Obama Economic Advisor Received Money From Hedge Funds
The other party of the rich; The Democrats.
We find out today that Obama’s economic advisor, Lawrence Summers received over $5 million last year along from the hedge fund, D.E. Shaw and collected more than $2.7 million in speaking fees for engagements at Wall Street firms, some of which were the bailout enterprises, utilizing our taxpayer money.
Citing new financial information about top officials in the administration of Barack Obama, the newspaper said Summers had made 40 paid appearances, including a speech to the investment firm Goldman Sachs, for which he was paid 135,000 dollars.
Summers, a former president of Harvard University and treasury secretary in the Clinton administration, leads the National Economic Council, which advises the president on the economy, including company bailouts.
Summers’s payments include 45,000 dollars from Citigroup and 67,500 dollars from investment banks J.P. Morgan and Lehman Brothers each, The Times said.
He was also paid 90,000 dollars to address an organization of Mexican banks, according to the report.
The paper quotes White House spokesman Ben LaBolt as saying the compensation was not a conflict of interest for Summers because he was “widely recognized as one of the country’s most distinguished economists.”
Oh really? So if he is so distinguished and so wise when it comes to economic theory then why haven’t his lectures worked so well with these Wall Street firms? I would think that these firms may have learned a thing or two from his speeches, or maybe they just learned how to better launder money or pay off their buddies. That’s what it would seem like to me.
So next time you hear Barack Obama demean and demonize Wall Street and Corporate America, remember that many of his cronies, aides, cabinet members and he, himself, have received plenty of kick-backs from the very entity that he wants people to turn against. He was the candidate of Wall Street and the more people wake up to this fact, the better.
Stop the hypocrisy and wake up America!
Ironic how all of these administration officials have come from the very entities that are benefiting from the TARP program. I guess we know now where that money was used for: Bonuses and Retreats!!!
Oh, and I found out that Goerge Soros invested in Lehman Brothers just before they filed Chapter 11. 10 Million shares! (at about a dollar a share). Hmmm so now when they restructure and unload all that toxic asset on the Gov’t, who comes out smelling like a rose?