From our friend Barry Dyke’s new blog, Economicwarrior.com:

“Larry Summers, dear reader, is part of the problem. There is always an undeniable connection between banking, the elite world of ivory tower Ivy League academia, the government and Wall Street. Summers, who was president of Harvard University until 2006, is former Treasury Secretary of the United States under Bill Clinton, where he worked with now regulators Gary Gensler, Timothy Geithner and Robert Rubin. The last year at Harvard Summers got a $1,000,000 interest only mortgage from Harvard, on top of a $580 thousand salary, which included $30 thousand for benefits and $143 thousand in expense reimbursements–whatever those are…over $11K a month. While at Harvard, he oversaw their endowment, recommending interest rate swap derivatives. Pushed endowment money into a toxic hedge fund Old Lane Partners from Rubin’s Citigroup…Harvard ultimately lost $9.9 billion from its endowment, and at Summers urging, Harvard invested its cash in its exotic investments…losing another $1.8 billion. Continue reading →