Summers Received Hundreds Of Thousands In Speaking Fees From TARP Recipients

Barack Obama's chief economic adviser, Larry Summers, received hundreds of thousands of dollars in speaking fees last year from firms that have direct financial interests before the government or are intimately involved in the White House's bank relief programs.

The White House released late Friday the personal financial disclosure forms of many high-ranking administration officials. The document provided for Summers, who serves as one of the president's closest confidants, underscores just how close some of these officials are to the industry over which they now have oversight.

Among the firms that paid Summers large amounts in speaking fees include J.P. Morgan Chase. That bank offered the former Harvard president and Treasury Secretary $67,500 for a February 1, 2008 engagement. It has received $25 billion in government bailout funds.

Citigroup, which has received $50 billion in taxpayer help, paid Summers $45,000 for a speech in March 2008 and another $54,000 for a speech that May.

Goldman Sachs, which has received $10 million in bailout funds, paid Summers $135,000 for a speech on April 16, 2008 and another $67,500 for a speech on June 18, 2008.

Summers also received about $5.2 million over the past year in salary from the major hedge fund D.E. Shaw.

The speech payments will undoubtedly raise questions as to the impartiality of the economic advice Summers is providing to the president. Already viewed as too favorably disposed to Wall Street interests, the lavish payments for speeches will provide further fodder for those who think the administration has been forgiving in their approach to the banking industry.

In a prepared statement, spokesman Ben LaBolt said that, "From the first days of the administration, we have bolstered accountability over banks and reformed the TARP process so that taxpayers can see how their money is being spent, the influence of lobbyists is curbed, executive compensation is reined in, and firms are required to show how they will preserve or expand lending using government funds. Dr. Summers has been at the forefront of this administration's work to shore up our nation's financial system and to put in place a regulatory framework that will strengthen the financial system and its oversight - all in an effort to help the families across America who have paid a very steep price for risky decisions made by Wall Street executives."

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Below is a list of the notable speeches given by Summers last year, the amount he was paid, and the date of the address. Further down is a PDF of Summers' Personal Financial Disclosure form, released on late Friday afternoon. Tell us what you see.

Skagen Funds, $60,300, (1/9/2008)

Skagen Funds, $60,300, (1/10/2008)

Skagen Funds, $59,400, (1/11/2008)

JP Morgan, $67,500, (2/1/2008)

Itinera Institute, $62,876 (1/8/2008)

Citigroup, $45,000 (3/3/2008)

Goldman Sachs Co., $135,000, (4/16/2008)

Associon de Bancos de Mexico, $90,000, (4/3/2008)

Lehman Brothers, $67,500, (4/17/2008)

State Street Corporation, $45,000, (4/18/2008)

Siguler Guff & Company, $67,500, (5/7/2008)

Hudson Institute, $10,000, (05/28/2008)

Citigroup, $54,000, (5/30/2008)

Investec Bank, $157,500, (6/13/2008)

Goldman Sachs, $67,500, (6/18/2008)

Lehman Brothers, $67,500, (7/30/2008)

Tata Consultance Services, $67,500, (9/21/2008)

State Street Corporation, $112,500, (10/2/2008)

McKinsey and Company, $135,000, (10/19/2008)

Charles River Ventures LLC, $67,500, (11/112008)

Pricewaterhouse Coopers, $67,500 (9/9/2008)

American Chamber of Commerce In Argentina, $135,000 (10/7/2008)

American Express, $67,500 (5/7/2008)

Summers PDF - Free Legal Forms

Comments

[huffino]

When the appointment of Summers in the Obama administration was first revealed, so many of us groaned. His track record, as we knew it then, was not at all one of "Change".

But now that this latest round of ridiculous bribery is revealed, we must ask: IS THERE NO SHAME?

Obama, you have to fire this man. He is a corrupt, self-serving agent of the plutocracy. WE DID NOT VOTE FOR YOU SO YOU WOULD APPOINT SUCH A DESPICABLE CHARACTER TO GUIDE YOU ON ECONOMIC POLICY.

[indi1216]

what the h*ell is the problem...so what if he gets paid for speaking...so does BUSH...I mean do we expect them to work for free???

[Artos]

indi1216,

Perhaps not, but more to the point, it would be of great interest to have heard some of his speeches and to find out just what his mindset really was or still is. What he might have been spouting at the time would give a better indication of just what we are really getting. I have found it to be often true that a person when among what her or she would consider like minds is more apt to speak their real thoughts and when among the populace at large will revert to lies and obfuscation. Which one is the real Summers that remains to be seen. At look at his list of speaking engagements reveals to me that he was quite at home among those he now deigns to regulate. This does not in and of itself add well.

[luckyt]

It's time the President stepped up to the plate and be the man of change he promised in Washington. We must push him in that direction.

[StevenDuque]

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-Summers-Is-The-Fairest-Paid-Man-On-Wall-Street

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."

[sposton]

And so we find out Summers is a saint. Big deal! Let's judge him by results and so far, we would have been better off with just about anyone else. If it isn't his proximity to Wall Street that is responsible than it is his lack of imagination. The result is the same.

[Lemmy]

When it comes out late on a Friday, you know that's not good.

[rabiddog6708]

Please read this great aricle in THE ATLANTIC entitled "The Quiet Coup." It is one of the best I've read regarding Wall Street's ownership of the US government:

http://www.theatlantic.com/doc/200905/imf-advice

[sposton]

Definitely worth reading. Thanks for the link.

"The conventional wisdom among the elite is still that the current slump “cannot be as bad as the Great Depression.” This view is wrong."

[Artos]

sposton,

Why should the elite worry, they doing well and in their estimation, there will always be a few casualties strewn along the wayside, it's how life thins the herd. What they want now is to convince the populace that all is getting better," Americans are more optimistic", so that we will be fool enough to spend what last few dollars we may have so as to further enrich them. We are led to believe that every time the Stock Market is doing well and going up that the rest of us are doing well also. Rubbish, The stock market thrives on the misfortune of the working class. The more of us out of work the better the market reacts. When businesses cut their "overhead" meaning workers, then they can show false profits and make themselves look better on the stock market. Total Garbage.

[sposton]

It is amazing for how little one can buy these people.

[powder chowder]

Summer; you friggin' cheater. Give back the money now. And BTW, you're fired.

[lboucher]

Summers is a total Wall Street insider and should step down from his presidential adviser role ASAP!

We need reformers NOW! Not insiders trying their best to cover up Ponzi bank crimes like Summers!!

As long as he remains as the most powerful Obama adviser this country will never deal with the truthfully with our economic problems and the hard solutions!!

Summers is a Wall Street insider and bankster!!

[RobertHenryEller]

How is Summers' relationship with Wall Street different from Cheney's relationship with Halliburton, the oil companies and the defense industry?

[swo68]

So you were ok with his associations?

[Lemmy]

It's that liberal logic swo68 . . or lack thereof.

[PhilipTaylor]

Must See!

The SCAMS of the Banksters. This investigator of the Savings&Loan Scandal wrote a book on this Banking Crisis:

William K. Black said on Bill Moyers (paraphrase), "The reason the Executives have not been fired is that would SHOW LIGHT on the Corruption and the entire Banking System will be exposed!"

So they keep the scope of the Crime under cover because they think Americans could stand the TRUTH!

http://www.pbs.org/moyers/journal/04032009/profile.html

[sposton]

A must see or read.

[LeeCalif]

Proof of how Summers' bread is buttered RITE IN FRONT OF US.

Why do you trust this guy.? He's making bad policy.

Yes, I know. The real question is, Why did Obama hire this man.

[swo68]

I guess that makes Obama either naive of one of them.

[delta7777]

THE LEVELS OF INFILTRATION AND CORRUPTION
INVOLVING MEGAFINANCIAL INTERESTS AND THE US GOVERNMENT
ARE BEYOND DISGUSTING.

IT IS LONG PAST TIME TO KICK ALL OF THESE INTERESTS OUT.

[munki]

WOW...

sad... no one is honest...

[karen1p]

This goes to what I have said over and over. We are the ones being sold a bill of goods that is not good. We are being taken hook, line and sinker from every single one of these people in higher office. Obama not excluded. I was pissed off at Obama when I heard that Pritzker was the architect of the subprime. Everyone is linked somehow...

[jaslyn]

Good luck trying to find a few good, honest, people of integrity in government. It's like finding a needle in a haystack. They're all tainted somehow, and have had to barter and sell off pieces of their character and integrity when faced with the temptation of cash, or power. Some, like Boehner and Gingrich have sold their souls.