$5.2 million in just the last of his two years at one of the world’s largest funds, according to financial records released Friday by the White House.Oh, my. Should a man who has made a bundle in a hedge fund gambit be the top Econ adviser to Obama?
Impressive as that might sound, it is all the more considering that Mr. Summers worked there just one day a week.
Unlike most hedge funds, which lost money as the markets plunged in 2008, Shaw posted returns of about 7 percent in its so-called macroeconomic fund.Seems a little spurious. But then again, Summers, who knows how the system works, may be the best one to craft regulations to secure the system as he knows how they can cheat the system to win.
How's your one day a week job working out for you?