It’s Good to Be Larry Summers
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?