Friday, September 24, 2010

The anti-business hedge fund manager?

Constantly, we hear about the anti-business bias of the Obama administration. To some degree it's probably true, but the left-wing group Fairness and Accuracy in Media makes a great point here. They rightly point out that outgoing economic adviser Larry Summers was somewhat short of a Marxist:

Prior to joining the administration he was working as a managing director at DE Shaw, a gigantic hedge fund that paid him $5.2 million for his services in 2008. In the same year, he collected $2.7 million in consulting fees from other financial firms, including Goldman Sachs, JP Morgan Chase, Citigroup, Lehman Brothers and Merrill Lynch. Clearly Wall Street was not turned off by his "anti-business" attitudes.

This is by no means the entire left-wing argument against Summers, of course. He was responsible for pushing Bill Clinton into deregulating derivatives back in 2000. It's safe to say he isn't a left-wing radical.

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