Skip to comments.Obama adviser Summers earned millions from hedge fund
Posted on 04/04/2009 12:25:27 PM PDT by freespirited
Lawrence Summers, a top economic adviser to U.S. President Barack Obama, was paid about $5.2 million by hedge fund D.E. Shaw in the past year, disclosure forms released by the White House showed on Friday.
Summers was also paid $2.7 million in speaking fees by a range of organizations and companies, including several troubled Wall Street financial firms.
The disclosure documents on Summers and other White House officials advising Obama on the global financial crisis covered 2008 and the first few months of this year. Summers became an official adviser on January 20 when Obama took office.
Summers, who was a part-time managing director of D.E. Shaw after stepping down as Harvard president, had speaking fees of $67,500 from JP Morgan, $45,000 from Citigroup, $135,000 from Goldman Sachs and $67,500 from Lehman Brothers, which went bankrupt last year.
He also had significant income from Harvard University and from investments.
The disclosure documents showed many senior advisers to the president earned large salaries from their companies, served in lucrative positions on corporate boards and had large holdings of stocks, bonds and mutual funds.
National Security Adviser James Jones reported more than $1 million for serving as a director for Boeing, Chevron and other companies. He had a salary and bonuses of $900,000 from the U.S. Chamber of Commerce.
Obama senior adviser David Axelrod reported $896,776 in salary from his consulting firm AKP&D Message and Media as well as $500,000 in partnership income. He had another $151,914 in income from his other campaign management firm, ASK Public Strategies.
Axelrod reported he had entered an agreement to sell the firms for $3 million over five years.
Valerie Jarrett, another senior adviser, reported $346,687 in directors' fees, including from the consulting firm Navigant, a real estate investment trust and the Chicago Stock Exchange.
(Excerpt) Read more at uk.reuters.com ...
Democrats = Hypocrisy
We can all rest assured this entire list will make top of the hour segments on CNN and MSNBC.
Just another one of those rich greedy Republicans.... whoa! What a minute! He’s a Democrat. How can that be?
The Bushite Wall Street criminals are now the Obama Wall Street criminals.
A little justice is in order for Wall Street, Capitol Hill and 1600 Pennsylvania.
I want 40% of my retirement saving clawed from the afore mentioned criminals.
He's from Haaaaaaavard. No Republicans allowed, except when someone screws up or they need a token.
Weekend Dump of BHO crap....SOP for thieving politicians.
Don't you suppose the rarest creature on the Harvard campus would be a black conservative?
Even before this administration I had referred to government as an ongoing criminal enterprise. Obama and his people are all criminals and they don’t really care who knows it. If you think about it, why should they?
They control the Justice Department, the Courts and Congress. They probably control the Republican Party too. They will do whatever they want to do. Right now it looks like that includes stripping America of it’s sovreignty. Of course they have to disarm the American people as part of the process.