speech to $135,000 for an appearance paid for by Goldman Sachs & Co.
The disclosure — in a financial report that is required for federal office holders — comes as Mr. Summers is involved in shaping the Obama administration’s policy decisions on the financial meltdown as well as the broader recession. Among the many decisions the economic team has wrestled with has been whether to step up regulation of hedge funds, one of the most contentious subjects during a summit of world leaders this week. European nations pushed for tougher rules, while the Obama administration preferred a less stringent approach.
Normally, I wouldn’t begrudge Mr. Summers such handsome compensation. But in Obama World only a select few are allowed wealth. In ObamaWorld those select few will control the banks, heck, they’ll control the whole financial system! They will decide who earns how much while they continue living the good life. It’s good for Barack Obama, it’s good for Lawrence Summers, but it certainly isn’t good for the rest of us.
Just one more example of the hypocricy and dishonesty of the left, and the media. If it was a Republican it would be front page news.
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This is really getting interesting between the government and the banks. I’m still not certain if all of this will work. The other day, I saw the history of unemployments and recessions on
http://www.recessioninfocenter.com
and it just looks like at the end of the day there is little the governmetn can do.
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