I don’t care about the political connections or the somewhat obscene amounts of money paid out; it became the norm and hopefully this can change across all sectors, not just in the business world.
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. (msnbc/nytimes)
But it does tell me something interesting about why this administration of millionaires is so free with the spending. Especially when it’s somebody else’s money. While they should know better, they appear to have no concept of billion or trillion, or for that matter, the average lower wage earner’s salary of more around $30,000 per year.