rssIt’s Good to Be Larry Summers
Monday, April 06, 2009 at 10:17 am
- 4 Comments
The New York Times dug through some new financial records to discover that Wall Street has been nearly as good to Larry Summers as Larry Summers is now being to Wall Street.
Mr. Summers, the former Treasury secretary and Harvard president who is now the chief economic adviser to President Obama, earned nearly $5.2 million in just the last of his two years at one of the world’s largest funds, according to financial records released Friday by the White House.
Impressive as that might sound, it is all the more considering that Mr. Summers worked there just one day a week.
Now, of course, he’s a leading voice in Washington’s efforts to bail out the banks. Is there any wonder why the White House swooped in to dilute Sen. Chris Dodd’s (D-Conn.) proposed limits on executive pay?
4 Comments
Comment posted April 6, 2009 @ 11:34 am
A great article about why Larry Summers was one of the fairest paid men on Wall Street by Peter Hopkins, co-founder of Big Think, a company Summers invested in as an angel:
http://bigthink.com/blog_entries/559-Larry-Summ…
An Excerpt:
“I would later get to know Summers personally in the context of his contributions to and investment in Big Think. There were two traits I saw first hand in Summers that are supremely relevant here. First, he puts his money where his mouth is—upon making his first million, his impulse was to reinvest in small start-ups like ours whose missions aligned with his vision of the future. Second, his dedication to government service informs his religious observance of ethics regulations. When he called to tell me that he would have to divest of Big Think because of his new post in the administation, he ended the call on a somber note for me that left no doubt as to where his loyalties lied: “I'm afraid I can be less helpful to you now than if we had never known each other at all.”
Pingback posted April 6, 2009 @ 12:44 pm
[...] in Business, Daily life, Democrats, Government, Obama administration at 9:44 am by LeisureGuy Mike Lillis in the Washington Independent: The New York Times dug through some new financial records to discover that Wall Street has been [...]
Comment posted April 6, 2009 @ 6:34 pm
A great article about why Larry Summers was one of the fairest paid men on Wall Street by Peter Hopkins, co-founder of Big Think, a company Summers invested in as an angel:
http://bigthink.com/blog_entries/559-Larry-Summ…
An Excerpt:
“I would later get to know Summers personally in the context of his contributions to and investment in Big Think. There were two traits I saw first hand in Summers that are supremely relevant here. First, he puts his money where his mouth is—upon making his first million, his impulse was to reinvest in small start-ups like ours whose missions aligned with his vision of the future. Second, his dedication to government service informs his religious observance of ethics regulations. When he called to tell me that he would have to divest of Big Think because of his new post in the administation, he ended the call on a somber note for me that left no doubt as to where his loyalties lied: “I'm afraid I can be less helpful to you now than if we had never known each other at all.”
Pingback posted May 11, 2009 @ 5:40 am
[...] Broker » When Will Larry Summers Apologize?…The Washington Independent » It’s Good to Be Larry Summers…A decade later, will Summers again sabotage progress on Climate Change?…Has Fat Dickless Slob [...]
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