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April 4, 2009
Somebody's Making Money From the Bailouts, Guess who?
Lawrence Summers, Obama’s top economic advisor, has been making a lot of money from this recession.Here is part of a report from the NYT:The White House released hundreds of pages of financial disclosure forms, which are required of all West Wing officials. A White House spokesman, Ben LaBolt, said the compensation was not a conflict for Mr. Summers, adding it was not surprising because he was “widely recognized as one of the country’s most distinguished economists.”Mr. Summers’s role at the White House includes advising Mr. Obama on whether -- and how -- to tighten regulation of hedge funds, which engage in highly sophisticated financial trading that many analysts have said contributed to the economic collapse.Mr. Summers, a former president of Harvard University, was Treasury secretary in the Clinton administration. He appeared before large Wall Street companies like Citigroup ($45,000), J. P. Morgan ($67,500) and the now defunct Lehman Brothers...(Read Full Post)