"Top White House economic adviser Lawrence Summers received about $5.2 million of compensation over the past year from hedge fund D.E. Shaw & Co., according to a financial-disclosure form released Friday. ... Summers made about 40 speaking appearances to a range of firms, collecting a total of $2.77 million. Two appearances paid for by Goldman netted him $202,500, while two Citigroup events brought in $99,000. ... Summers joined D.E. Shaw in late 2006 as a managing director. He developed strategies involving new businesses and evaluated investements for the New York firm, which oversees about $30 billion of assets, making it one of the biggest hedge-fund managers in the world", John McKinnon and TW Farnham at the WSJ, 4 April 2009.
It sounds like Shaw gave Summers a sinecure consisting of little more than lobbying for the firm.
2 comments:
sinecure = a benefice to which no spiritual or pastoral duties are attached
Yup... that's exactly what I thought of Summers when I saw him blasting Stieglitz of Columbia over the Treas/Fed liquidity games... that he was advising Pres/O on behalf of the uber-moneyed interests... that he felt he had no "pastoral" duties to the American people...
Wake up Summerman... it's the banks versus the people... don't be on Shaw's side...
The US is nothing more then a banana republic and a dying empire.
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