Thursday, August 13, 2009

Top White House Advisor Owned Stock in "Dr. Doom's" Advisory Firm

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The top Obama economic advisor of President Obama, Larry Summers, held a stock position in the economic advisory firm of Nouriel Roubini, Roubini Global Economics, which he sold before joining the White House. Summer's spokesman, Matt Vogel, confirmed to me that Summers did hold the stock position and that he did not pay for it but received the stock as compensation for advisory work he provided to RGE.

Roubini is known on Wall Street as "Dr. Doom" for his generally pessimistic view of the economy.

Roubini appears to have strong access to the Administration. Back in May, I pointed out that he appeared to have unusually detailed information about how the rankings would work for the stress tests results which were not yet public.

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