Obama Adviser Paid $5.2M By Former Employer D.E. Shaw

Apr 6 2009 | 2:08am ET

A top economic adviser to President Barack Obama earned more than $5 million working part-time for a hedge fund last year.

According to financial disclosure forms released by the White House on Friday, Lawrence Summers, chairman of Obama’s Council of Economic Advisors, was paid about $5.2 million by New York-based D.E. Shaw Group. Summers, who served as Treasury secretary under President Bill Clinton, joined the hedge fund as a managing director in 2006, after he resigned as president of Harvard University.

Summers also made some $2.7 million in speaking fees, including $135,000 from Goldman Sachs, $67,500 each from JPMorgan Chase and Lehman Brothers, and $45,000 from Citigroup.

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