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News & ArtsWednesday, April 1, 2009
Economy Twice Sad
Posted by Charles Mudede on Wed, Apr 1, 2009 at 6:16 PM
TPM has this sad story:
Obama really must let go of Summers. Everything about this man is wrong, wrong, wrong.A former quantitative analyst at Harvard Management Company, the university's once-vaunted endowment manager, tells the Harvard Crimson she was fired for voicing concern to then-university president Larry Summers' chief of staff about the money manager's risky use of derivatives the traders didn't understand.
The episode dates back to 2002, when analyst Iris Mack, whose website identifies her as the second African American woman to earn a Harvard PhD. in applied math (and someone who likes primary colors) joined the much-venerated Harvard Management Company, which invests the university's then $18 billion endowment, to find what she termed a "frightening" state of affairs.
So Mack took inventory of the abuses... and detailed them in an email to Marne Levine, Summers' chief of staff and a Treasury staffer on the Obama Transition Team. (Summers was the only person to whom Meyers reported, and according to a recent Forbes story he personally ordered the university's biggest derivatives trade, a purchase of interest rate swaps that cost the university billions this year.)
As for Mack's book for little people?
In addition, Dr. Mack’s book, Mama says, "Money Doesn´t Grow on Trees!” is designed to help students achieve math proficiency and financial literacy via the use of hip multicultural characters. Dr. Mack ventured into children’s publishing because she wanted to create a vehicle that would show kids the fun side of math and the role it plays in everyday life.
It's impossible to be happy about a math/financial book with "hip multicultural characters."
1
"It's impossible to be happy about a math/financial book with "hip multicultural characters.""
Why is that?
Why is that?
3
There needs to be a purge of the inept clintonites asap.
My heart goes out to this brilliant woman.
My heart goes out to this brilliant woman.
6
What does the phrase "someone who likes primary colors" mean?
Also, at least she is trying to help kids, particularly non-white kids, gain a positive something towards money. (I know what I'm trying to say, I'm just not sure how to phrase it neutrally/PC-ly.) (She also may have had someone help her write the book and therefore may not have had complete creative control over parts of the book.)
I feel bad for her. Summers really does need a closer and more critical look.
Also, at least she is trying to help kids, particularly non-white kids, gain a positive something towards money. (I know what I'm trying to say, I'm just not sure how to phrase it neutrally/PC-ly.) (She also may have had someone help her write the book and therefore may not have had complete creative control over parts of the book.)
I feel bad for her. Summers really does need a closer and more critical look.
8
@6: Sounds like he ought to dump Summers and hire her (even if she only wears red, yellow, and blue).
11
Ummmm, point? Why is it that when a black person FINALLY accomplishes something everyone is expected (by black people) to stop in their tracks and kowtow to the heavens thanking the powers that be that a black person has accomplished something?.... Whites, Asians, Mexicans, Native Indians and people of Middle East descent have graduated from Harvard in larger #'s but WE NEVER HEAR ABOUT THEM!!! WTF!
Oh, but if a black person does something... Well that’s another story! LOL!
Oh, but if a black person does something... Well that’s another story! LOL!
12
Larry Summers, the guy who was outraged two weeks ago about AIG executives earning $1 million in bonuses, himself earned $8 million in bonuses from the same hedge funds and financial institutions that he was appointed to oversee and regulate. And during 2008, Larry earned $2.7 million from Wall Street banks that were recipients of government bailout money.
Is there a conflict of interest here? You bet!
Larry Summers should be fired from his position as the director of the National Economic Council immediately. He has demonstrated huge conflicts of interest, and he is corrupt, dishonest, and completely lacking in integrity. Is this who should be advising Obama on financial issues and the economy?
Is there a conflict of interest here? You bet!
Larry Summers should be fired from his position as the director of the National Economic Council immediately. He has demonstrated huge conflicts of interest, and he is corrupt, dishonest, and completely lacking in integrity. Is this who should be advising Obama on financial issues and the economy?
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