Obama Considering Another Goldman Sachs Alumnus to Replace Larry Summers
Just what the country needs — another veteran of the Vampire Squid.
As Larry Summers nears the end of his term as director of the National Economic Council, the list of potential replacements has been whittled down to three, according to Obama administration officials familiar with the deliberations: Treasury adviser Gene Sperling, Wall Street banker Roger Altman and Yale president Richard Levin. […]
Judging by Sperling’s record in government and on Wall Street, he would likely favor a policy of lenient regulation of the banking sector. Like Summers, Sperling has ties to Robert Rubin, the former Treasury Secretary, Goldmanite and, more recently, chairman of Citigroup, who pushed for deregulation under President Clinton. […]
Sperling has made his share of Wall Street cash. Before becoming adviser to Treasury Secretary Tim Geithner, he did time at Goldman Sachs. The year before taking office, he reportedly earned nearly $900,000 as a Goldman consultant.
Remember, Bob Rubin and Larry Summers urged Bill Clinton to repeal Glass-Steagall — which he now admits was a massive fuckup.
Easy to see why Obama would want to keep drawing from this talent pool.