Larry Summers: Cashing Out Big Time

“Larry Summers, dear reader, is part of the problem. There is always an undeniable connection between banking, the elite world of ivory tower Ivy League academia, the government and Wall Street. Summers, who was president of Harvard University until 2006, is former Treasury Secretary of the United States under Bill Clinton, where he worked with now regulators Gary Gensler, Timothy Geithner and Robert Rubin. The last year at Harvard Summers got a $1,000,000 interest only mortgage from Harvard, on top of a $580 thousand salary, which included $30 thousand for benefits and $143 thousand in expense reimbursements–whatever those are…over $11K a month. While at Harvard, he oversaw their endowment, recommending interest rate swap derivatives. Pushed endowment money into a toxic hedge fund Old Lane Partners from Rubin’s Citigroup…Harvard ultimately lost $9.9 billion from its endowment, and at Summers urging, Harvard invested its cash in its exotic investments…losing another $1.8 billion.

After leaving Harvard, in 2008, Summers went to work as a part time advisor for the unregulated hedge fund world…making $5.2 million from hedge fund D.E. Shaw. He made baskets of dough on the speaking to the elite financial institutions he seeks to regulate, for three speeches by Skagen funds in Jan 2008 he made $180 thousand, $67.5 thousand by JPMorgan Chase, $62.8 thousand to the Itinera Institute, Citigroup $99 thousand (discount for Bob Rubin), Goldman Sachs $202.5 thousand, Bank Association of Mexico $90 thousand, Lehman Brothers (remember them) $ 135 thousand, State Street Corp $157.5 thousand, Siguler & Gulf $67.5, Citigroup another $54 thousand, Investec Bank (who are they?) $157.5 thousand, Teta Consultants $67.5 thousand, McKinsey & Company $135 thousand, Charles River Ventures $67.5, Pricewaterhouse Coopers $67.5, The Chamber of Commerce of Argentia $135 thousand and lastly $67.5 thousand to American Express.”