Wednesday, May 20, 2009

Lawrence Summers

- Goes by "Larry"!

- One of the "best and brightest" acting as advisers to Barack Obama -- and former Clinton administration Treasury Secretary!

- Matriculated at MIT -- when he was 16!

- Free market ideologue!

- As chief economist at the World Bank, wrote, "I think the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to that ... I've always thought that under-populated countries in Africa are vastly underpolluted"!

- Under Clinton, helped ensure that derivatives like those that destroyed the global financial system in 2008 would remain unregulated!

- During the 2000 energy crisis in California, accompanied Enron CEO Ken Lay to a meeting with Governor Gray Davis -- to argue that the problem wasn't manipulation of energy markets by corporations, but rather state regulation!

- Key supporter of the Gramm-Leach-Billey Act, which overturned the Glass-Steagall Act and opened the door for financial institutions to grow too big to fail!

- Paid $5.2 million by hedge fund D.E. Shaw in 2008 -- for a one-day-a-week job!

- Also received $2.7 million for speaking appearances at Wall Street banks (like Goldman Sachs)!

- Central to the decision to bail out AIG and pay off counter parties to credit default swaps (like Goldman Sachs) -- to the tune of 100 cents on the dollar!

- To date, U.S. taxpayers are on the hook for $1 trillion in bank bailout money!

- Despite the global economic disaster -- and the central role market breakdowns played in creating it -- still believes that markets are "self-equilibrating"!

- Key backer of the Geithner Plan, which gives hedge funds a virtually risk-free chance to make trillions of dollars -- while costing taxpayers big-time should "toxic asset" prices remain in the dumps!

- Idiot!

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