[Sosfbay-discuss] [gpsmc-d] Fwd:....Got Hope?

Sat Apr 4 18:52:49 PDT 2009

Yes, still for the man.   Still have the bumper sticker on my car.    
He is listening.  He started out with what he knew.  He is  
learning.   We need to yell even louder.    Thanks Jeffery.  George
On Apr 4, 2009, at 11:36 AM, JGSHURT69 at aol.com wrote:

>
>
> Feeling the pinch at the grocery store? Make dinner for $10 or less.
>
> From: cord macguire <cordymac at hotmail.com>
> Date: April 4, 2009 9:28:29 AM PDT
> To: cord macguire <cordymac at hotmail.com>
> Subject: [Green_All_Views] O's Millionaires
> Reply-To: Green_All_Views at yahoogroups.com
>
>
>
> Financial Industry Paid Millions to Obama Aide
> ///////////////////////////////////////
> by Jeff Zeleney
> New York Times
> http://www.nytimes.com/2009/04/04/us/politics/04disclose.html?hp
> April 4, 2009
>
>
>
> WASHINGTON - Lawrence H. Summers, the top economic adviser to  
> President Obama, earned more than $5 million last year from the  
> hedge fund D. E. Shaw and collected $2.7 million in speaking fees  
> from Wall Street companies that received government bailout money,  
> the White House disclosed Friday in releasing financial information  
> about top officials.
>
> Mr. Summers, the director of the National Economic Council, wields  
> important influence over Mr. Obama’s policy decisions for the  
> troubled financial industry, including firms from which he recently  
> received payments.
>
> Last year, he reported making 40 paid appearances, including a  
> $135,000 speech to the investment firm Goldman Sachs, in addition  
> to his earnings from the hedge fund, a sector the administration is  
> trying to regulate.
>
> The White House released hundreds of pages of financial disclosure  
> forms, which are required of all West Wing officials. A White House  
> spokesman, Ben LaBolt, said the compensation was not a conflict for  
> Mr. Summers, adding it was not surprising because he was “widely  
> recognized as one of the country’s most distinguished economists.”
>
> Mr. Summers’s role at the White House includes advising Mr. Obama  
> on whether — and how — to tighten regulation of hedge funds, which  
> engage in highly sophisticated financial trading that many analysts  
> have said contributed to the economic collapse.
>
> Mr. Summers, a former president of Harvard University, was Treasury  
> secretary in the Clinton administration. He appeared before large  
> Wall Street companies like Citigroup ($45,000), J. P. Morgan  
> ($67,500) and the now defunct Lehman Brothers ($67,500), according  
> to his disclosure report. He reported being paid $10,000 for a  
> speaking date at Yale and $90,000 to address an organization of  
> Mexican banks.
>
> While Mr. Obama campaigned on a pledge to restrict lobbyists from  
> working in the White House, a step intended to reduce any influence  
> between the administration and corporations, the ban did not apply  
> to former executives like Mr. Summers, who was not a registered  
> lobbyist. In 2006, he became a managing director of D. E. Shaw, a  
> firm that manages about $30 billion in assets, making it one of the  
> biggest hedge funds in the world.
>
> “Dr. Summers was not an adviser to or an employee of the firms that  
> paid him to speak,” Mr. LaBolt said.
>
> He added, “Of course, since joining the White House, he has  
> complied with the strictest ethics rules ever required of  
> appointees and will not work on specific matters to which D. E.  
> Shaw is a party for two years.”
>
> A review of hundreds of pages of financial disclosure forms on  
> Friday evening offered an extensive portrait of the wealth of top  
> officials in the Obama administration. The forms detail the  
> salaries, bonuses and investments of the president’s circle of  
> advisers, many of whom took deep pay cuts from the private sector  
> and sold their companies to work at the White House.
>
> David Axelrod, who was the chief campaign strategist to Mr. Obama  
> and now serves as a senior adviser to the president, reported a  
> salary of $1 million last year from his two consulting firms. Over  
> the next five years, according to his disclosure form, he will get  
> $3 million from the sale of the two firms, which provide media and  
> strategic advice to political clients. He listed assets of about $7  
> million to $10 million, and reported a long list of Democratic  
> clients and a few corporate concerns, including AT&T and the Exelon  
> Corporation, a nuclear energy company.
>
> The disclosure forms also shed further light on the compensation  
> received by a top Obama aide who previously worked for Citigroup,  
> one of the largest recipients of taxpayer bailout money. The aide,  
> Michael Froman, deputy national security adviser for international  
> economic affairs, received more than $7.4 million from the company  
> from January 2008 to when he joined the White House this year.
>
> That money included a year-end bonus of $2.25 million for work in  
> 2008, which Citigroup paid him in January. Such bonuses have  
> prompted political controversy in recent months, including sharp  
> criticism from Mr. Obama, who in January branded them as “shameful.”
>
> The White House had previously acknowledged that Mr. Froman  
> received such a year-end bonus and said he had decided to give it  
> to charity, but would not say what it was.
>
> The administration said Friday that Mr. Froman was working on  
> giving the $2.25 million to a combination of charities related to  
> homelessness and cancer, which took the life of his son this year.
>
> The remainder of Mr. Froman’s earnings from Citigroup included  
> deferred compensation and bonuses for work performed in prior  
> years, as well as a $2 million payment for waiving his carried- 
> interest stake in several private equity funds.
>
> The White House said Mr. Froman decided to take the buyouts to  
> avoid having to recuse himself from foreign-policy issues related  
> to the funds’ investments, like India infrastructure, which means  
> he would be taxed at ordinary income rates on the money.
>
> Millionaires work in a variety of positions across the  
> administration, and they include Desirée Rogers, the White House  
> social secretary. Ms. Rogers, a close Chicago friend of the Obama  
> family, reported income of $2.3 million last year. She earned a  
> salary of $1.8 million from People’s Gas & North Shore Gas, along  
> with three other sources of income from serving on insurance  
> company boards.
>
> Thomas E. Donilon, the deputy national security adviser, reported  
> earning $3.9 million as a partner at the Washington law firm  
> O’Melveny & Myers. His disclosure form says major clients included  
> Citigroup, Goldman Sachs and Apollo Management, a private equity  
> firm in New York that specializes in distressed assets and  
> corporate restructuring.
>
> Mr. Donilon is also entitled to future pension payments from Fannie  
> Mae, where he worked from 1999 to 2005.
>
> ***
>
>
>
> ------------------------------------
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