Larry 'I Wrecked The Harvard Endowment' Summers As Realized In Cinema From 'The Social Network'

Evidently, this meeting with the Winklevoss dipshits was before Larry's afternoon nap.  Had Summers invested just $1 million from the Harvard endowment in Zuckerberg's idea for a college-only social network, he would have made at least $1 billion (first investors in FB earned more than 1,000 times their investment with the IPO, and Harvard could have been the very first).

How He Wrecked Harvard's Endowment

• Harvard Swaps Are So Toxic Even Summers Won’t Explain - Bloomberg
• Larry Summers loses 1/3 of Harvard's endowment ($1.8 Billion) on derivatives, gets promoted to White House

Comments

[Cheyenne]

Why anyone, least of all Obama, continued listening to Larry Summers after December 2008 is mystifying.

On December 15, 2008, Fat Larry sent President-elect Obama a memo arguing that without $600 billion, the country WOULD (there's that word again) suffer 2.5 million job losses. Summers included a graph of what the total employment situation WOULD look like but for the $600 billion injection. You can see the graph at Figure 1 of this link (at page 7/57):

http://www.documentcloud.org/documents/285065-summers-12-15-08-memo.html

As you can see, Summers projected that total employment WOULD decline to between 133 and 134 million. Without the massive stimulus, Summers warned, the situation WOULD be 2.5MM jobs worse.

Well, Fat Larry got his wish--and then some--when the $787 billion stimulus plan passed in early 2009. And guess what? Total employment STILL declined to a 129-handle. Subtracting out the 2.5MM jobs Summer said WOULD be added with the stimulus, Fat Larry was off my a massive 6-7 MILLION jobs.

As inept as Summers is, Obama is even worse for not throwing Larry out on his fat ass.

[Pitchfork]

Cheyenne,

"These are the times..." when we should start emulating terrorists like these: http://en.wikipedia.org/wiki/Sons_of_Liberty

Collapse, Acquiescence to Tyranny, or Revolution -- those are pretty much the only options we have. I'll take Door #3. "Democracy" just ain't cuttin' it. Neither is cultivating a more refined sense of outrage -- although such cultivation is hopefully a prelude to fundamental change. Our best hope is that we can bring it about peacefully. I'm not giving up yet...

[Texas Dar]

Im not sure if we can win the battle, or the war anymore.....But we sure as hell will go down fighting, thats for sure. And when them Little Demmies out thAre find out what their man did to them, they may throw the first stone.....After they get kicked in the face by thAre goverment, they may join our side..

[Fred54]

The Peter principle lives...

[Peter Pan]

How did these hacks manage to bamboozle the nation into even adopting their terminology. Like "toxic" swaps. They are not toxic. They are fraudulent and criminal. And for fraud and crime people go to jail, not simply resign from the board like the Barclays' crooks. In this case the crooks are out of the "chosen" tribe, so they are excused. They can simply resign or retire, or worst case get fired with a golden parachute.

[john]

Naming Names – Obama Contributors and the Stimulus Scandal (Page 2 of 2)

A who's who list of Barack Obama contributors and recipients of his $787 billion stimulus program.

http://www.whiteoutpress.com/articles/q12012/obama-contributors-and-the-stimulus-scandal-page-244/

[snip]

First Wind – Received $232 million in stimulus funds. An audit revealed the money only created 125 jobs.

David Shaw: Founder of DE Shaw. Obama bundler and one of the top 3 donors to the Democratic Party. Largest shareholder of First Wind.

Larry Summers: Part owner of First Wind. Obama’s Chief Economic Advisor.

David Canning: Part owner of First Wind. George W. Bush bundler, Barack Obama donor, Rahm Emanuel donor.

[john]

The Untold Story: Brooksley Born, Larry Summers & the Truth About Unlimited Risk Potential

http://www.imackgroup.com/mathematics/989981-the-untold-story-brooksley-born-larry-summers-the-truth-about-unlimited-risk-potential/

[DailyBail]

Good link, thanks john.