Larry Summer was warned about dirivitive danger.

How about that wacky Larry Summer. He is currently serving his country as the Director of the National Economic Council. Mr Summer is also an assistant to the Prez for Economic Policy.
You might remember Mr Summer from his days as the President of Harvard when he honked off women by some remarks about them having "innate" differences from men which might prevent them from being successful in math and sciences. (Read about them here: http://www.boston.com/news/local/articles/2005/01/17/summers_remarks_on_women_draw_fire/)

Those remarks came in 2005. Recent history has even more golden nuggets about this guy. I recently learned that Mr Summers was warned about the danger of the dirivitive stocks that the Harvard Endowment was investing in. Seems that one Iris Mack, a quantatative analyst with a PHD from Harvard, was working for the Harvard Management Company which oversees the billions Harvard has in it's endowment fund. When she applied her knowledge to looking at where the money was, she grew "deeply troubled" at all the dirivitive mess and brought it to the attention of then-President Summer. She also asked that he not reveal her concerns because she was worried about keeping her job. Her letter to Summer's chief of staff was dated May 12, 2002. She was fired in July - Larry let the cat out of the bag and instead of giving this brilliantly educated woman any credence, they decided to can her.

Here are some links to learn about Iris Mack:
http://www.math.buffalo.edu/mad/PEEPS/mack_iris.html
http://www.ipcmath.org/mack.htm

The Harvard Crimson ran this story:
http://www.thecrimson.com/article.aspx?ref=527380

The Boston Globe picked up the story:
http://www.boston.com/business/articles/2009/04/03/ex_employee_says_she_warned_harvard_of_risky_moves/

Mr Summer was warned of the danger. Mr Summer also made a LOT OF FREAKIN' money (can you say "5.2 million" from some of the very hedge funds he is supposed to be "regulating".
http://capitalbeat.com/?p=3027

Maybe this is why my stomach hurt as I wrote a check to the IRS today. Knowing that this sumbitch is where he is makes me wonder what is going on in my country.

Comments

Anonymous said…
Great article, Cliff. Thanks for all the links, too. I'll look into them in the next few days. Dr. LaRouche's website is hounding Larry Summer currently for his practices, and hopefully the word can be spread about him and who the people in our government positions really are and where they come from. It's amazing what can be done when you have the unquestioning trust of a great many people. I do feel like a dog looking up and expecting a treat that was promised last November but that never appeared. We'll see how the country is doing by October 1st once we're all told that the health care system plans and ideas won't work and that the U.S. itself is completely broke and in multiple trillions of escalating debt. You probably shouldn't be paying anything to the IRS. Look into doing an offer and compromise. It's being done by lots of people now. I'm not sure exactly how it works, but there's already a routine system set up by the IRS to accept less tax money from people who can't pay the total amount due and owing. They calculate your expenses against your income and multiply that amount by 60 (or something like that) and take that amount, or I've heard that they take whatever happens to be in your checking account at the moment. The problem is that it's a one-time deal every five years, and for those five subsequent years you are expected and obligated to make your quarterly payments on time and in the full amount. Anyway, look into it if you care to. It's helpful when you're doing a short sale. Thanks again, man. - flcruikshank@gmail.com
August 13, 2009 at 10:06 AM
Big Red Dawg said…
It is my pleasure. A lot of the time I write stuff here for the simple reason that I have to get it off my chest - it is great to hear from people who read it once in a while!
August 13, 2009 at 10:15 AM
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