Posted on Sunday, 5th April 2009 by Glenn D. Frankovis
I couldn’t find a link to this story, so I’ll just print some of it out here to give you a flavor:
Summers earned millions is the title of the story. The subtitle reads: Obama advisor directed hedge fund group
This is an Associated Press story apparently so common in this new, enlightened Obama administration that it is relegated to page 18A of the Sunday Milwaukee Journal. Kind of a “ho hum, so what else is new?” filler article. Some quotes from this article include: “Lawrence Summers, President Barack Obama’s top economic adviser, earned millions over the past year as managing director of the hedge fund D.E. Shaw Group and through speaking fees, some from financial institutions now at the center of the government’s rescue program.” And what is the response from the White House spokesman, Ben LaBolt? “Given that Dr. Summers is widely recognized as one of the country’s most distinguished economists and formerly served as treasury secretary, there was considerable interest in hearing his economic insights from companies across various industries.” I have no problem with that statement at all. Following that statement, the article goes on, “Obama has enacted strict rules against hiring lobbyists for administration positions that would have influence over their former clients. A White House official said Summers will not work on issues specifically related to D.E. Shaw for two years.” And the tooth fairy is real.
As if that’s not enough, the article goes on, “Another top White House aide, senior adviser David Axelrod, disclosed that he sold his share of two campaign and media strategy businesses last year for $3 million. The money will be paid to him in annual installments over the next five years, beginning Dec. 31. Axelrod also reported income of more than $1 million last year from the two companies, David Axelrod & Associates and ASK Public Strategies.”
Payment over 5 years? Sounds like a pretty smart way to reduce your tax liability to me. I’d do that too. Hell, I’d spread it out over 20 years, but then I don’t require the same standard of living as Axelrod.
I don’t begrudge these two guys for making as much money as they possibly can, but doesn’t this all smack just a little bit of hypocrisy on the part of the Obama administration and all his campaign pledges? Perhaps Summers, Axelrod and the Geithners of his administration are the “change” he promised and the zombies who followed and voted for him were too dumb to understand that rules and pledges would not apply to members of the Central Committee. In terms of honesty and ethics, Obama makes Clinton look like a choir boy.
Posted in Home | Comments (4) |
4 Responses to “Buried on page 18A of the Milwaukee Journal Sentinel”
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April 6th, 2009 at 2:39 am
Here’s the link Glenn.
http://www.nytimes.com/2009/04/06/business/06summers.html
April 6th, 2009 at 5:07 am
Jo, thank you very much for posting that link. It was far more informative than the page 18A “ho hum” Milwaukee Journal Sentinel article.
April 6th, 2009 at 8:53 am
And we are suprised by this?? Of course not. There’s nothing here for the common folks, just move along. “Not for thee, but only for me.” I just hope all those who drank the Obama koolaid wake up soon an realize what a horrible mistake they made.
April 6th, 2009 at 9:08 am
Hope and Change!!