Summers Receives Millions in Fees from bailed out banks

GATA put up an interesting piece of news published by Bloomberg on the third.

The story follows below. This is just sick. How much do you want to bet that the money Summers has received came from the taxpayer who has yet to pay for it? They're certainly not telling us how they're spending the money, we have no other conclusion to draw.

Lawrence Summers, director of President Barack Obama's National Economic Council, took in more than $2.7 million in speaking fees paid by organizations that included Citigroup Inc., Goldman Sachs Group Inc., and Bank of America Corp., among other companies now receiving taxpayer funds in the economic bailout.

Summers also was paid more than $1.4 million in salary and over $3.7 million in other compensation by the investment firm D.E. Shaw & Co. in the past 16 months, according to financial disclosure forms of top White House officials that the administration made public today.

Given Summers' resume, "there was considerable interest in hearing his economic insights from companies across various industries," said Ben LaBolt, a White House spokesman. Since coming to the White House, Summers "has been at the forefront of this administration's work to shore up our nation's financial system and to put in place a regulatory framework that will strengthen the financial system."

The rest of the story can be read here