Obama Administration – Conflict of Interest Alert – Larry Summers
Once again, it is revealed that President Obama’s administration has proved less than stellar compared to his campaign promises of changing Washington DC. Since swearing into office and to uphold the duties for which he was elected for, President Obama has made dubious decisions in choosing the appropriate people to fill the top posts in his administration. Many were marred with tax scandals as they appeared before Congress and some had to withdraw their nominations due to allegations of unpaid taxes or great conflict of interests. Even within 24 hours of declaring a new policy to stem conflict of interest, he had to make an executive exception to the nominated Deputy Director of Defense William Lynn, a former Raytheon executive.
The latest scandal to hit the Obama administration is Larry Summers, who has now reported receiving millions of dollars from the very same industry and corporate entities which he is assisting with his policy and regulatory advice to President Obama and Congressional leaders. It was already with great controversy that Treasury Secretary was nominated given criticism that he failed as the President of the NY branch of the Federal Reserve system to watch over the financial system and avoiding collapse. In addition, Geithner faced also back tax scandals.
Many critics believe that between Summers and Geithner, the two are a power couple that are too close to the industry to be impartial and to do what is right for the country and all Americans. Meanwhile, the US Government is spending trillions in an unprecendeted effort to save the financial system. But really, have other simpler, less costly to the American taxpayers and more effective been really explored or even contemplated?
Write to President Obama and demand for change and transparency.
Summers Earned Millions in D.E. Shaw Salary, Bank Speech Fees
April 4 (Bloomberg) — Lawrence Summers, director of President Barack Obama’s National Economic Council, earned millions working at a hedge fund and speaking to banks such as Citigroup Inc. that later received taxpayer bailout money.
Hedge fund D.E. Shaw & Co. paid Summers more than $5 million in salary and other compensation in the past 16 months, according to a financial disclosure form released by the White House yesterday. Summers served as a managing director at the New York-based firm. Summers, a former Treasury secretary, also earned more than $2.7 million in speaking fees. [Read Full Article]
