Friday, July 26, 2013

The Crony Life of Fed Chair Contender Larry Summers

WSJ reports:

 Lawrence Summers, one of the leading contenders to be the next chairman of the Federal Reserve, has been a paid consultant to Citigroup Inc. and other financial institutions, roles that are likely to draw the focus of opponents of his nomination.

Mr. Summers, who remains on the Harvard University faculty after a tumultuous tenure as the school's president, also advises or consults for a number of other financial firms, including stock-exchange operator Nasdaq OMX Group Inc., hedge fund D.E. Shaw, venture-capital firm Andreessen Horowitz and asset-management and advisory firm Alliance Partners. His consulting for Citigroup and Nasdaq hasn't previously been disclosed.[...]

Since he left the White House National Economic Council in 2011, Mr. Summers' views on the global economy, policy and markets have been in strong demand. In addition to speaking at internal meetings at Citi, Mr. Summers attended small gatherings of clients "where he provides insight on a broad range of topics, including the domestic and global economy," a Citigroup spokesman said. The bank wouldn't say how much it is paying him. Mr. Summers's office wouldn't elaborate. At Nasdaq, which confirmed Mr. Summers has been a consultant, Mr. Summers is an adviser and talks to member companies.[...]

At a closed-door Citigroup-sponsored analyst conference at a Boston hotel in March, Mr. Summers expressed surprise about the persistent backlash in Washington toward big banks, according to one participant.

1 comment:

  1. Expressed surprised against the "backlash" of the big banks that have bankrupted us- even as the FED insulates America via a trillion a year from feeling the effects of insolvency which one day- will have to be dealt with. And it ain't gonna be pretty.

    Fuck Larry Summers. Elitist.