Shouldn't these people have their fortunes locked in a poorly administered blind trust before accepting office?
Lawrence Summers' bullish economic sentiments helped send markets soaring at the end of last week. But even after assuming his role as the president's top economic adviser in January, Summers seemed far more skeptical that the markets would recover any time soon, as evidenced by the only metric that really counts--his own personal cash. Specifically, in 2008 through early 2009, Summers stashed most of his liquid assets in tax-free municipal bonds--between $5 million and $25 million worth--leaving himself relatively little exposure to the stock market, a Daily Beast analysis of his recently released financial-disclosure report reveals.
Of course, it is entertaining to pit Summers against Geithner, as The Beast happily proceeds to do, but we think we can be forgiven for thinking both of these two should have all their money locked in an emerging markets ETF by a 20something analyst at a foreign firm. That would, after all, be fitting, no?
What Do They Know That We Don't? [The Daily Beast]