Larry Summers, who was not only Tim Geithner's predecessor as the 71st Secretary of the Treasury (from 1999 to 2001), but also the 27th President of Harvard University, and is currently the top White House economic advisor and serves as a director of the National Economic Council, apparently has a fond place in his heart and bank account for his most recent employer, $30 billion rocket scientist infested hedge fund D. E. Shaw (nothing like signing an NDA before conducting interviews). In a financial disclosure just released by the White House, Larry highlights that not only was he paid $2 million in 2008 from 40 speaking assignments, including speeches paid for by Goldman Sachs and Yale University, but, more notably, received $5.2 million in compensation from D.E. Shaw - one of the funds eligible and likely to participate in the PPIP and TALF.
Summers joined DE Shaw on October 19, 2006 as a managing director of the investment and technology department. Larry has recently been in hot water, for not only preaching Friedmanomics (quoted as saying Friedman's real contribution was "convincing people in the importance of allowing free markets to operate") as his administration is currently doing away with Mark To Market and covertly nationalizing the major banks, but also for accepting perks from Citigroup such as free rides on its corporate jet, for telling Chris Dodd to do away with executive pay caps at TARP recipient banks, and for sending Paul Volcker an imaginary memo entitled "stuff it."
The full financial disclosure document is attached below. One curious thing to note is that either Larry was drunk or high when he signed it, or else this document is counterfeit, based on the signature for "L.H.S" which is obviously not that of Larry Summers.
For comparison I present Larry's signature in the disclosure document:
with his omnipresent signature from his Treasury Secretary days (check out the signature in the bottom right of any 9 year old dollar bill in your back pocket).
Regardless of this particular conspiracy theory, ZH will be closely following any and all preferential treatment that DE Shaw (and the entire hedge fund industry in general) receives going forward compliments of Mr. Summers and the Obama administration.
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