Corruption: re Hedge Fund Paid Summers $5.2 Million in Past Year
No wonder why banking industry is hyperventilating. This article shows one more corruption among other unfair practices in the financial markets.
Hedge Fund Paid Summers $5.2 Million in Past Year
By JOHN D. MCKINNON and T.W. FARNAM
WASHINGTON -- Top White House economic adviser Lawrence Summers received about $5.2 million over the past year in compensation from hedge fund D.E. Shaw, and also received hundreds of thousands of dollars in speaking fees from major financial institutions.
A financial disclosure form released by the White House Friday afternoon shows that Mr. Summers made frequent appearances before Wall Street firms including J.P. Morgan, Citigroup, Goldman Sachs and Lehman Brothers. He also received significant income from Harvard University and from investments, the form shows.
In total, Mr. Summers made a total of about 40 speaking appearances to financial sector firms and other places, with fees totaling about $2.77 million. Fees ranged from $10,000 for a Yale University speech to $135,000 for an appearance paid for by Goldman Sachs & Co. http://online.wsj.com/article/SB123879462053487927.html