Frank Rich on the character of Larry Summers

April 12, 2009 | By | Reply More

In today’s NYT, Frank Rich is reminding us of the sordid background of one of the architects of Barack Obama’s economic recovery program. These are sad times, indeed.

Lawrence Summers, the president’s chief economic adviser, made $5.2 million in 2008 from a hedge fund, D. E. Shaw, for a one-day-a-week job. He also earned $2.7 million in speaking fees from the likes of Citigroup and Goldman Sachs.

[P]erhaps I’ve become numb to the perennial and bipartisan revolving-door incestuousness of Washington and Wall Street.

That the highly paid leader of arguably America’s most esteemed educational institution [Harvard]would simultaneously freelance as a hedge-fund guy might stand as a symbol for the values of our time.

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Category: Economy, Politics

About the Author ()

Erich Vieth is an attorney focusing on consumer law litigation and appellate practice. He is also a working musician and a writer, having founded Dangerous Intersection in 2006. Erich lives in the Shaw Neighborhood of St. Louis, Missouri, where he lives half-time with his two extraordinary daughters.

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