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Financial Industry Paid Millions to Obama Aide
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The top economic adviser to President Obama Lawrence Summers received more than $5 million from hedge fund D.E. Shaw. He was managing director of this hedge fund in 2006, before becoming economic adviser to the President and director of the National Economic Council. He also collected $2.7 million in speaking fees from Wall Street companies that received bailout money. At the recent G-20 summit the French President Sarkozy and the German chancellor Merkel had made regulatory reform and a global regulator a nonnegotiable point. Germany and France had insisted on strict regulation of hedge funds, something the Obama administration did not agree to. With the revelation of Summer's close ties to hedge funds, questions may be raised about the advice Obama is getting from Summers on the issue of hedge fund regulation.
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Summers and "contamination", spending so much time with hedge funds that you think like them.
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Summers worked for D.E. Shaw, a large fund, in 2008. He was managing director and was paid $5.1 million for one day aweek at that fund.
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