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Summers Earned $5.2M From Hedge Fund; Madoff Complaint Implicates Aide; Pfizer Settles Drug-Trial Case

POSTED: 09:21 AM ET, 04/ 6/2009 by Amanda Zamora

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Summers Earned $5.2M From Hedge Fund » Lawrence H. Summers, one of President Obama's top economic advisers, collected roughly $5.2 million in compensation from hedge fund D.E. Shaw over the past year and was paid more than $2.7 million in speaking fees by several troubled Wall Street firms and other organizations. — Washington Post, New York Times

Madoff Complaint Implicates Aide » Frank DiPascali, a former senior aide to Bernard Madoff, had an active role in calming the concerns of a corporate client whose executives asked questions about the Ponzi scheme mastermind's business operations, a government complaint shows. — USA Today

Pfizer Settles Nigerian Drug-Trial Case » Pfizer has reached a broad agreement to pay millions of dollars to Nigeria's Kano state to settle a criminal case alleging that the drug company illegally tested an experimental drug on gravely ill children during a 1996 meningitis epidemic. — Washington Post

U.S. Aid Delays Criticized » After promising $1.4 billion last year under a landmark initiative to help fight drug trafficking in Mexico, the U.S. government has spent almost none of the money, fanning criticism on both sides of the border that the United States is failing to respond quickly to the deepening crisis. — Washington Post

After the jump...

BEST OF THE REST
» Some Revile Plan to Limit Short-Selling (NYT)
» Geithner Open to Ousting Heads of Frail Banks (Bloomberg)
» UBS imposes travel ban for some managers (AP)
» Buffett benefits from bailout he promoted (SacramentoBee)
» Documents in Stevens Case Are Requested (WaPo)
» Memphis mayor's windfall prompts FBI probe (CommercialAppeal)
» Former Rep. Sweeney arrested for drunken driving (TheHill)
» Texas judge's 100 drug cases to be reviewed (AP)
» Berlusconi threatens news blackout after latest gaffes (Telegraph)

By Amanda Zamora |  April 6, 2009; 9:21 AM ET The Daily Read
Previous: Nigeria and Pfizer Near Deal on Child Deaths | Next: Stanford's Tearful Interview; Report: Detainee Treatment 'Inhuman'; Merkin Faces Charges in Madoff Scam

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A great article about why Larry Summers was one of the fairest paid men on Wall Street by Peter Hopkins, co-founder of Big Think, a company Summers invested in as an angel:

http://bigthink.com/blog_entries/559-Larry-Summers-Is-The-Fairest-Paid-Man-On-Wall-Street

An Excerpt:
"I would later get to know Summers personally in the context of his contributions to and investment in Big Think. There were two traits I saw first hand in Summers that are supremely relevant here. First, he puts his money where his mouth is—upon making his first million, his impulse was to reinvest in small start-ups like ours whose missions aligned with his vision of the future. Second, his dedication to government service informs his religious observance of ethics regulations. When he called to tell me that he would have to divest of Big Think because of his new post in the administation, he ended the call on a somber note for me that left no doubt as to where his loyalties lied: "I'm afraid I can be less helpful to you now than if we had never known each other at all."


Posted by: SteveRDuque | April 6, 2009 2:36 PM

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