"On December 12, 1991, while serving as chief economist for the World Bank, Summers authored a private memo arguing that the bank should actively encourage the dumping of toxic waste in developing countries, particularly "under populated countries in Africa," which Summers described as "UNDER-polluted."
And as it just so happens: What You Give is What You Get
Now why does the Globe give me this BRIEF upon a Sunday morning (careful, you might have missed it had you purchased a s*** sheet like me) ....
"Summers reports millions in earnings
Lawrence Summers, President Obama's top economic adviser, earned millions over the past year as managing director of the hedge fund D.E.
Oh, STINK-STENCH, Larry!!!
You need TOILET!!!
Financial disclosure reports released by the White House show that Summers received $5.2 million from D.E. Shaw. He also reported payments for appearances before institutions such as J.P. Morgan,
They are just passing it round, aren't they?
Of course, compare that SUNDAY BRIEF with the DEPTH and PRINT of the SATURDAY NIGHT WEB PICK-UP (then gone):
"Obama adviser Summers earned millions from hedge fund" by Roberta Rampton | April 4, 2009
WASHINGTON (Reuters) - Lawrence Summers, a top economic adviser to U.S. President Barack Obama, was paid about $5.2 million by hedge fund D.E. Shaw in the past year, financial disclosure forms released by the White House showed on Friday.
Summers, a former U.S. Treasury secretary and Harvard University president, also was paid $2.7 million in speaking fees by a range of organizations and companies, including several troubled Wall Street financial firms, they showed.
The disclosure documents on Summers and other White House officials advising Obama on the global financial crisis covered 2008 and the first few months of this year. Summers became an official adviser on January 20 when Obama took office.
Summers, who was a part-time managing director of D.E. Shaw after stepping down as Harvard president, had speaking fees of $67,500 from JP Morgan, $45,000 from
Yeah, COVER ALL THAT UP, globalist Globe!! Now wonder you are shedding $$$ like cat fur (except you going bald; cat ain't)!
As chairman of the Council of Economic Advisors, Summers is a leading voice in Obama's policies to reverse the recession in the United States, rebuild the financial industry and help to end the global crisis. The disclosure documents showed many of the senior advisers to the president earned large salaries from their companies, served in lucrative positions on corporate boards and had large holdings of stocks, bonds and mutual funds.
Yup, so WE KNOW WHO HAS BOUGHT and PAID for 'bamer the changer!
National Security Adviser James Jones reported collecting more than $1 million for serving as a director for
Obama senior adviser David Axelrod reported $896,776 in salary from his consulting firm AKP&D Message and Media as well as $500,000 in partnership income. He had another $151,914 in partnership income from his other campaign management firm, ASK Public Strategies. Axelrod reported he had entered an agreement to sell the firms for $3 million over five years.
WOW, Globe LEFT OUT a LOT, huh?
Valerie Jarrett, another senior Obama adviser, reported $346,687 in directors' fees, including from the consulting firm Navigant, a real estate investment trust and the Chicago Stock Exchange. Jarrett had $302,000 in salary from a company that develops and manages apartment buildings, plus $550,000 in deferred salary from the same firm, her disclosure form showed.
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I guess the globalist Globe is doing its job and not making globalist-sculptor and -trainer Harvard look bad, huh?
Related: Harvard is a Hurtin'
"Ex-employee says she warned Harvard of risky moves; Endowment staffer fired after letter to president" by Beth Healy, Globe Staff | April 3, 2009
Back in 2002, a new employee of Harvard University's endowment manager named Iris Mack wrote a letter to the school's president, Lawrence Summers, that would ultimately get her fired.
In the letter, dated May 12 of that year, Mack told Summers that she was "deeply troubled and surprised" by things she had seen in her new job as a quantitative analyst at Harvard Management Co. She would go on to say, in later e-mails and conversations, that she felt the endowment was taking on too much risk in derivatives investments, and that she suspected some of her colleagues were engaging in insider trading, according to a separate letter written by her lawyer that summarized the correspondence.
On July 2 Mack was fired. But six years later, the kinds of investments she allegedly warned about did blow up on Harvard. The endowment plunged 22 percent last summer, in part due to the collapse of the credit markets. As a result, the school is cutting costs and under criticism that it took on too much risk in its investment portfolio.
Mack, who holds a doctorate in mathematics from Harvard, had been with Harvard Management for just four months when she approached Summers. She asked him to keep her communications confidential, or risk making her life "a living hell." But on July 1, Mack was called into a meeting by her boss, Jack Meyer, then the chief of Harvard Management.
The next day Meyer fired her, according to the letter from her attorney, Jonathan Margolis, a copy of which was obtained by the Globe. Meyer told Mack that she was fired for making "baseless allegations against HMC to individuals outside of HMC," according to the Margolis letter.
How about that, huh? And this guy is Obama's top economic bullshitter? We in REAL TROUBLE, AmeriKa!!! REAL BIG TROUBLE!!!!!
Mack's saga surfaced yesterday in a report by the Harvard Crimson in which Mack reportedly said she warned of swaps and other complex instruments that the endowment had recently begun working with. The Crimson reported that Mack said the staff had "no background whatsoever" in some of the investments they were wading into.
Yeah, NOT in the GLOBE!!! That's why they are losing a milllion-six a week!
Mack, who had been a trader for Enron the year before joining Harvard, worked in the group run by Jeffrey Larson.
Well, SHE WOULD KNOW about FRAUD THEN!
Larson left Harvard in 2004 to start a hedge fund, Sowood Capital Management, which shut down in 2007 after losing $1.6 billion, more than half of its assets, on highly leveraged investment bets. The firm returned about $1.4 billion to its clients. The Harvard endowment, among Larson's clients, lost $350 million with him.
Larson did not return a call to his home yesterday. Meyer was traveling outside the country and could not be reached. A Harvard spokesman, John Longbrake, declined to comment on Mack's allegations. He said, "All allegations brought to the attention of the Management Company and its board are taken seriously and investigated thoroughly in order to ensure the integrity of HMC processes."
He said the $37 billion endowment's 13.8 percent average annual return over the past 10 years "during and after the time of the allegations, reflect the strong portfolio management, personnel, and risk management systems employed by the company."
Some of the swaps - like those betting interest rates would fall - made Harvard large profits for a number of years. But by last year, the endowment's foray into this area proved costly. The endowment has recently been selling off private equity and other investments to raise cash.
Longbrake declined to comment on the problems caused by the swaps. Mack, who lists on her website that she runs a Miami company called Phat Math Inc., a social networking site for math students, did not respond to requests yesterday for an interview.
Would you want to talk to the Globe?
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