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Apr 04 2009

Pulling the cover off of TARP

Published by skwguitar at 7:28 pm under News Today Edit This

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It is a painstakingly slow and agonizing process, believe me. It’s one of those situations where the more I learn the more I dislike - and remember this all started with a three page document. Sifting through the results and consequences of the Troubled Assets Relief Program is a process that can be described as murky at best. However that picture became a little more clear on Saturday when the White House team released their TARP firm ties.

Enough with my musings though, let’s look at some numbers.

Lawrence Summers, a top economic advisor in the Obama administration, pulled in over $2.7 million in speaking fees from firms at the center of the financial crisis. Citigroup, Goldman Sachs, JPMorgan, Merrill Lynch, Bank of America Corp. and the out of business Lehman Brothers all paid for Summers to speak. Summers also reported $5.2 million in earnings while serving as a managing director at D.E. Shaw, a hedge fund. Summers started at that position in 2006 and remained there until appointed by the Obama administration.

Thomas E. Donilon, Obama’s deputy national security adviser, made over $3.9 million representing clients including Citigroup and Goldman Sachs. Donilon also disclosed that he is on the steering committee of the Bilderberg group and is a member of the Trilateral Commission.

Some other interesting disclosures included White House Counsel Greg Craig, who reportedly earned $1.7 million in private practice at a law firm. This isn’t so shocking in itself until you take a look at the clients that the firm served. Those ranks include exiled Bolivian president Gonzalo Sanchez de Lozada, Panamanian lawmaker Pedro Miguel Gonzalez Pinzon who is currently wanted by the U.S. government for allegedly murdering a U.S. soldier, and tech billionaire Henry Nicholas who is accused of securities fraud and various drug and prostitution crimes.

Senior Obama aide Valerie Jarrett reported $852,000 in salary and deferred compensation from Habitat Executive Services, a Chicago real estate development and management. She also disclosed almost $350,000 in director’s fees various groups including the Federal Reserve Bank of Chicago and USG Corporation.

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2 Responses to “Pulling the cover off of TARP”

  1. Lyndaon 10 Apr 2009 at 10:14 pm edit this

    You make a strong case here, guitarman. When we follow the money, our eye get opened. Why have you not been posting lately?

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