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Former Goldman Sachs Executive Gene Sperling Floated As Larry Summers Replacement


Video - Geithner aides made millions on Wall Street

Sperling worked in the Clinton administration, then for Goldman Sachs and currently serves as a senior aide to Tim Geithner at Treasury.  With this we can assume the Roger Altman trial balloon crashed and burned. 

From last month:


Source - Reuters

(Reuters) - A trusted aide with first-hand experience negotiating with Republicans has emerged as the favorite to become President Barack Obama's new top economic policy adviser, Democratic sources said on Monday.

Several sources close to the deliberations said Gene Sperling, a Clinton administration veteran, has gained traction in the last few weeks as a potential successor to Larry Summers, who is departing as director of the National Economic Council.

Sperling is seen as having an edge over two other leading contenders, investment banker Roger Altman and Yale University President Richard Levin.

A source familiar with the matter also said Obama is considering tapping J.P. Morgan Chase executive William Daley for a senior role within the White House, possibly as chief of staff.

Sperling, 52, brings a unique characteristic to the table: he has actually done the NEC job, a role that coordinates economic advice throughout the administration.

Sperling, who serves as counselor to Treasury Secretary Timothy Geithner, has a reputation as a savvy political and economic expert and is known for his tireless work ethic.

"The president is considering a number of qualified candidates and he has not made a decision or offered a job," White House deputy communications director Jen Psaki said.

"The most important qualification is finding the right person for the job, who can lead the team at this pivotal time in recovery."

Psaki declined to say whether Sperling had emerged as the leading candidate.

Some liberal Democrats see Sperling as too close to Wall Street because of work he has done as a consultant and because he was at the NEC during a period of financial deregulation under former President Bill Clinton.

Sperling helped put together the $858 billion tax-cut deal hammered out late last year and has helped focus attention on small-business issues within the administration.

Continue reading at Reuters...




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Reader Comments (7)



Once Weill got the radical deregulation law he wanted, he issued a statement giving credit: "In particular, we congratulate President Clinton, Treasury Secretary Larry Summers, NEC [National Economic Council] Chairman Gene Sperling, Under Secretary of the Treasury Gary Gensler, Assistant Treasury Secretaries Linda Robertson and Greg Baer."
Jan 4, 2011 at 12:46 PM | Unregistered Commenterjohn
nice find on that one john...beautiful to hang them with their own words and deeds...
Jan 4, 2011 at 1:43 PM | Registered CommenterDailyBail
Deposit Insurance Regulations; Unlimited Coverage for Noninterest-bearing Transaction Accounts


what's this all about...?...
Jan 4, 2011 at 3:01 PM | Registered CommenterDailyBail

Hillary doubles down on goldman


Hillary Clinton is heading into the general election with a strong signal that she won’t be put off by Sen. Bernie Sanders’ attacks on her hundreds of thousands of dollars in fees for secret speeches to Goldman Sachs. She’s upping the ante by deploying, as her top economic spokesman, Gene Sperling, a man who was reportedly paid $887,727 by Goldman Sachs in 2008, purportedly for advising on the firm’s charitable giving.

Clinton’s campaign has issued no less than five press releases or advisories this month giving headline treatment to Sperling. The campaign identified him as a former top economic aide in the presidencies of Bill Clinton and Barack Obama, but it made no mention of his Goldman Sachs connection.


Clinton Global Initiative


Other key CGI working groups are headed by senior fellows at the Center for American Progress who previously worked for the Clinton administration: Clinton economic advisor Gene Sperling chairs the CGI Education Working Group;

May 17, 2016 at 9:17 AM | Unregistered Commenterjohn
Gene Sperling and the institutionalization of the revolving door


After the Clinton administration ended in 2001, Sperling, according to a former Clinton administration aide, spoke to several “wise men” about what he should do next. As a former NEC director, he was in great spot to cash in. And he received the same career advice from all of these counselors: go to Wall Street for the next eight years, make millions, and then return to public service (when there might be a Democratic president). He didn’t follow this guidance. Instead, Sperling devoted most of his time to addressing the challenge of global poverty…

A friend of Sperling adds, “After having been head of the NEC for Clinton, he could have immediately gone to Wall Street and made a lot of money. That’s what most people in his situation do. But he didn’t. A lot of us who know him scratched our heads about that.” …

At some point, according to a source familiar with the episode, Goldman Sachs approached Sperling for advice on globalization… On the advice of friends, he requested that he be paid what the investment firm might pay a top lawyer or dealmaker: $70,000 a month.

Corn never identifies the “friends” and “wise men” who sagely intoned, when asked for their opinion, that Sperling should go off and make millions of dollars. But it’s easy to guess that Rubin and Summers were among them — not least because they, too, did exactly the same thing upon leaving the Clinton administration...
May 17, 2016 at 9:57 AM | Registered CommenterJohn

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