So much for branding the Republican Party the “party of the rich.”
So much for Michelle Obama’s call to spurn corporate America and hedge fund companies and the perks of private-sector life.
Earn as they say, not as they earn:
Top White House economic adviser Lawrence Summers received about $5.2 million over the past year in compensation from hedge fund D.E. Shaw, and also received hundreds of thousands of dollars in speaking fees from major financial institutions.
A financial disclosure form released by the White House Friday afternoon shows that Mr. Summers made frequent appearances before Wall Street firms including J.P. Morgan, Citigroup, Goldman Sachs and Lehman Brothers. He also received significant income from Harvard University and from investments, the form shows.
In total, Mr. Summers made a total of about 40 speaking appearances to financial sector firms and other places, with fees totaling about $2.77 million. Fees ranged from $10,000 for a Yale University speech to $135,000 for an appearance paid for by Goldman Sachs & Co…
More cashin’ in from the true representatives of the little people:
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David Axelrod, the president’s top political advisor, reported in his form that he will get $3 million over the next five years from the sale of his two media consulting firms, ASK Public Strategies, LLC and AKP&D Message and Media. In addition, Mr. Axelrod took a salary of $896,776 last year from AKP&D and reported $651,914 in partnership income from the two companies.
In total, Mr. Axelrod reported assets valued between $6.9 million and $9.5 million. Mr. Axelrod’s clients were mostly political campaigns, including those of Rep. Patrick Kennedy, New York Attorney General Andrew Cuomo, and Chicago Mayor Richard M. Daley. He also reported receiving money from large corporations such as AT&T Inc., Comcast Corp. and the nuclear energy company Exelon Corp…
…Valerie Jarrett, assistant to the president for intergovernmental affairs, lists a $300,000 salary and $550,000 in deferred compensation from The Habitat Executive Services, Inc., in Chicago.
Ms. Jarrett also disclosed payments of more than $346,000 for service on boards of directors that reflect her political ties, and work in Chicago real estate and community development.
She was paid $76,000 last year for service as a director of Navigant Consulting, Inc. a Chicago-based global consulting group with governmental clients. She received $146,600 for service on the board of USG Corporation, a building materials manufacturer, and $58,000 to serve on the board of Rreef American REIT II, a real estate investment trust based in San Francisco. The Chicago Stock Exchange, Inc., paid her $34,444 to serve on its board.
Deputy National Security Advisor Tom Donilon earned $3.9 million as a partner at the law firm of O’Melveny & Myers LLP, where his clients include Citigroup, Inc., Goldman, Sachs & Co., and Obama fundraiser and heiress Penny Pritzker.
Carol Browner, assistant to the president for energy and climate change, disclosed earnings of between $1 million and $5 million from lobbying firm Downey McGrath Group, Inc., where her husband, Thomas Downey, is a principal. She states $450,000 in “member distribution” income, plus retirement and other benefits from The Albright Group, a lobbying firm whose principals include former Secretary of State Madeline Albright.
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