Summers Made Millions from Hedge Fund D.E. Shaw
April 5, 2009 • 11:50AM

Financial disclosure reports released by the White House on Friday, revealed that Larry Summers, the chief architect of the Obama Administration's economic policies, made $5.2 million, last year, in his salary from hedge fund D.E. Shaw. Summers collected another $2.7 million in speaking fees from most of the major banking firms that have collected billions in bailout funds, including JP Morgan Chase, Citigroup, Goldman Sachs, Lehman Brothers, and Merrill Lynch. In 2008, Summers made about 40 speeches to financial firms, universities and other groups, while he was also giving advice to the Obama Presidential campaign. White House aides said that the speeches occurred before Summers joined the Presidential transition team, last winter. "Given that Dr. Summers is widely recognized as one of the country's most distinguished economists and formerly served as Treasury Secretary," said White House spokesman Ben LaBolt, "there was considerable interest in hearing his economic insights from companies across various industries."