Nov 8, 2008

What to do about Larry Summers?

We all know that Pres-Elect Obama is on fast track to appoint a new Treasury Secretary. Yes, we do need someone who understands the global financial system, but we DON'T need someone who was a major policy architect of the meltdown in the first place! That's Summers, in short. (see my previous posts for the evidence.)
To let the Obama people know that you won't feel happy if Summers, with all his baggage, is appointed as BIG MONEY-Spending Czar in the new administration, you can contact the Transition at http://change.gov/page/s/yourvision and just spill your guts.

Here's some more ammunition: Not only did Summers actively oppose the establishment of some oversight over the credit default swap market throughout his tenure at Treasury (first under Rubin and then as the Big T himself), but he's now a managing director of DE Shaw, a very large hedge fund. (Joined it late in 2006. The fund makes money buying distressed businesses. How rich is that? Lehmann Bros invested in it, ha ha!) I finally checked out our bad boy's recent BIO on Wikipedia. Up till then, I'd thought LS was just a globe-trotting Harvard prof. with a monthly column in the Financial Times, making his living giving speeches and interviews. (You can hear him self-justify in 2007 on Boston's radio interview show On Point .)

Think I'm off the wall about this guy? Know more about him that I should researh? You can comment directly at the end of this post, or email me at jwagner@bethesda20817.net.

1 comment:

Judy Wagner said...

Just testing the comment bar.