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Blown Factcheck: Washington Post Omits Larry Summers’ Wall Street Work

David Ignatius’ recent hit piece on Senator Elizabeth Warren published in The Washington Post titled “Warren’s War Against Wall Street,” makes a number of ridiculous assertions. But one of the most dishonest claims is contained in his description of former Obama Administration economic advisor Lawrence Summers.

After claiming that Senator Warren was wrong to object to appointing Antonio Weiss as Treasury Undersecretary and was going on a “jihad against Wall Street,” Ignatius said the following:

Warren’s enemies list includes Timothy Geithner and Lawrence Summers, the key architects of the administration’s Wall Street rescue. They had never worked as private bankers but were suspect because they managed the bailout plan known as the Troubled Asset Relief Program.

How did this get by Washington Post factcheckers?

Lawrence Summers has become a millionaire many times over by working for Wall Street. Summers was paid $5.2 million from hedge fund D.E Shaw for working as a managing director – a job that included developing financial business strategies and investment analysis.

That’s not working as a private banker?

Mr. Summers has also taken hundreds of thousands of dollars in speaking fees from the Wall Street firms that benefited from the TARP bailout Ignatius references. Goldman Sachs alone paid Summers $130,000 for one appearance according to disclosures made by Summers and reported by The Wall Street Journal.

What aggravates Ignatius’ error is that one of his central arguments in the piece is that Warren is exaggerating the connection between regulators and Wall Street. Perhaps if Ignatius took the time to learn about that which he discusses he would discover that, if anything, Warren is understating those connections.

CommunityThe Bullpen

Blown Factcheck: Washington Post Omits Larry Summers’ Wall Street Work

David Ignatius’ recent hit piece on Senator Elizabeth Warren published in The Washington Post titled “Warren’s War Against Wall Street,” makes a number of ridiculous assertions. But one of the most dishonest claims is contained in his description of former Obama Administration economic advisor Lawrence Summers.

After claiming that Senator Warren was wrong to object to appointing Antonio Weiss as Treasury Undersecretary and was going on a “jihad against Wall Street,” Ignatius said the following:

Warren’s enemies list includes Timothy Geithner and Lawrence Summers, the key architects of the administration’s Wall Street rescue. They had never worked as private bankers but were suspect because they managed the bailout plan known as the Troubled Asset Relief Program.

How did this get by Washington Post factcheckers?

Lawrence Summers has become a millionaire many times over by working for Wall Street. Summers was paid $5.2 million from hedge fund D.E Shaw for working as a managing director – a job that included developing financial business strategies and investment analysis.

That’s not working as a private banker?

Mr. Summers has also taken hundreds of thousands of dollars in speaking fees from the Wall Street firms that benefited from the TARP bailout Ignatius references. Goldman Sachs alone paid Summers $130,000 for one appearance according to disclosures made by Summers and reported by The Wall Street Journal.

What aggravates Ignatius’ error is that one of his central arguments in the piece is that Warren is exaggerating the connection between regulators and Wall Street. Perhaps if Ignatius took the time to learn about that which he discusses he would discover that, if anything, Warren is understating those connections.

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Dan Wright

Dan Wright

Daniel Wright is a longtime blogger and currently writes for Shadowproof. He lives in New Jersey, by choice.