Saturday, April 18, 2009
Larry Summers Cleans Up
"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.