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Ear to the Ground

Wall Street Showered Obama’s Top Economic Adviser With Riches

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Posted on Apr 6, 2009
Flickr / World Economic Forum

Lawrence Summers is the man President Obama turns to for insight into the economy, so it’s more than a little disturbing that the very financial institutions the taxpayers are now rescuing—to the tune of nearly $3 trillion—paid Summers almost $8 million last year. Goldman Sachs & Co., a major beneficiary of the government’s largesse, paid him $135,000 for one speech.

Such revelations can be found in a financial disclosure form released by the White House over the weekend. Read it here (PDF).

Wall Street Journal:

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.

Financial Disclosures

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.

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By KDelphi, April 7, 2009 at 2:37 pm Link to this comment

DWIGHT—Geithner is a smirking chimp and a sociopath.

I have NEVER “reported” a person. Dont really believe in it. But, could you keep them shorter so I dont have to make my hands sore scrolling past them.

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By Folktruther, April 7, 2009 at 9:40 am Link to this comment

Usually Wall Steet doesn’t pay off the president until after his stint.  With Reagan it was a ranch, with Clinton tens of millions in speaker fees.  Obama shold really clean up afterwards given all the taxpayer money he is giving the ruling class.

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thebeerdoctor's avatar

By thebeerdoctor, April 7, 2009 at 7:34 am Link to this comment

re: DwightBaker

Your country first comments are ridiculous. May I suggest checking out the Barlett and Steele piece on Timothy Geithner. Lawrence Summers helped create the economic disaster this country is in, and there is nothing altruistic about this arrogant nincompoop coming to the alledged rescue, despite any cut in pay. Your analogy about a pay cut in millions is absurd. You are talking about people who receive higher salaries than 98% of all Americans. As B.B. King might say: “I’m getting some outside help that I don’t really need.”

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By P. T., April 6, 2009 at 9:33 pm Link to this comment

Timothy Geithner was numero uno at the New York Fed, which means he was supposed to be keeping an eye on what the Wall Street bankers were up to.

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By christian96, April 6, 2009 at 8:34 pm Link to this comment

Truedigger3 and Kdelphi—-Thanks for your humanity.
I wish I knew more about Jason but he won’t respond
to my questions.  One of those silent types.  Perhaps, he gets his handout working for our competent honest government.

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By Xntrk, April 6, 2009 at 7:03 pm Link to this comment
(Unregistered commenter)

KDelphi, you pegged Geithner right, and I think that puts him right in there with the Wall Street thugs. It’s kind of like one hand washing the other, and the money sticks to both…

As for tightening regulations etc. I read that one of the first new regulations is to slack off the ‘mark to market’ regs, which mean that the banks can now mark their worthless ‘toxic’ investments to the value they would have IF there was a ‘market for worthless paper’, rather than pegging them at Zero, which is their current value.

Now, the Government funded ‘investors’ in this worthless trash will be more inclined to pay top dollar for the crap, rather then the pennies it is worth in reality [if that much].

I am not an Economist, but English is my native tongue, so I am pretty certain that this ‘tightening of the regulations’ is just another method of fucking the tax payer and siphoning off more money to the Wall Street thieves.

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By truedigger3, April 6, 2009 at 3:02 pm Link to this comment

Jason,

Life is full of nasty surprises!! So, show some
compassion and humility or take a hike and don’t
come back.

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By KDelphi, April 6, 2009 at 2:20 pm Link to this comment

When I heard Larry Summers mentioned, despite my misgivings about Sen Obama, I was truly amazed. To add Geithner, just makes it wotse.

The US Govt is a wholly owned subsidiary of Goldman Sachs.

P.T.—wasnt Geithner the NY Fed????

Jason!! I disagree with christian most of the time, but, you are a heartless basterd. What do you suggest the uS do with disabled people? I hope you get hit by a bus.

Remember, you are only temporarily able bodied.

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By William deB. Mills, April 6, 2009 at 11:36 am Link to this comment

As all Federal employees are repeatedly reminded by ethics personnel, when you are in charge of funds, you are expected to recuse yourself even if there is only the appearance of a conflict of interest. $8 million, most people would agree, constitutes at least such an appearance. Mr. Summers, who after all was very much present at the creation (of the legal framework that gave us the recession), should recuse himself from any action related to resolving the crisis. That is not my opinion; that is Federal regulation.

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By P. T., April 6, 2009 at 11:32 am Link to this comment

Timothy Geithner’s personal history has been in the bureaucracy.  He’s not a Wall Street banker.

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By christian96, April 6, 2009 at 9:53 am Link to this comment

Jason—-I would be receiving a lot more if I hadn’t
been forced into disability.  What do you do to earn
your annual handout?  Let’s be honest Jason?  Yes,
I did vote for Obama and it was for selfish reasons.
His campaign promise was to cut all income tax on
social security for people making less than $50,000.
I’M STILL WAITING!  Sadly, the way the government is
“handing out” trillions to Wall Street and Bankers,
I’LL BE WAITING A LONG TIME!

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By P. T., April 6, 2009 at 8:45 am Link to this comment

It is said that Timothy Geithner is not from Wall Street.

However, he thinks like Wall Street does.  That is how he advanced to where he is.

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By samosamo, April 6, 2009 at 8:39 am Link to this comment

No, I would not buy anything from him. Hopefully he will commit suicide or just drop dead. And isn’t it coincidental that these current ‘multiple mass slayings’ of late don’t include those like summers et. al.
What I am reminded of is that is looks like the modern version of the vast migration of europe to north america, only it is pricks like summers and his ilk that are ‘financially’ going to the next promised land and taking it from the people.
Need I remind anyone that this is still part of that war that has been declared on the people and the way to hopefully get around this is to treat it literally as such and come up with a plan to retalliate or defend ourselves. Not much is more personally serious than having some group of evil criminals declaring war against a person or people.

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By Jason!!, April 6, 2009 at 7:58 am Link to this comment

voice of truth,

lol! good catch.

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By truedigger3, April 6, 2009 at 7:15 am Link to this comment

What else is new. It is the revolving door as usual.
It is a very sorry and deplorable situation that eroded the public trust in its governmnent
and public institutions.

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By voice of truth, April 6, 2009 at 6:52 am Link to this comment

Jason

There is a serious flaw in your line of thinking.  Obama administration members don’t pay taxes, so their millions don’t support anyone’s handouts.  That’s up to the rest of us.

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By Feral Cat, April 6, 2009 at 6:41 am Link to this comment

And they hired a speech and communication coach for Geithner.  Now his beady eyes don’t dart as much. And he lies at a slower clip.  Welcome to “managed democracy”.

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By artie, April 6, 2009 at 5:53 am Link to this comment
(Unregistered commenter)

An example of the power elite taking care of each other while the helpless masses are neglected and impoverished.

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By Jason!!, April 6, 2009 at 5:51 am Link to this comment

christian96,

His taxes on that 8 million pays for your 40k annual handout!

Now if you put that doctoral degree to work and joined the corrupt Obama party, you might earn millions and can pay for another persons handout.

I bet you voted for the corrupt Obama party so you could get a higher handout. While that might be true, you are only empowering the corrupt so did you really gain anything?

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By jackpine savage, April 6, 2009 at 3:58 am Link to this comment

Just look at the guy.  Would you buy a used car from him?  Would you trust him with your money?

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By christian96, April 6, 2009 at 2:44 am Link to this comment

8 million!  Wow, that’s a lot of money.  I make less
than $40,000 on my disability.  I pay $2,000 yearly
for medication, another approx. $2,000 on medical
costs, and give aprrox. $3,000 to charity and a whole
lot to Uncle Sam to protect me.  I am not complaining.  There are plenty of people much worse
off than I am but they probably don’t have Master and
Doctoral degrees like I do.  What I would like to know is:  What does someone do with $8,000 dollars?
Can one of the famous talking heads on TV interview
Mr. Summers and ask him what he does with $8 million
dollars?  Now, that’s one program I’ll watch!

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thebeerdoctor's avatar

By thebeerdoctor, April 6, 2009 at 2:12 am Link to this comment

Isn’t it marvelous that the economic court jesters of the ownership state, can secure such lucrative income from speaking fees.

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