Larry Summers = Public Enemy

I thought I had seen it all with this deification piece on Larry Summers

http://www.newyorker.com/reporting/2009/10/12/091012fa_fact_lizza

BUT NO!
Another ludicrous piece from Vanity Fair.

http://www.vanityfair.com/politics/features/2009/12/summers-200912

Can we please stop with the fluff pieces on Larry Summers? This guy is 100% the reason we have had a crisis in the first place. If anyone has watched the Frontline piece on the committee to save the world will realize they just saved Wall Street to murder everyone else.

Am I free to think that accountability and responsibility is a luxury?

http://www.pbs.org/wgbh/pages/frontline/warning/

Summers was widely regarded as the "Heavy" to then Treasury Secretary Robert Rubin's plan to kill any and all requests to regulate derivatives proposed by CTFC Head Brooksly Born. The only reason we have a credit crisis with unregulated CDS exposure is Larry Summers. But! Do we have one passing mention of this in the Vanity Fair piece? NO!

Now we have Larry Summers calling for regulation of all derivatives.

http://blogs.abcnews.com/politicalpunch/2009/10/summers-says-financial-system-that-causes-one-crisis-every-three-years-demands-reforms.html

Yes! They should be regulated now that I have made tens of millions of dollars not regulating them 10 years ago. Please regulate them as now I don't need anymore jobs on Wall Street that pays me millions for lobbying against them. Its so beyond hollow its not worth expanding upon.

I just don't understand how Obama can make this colossal mistake by putting this guy in a position of making suggestions.

Back to the VF atrocity.

Summers is the product of whats truly wrong with the economic profession. Laying down ones own ethics at the doorstop of money. Even when you know something is wrong do your best to prove otherwise because its the right financial thing to do. Bottom line, all most all of these financial/economic rock stars get the Wall Street "Bug". They want to convert boring economic theory into real world financial schemes. No way in the world Summers would have ever made this much amount of money if he ever was for regulating derivatives.

"After leaving Harvard, Summers signed on at D. E. Shaw, a $29 billion hedge fund, which gave him his first real-world taste of the psychological—as well as economic—dilemmas confronting traders on a daily basis. (He also got a taste of Wall Street compensation, receiving $5.2 million in 2008 working just one day a week.) The D. E. Shaw gig followed being on the board of advisers of Taconic Capital Advisors, a hedge fund founded by Goldman Sachs alumni Frank Brosens and Ken Brody. And for a total of $2.7 million in 2008 he was also giving regular and high-priced speeches to corporate America. (For instance, in April 2008, Summers spoke at Goldman Sachs, for $135,000; in February, he spoke at J. P. Morgan, for $67,500; in April, he spoke at Leh­man Brothers, for $67,500; and in May, he spoke at Siguler Guff, a New York–based hedge fund, for $67,500.)"


All of these places where he spoke was 100% benefited from deregulation.

Are the only places where we get the straight story on these nefarious characters in blogs and public broadcasting?