Larry’s Problems

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Ezra Klein comments on the recent disclosures of Larry Summers’ Croesus-like wealth, garnered in the years before he went to work for the White House:

We now know that in 2008, Summers received more than $5 million from the hedge fund D.E Shaw and more than $2.7 million in speaking fees from other Wall Street firms — including $135,000 for a single appearance before Goldman Sachs. These are sums that would make Tom Daschle positively blush, and they likely would have posed a serious threat had Summers been named Secretary of the Treasury.

Really?  Robert Rubin ran Goldman Sachs.  Paul O’Neill was CEO of Alcoa.  John Snow was CEO and chairman of CSX.  Henry Paulson was another Goldman CEO.

Every one of these gentlemen make Larry Summers look like a pauper.  So why would petty cash levels of consulting and speaking fees have caused him any headaches?  I thought his problem wasn’t money, but his deeply held belief that girls can’t do long division and we should ship all our toxic waste to Chad.  In the face of that, who cares about a lousy few million bucks?

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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