Obama Appoints Ultimate Wall Street Insiders to Top Posts … Again
by George Washington
Obama is replacing his chief economic adviser – Larry Summers – with Gene Sperling.
Sperling is currently a counselor to Treasury Secretary Timothy Geithner, and is now being appointed as Obama’s chief economic adviser. He’s been there before: Sperling will hold the exact same post he held under Bill Clinton – National Economic Adviser to Clinton and director of the National Economic Council.
In that post, Sperling was principal negotiator with Treasury Secretary Lawrence Summers in finalizing the Gramm–Leach–Bliley Act Financial Modernization Bill which repealed Glass-Steagal.
And Shahien Nasiripour notes:
Sperling … served as a consultant to Goldman Sachs, and in 2008 harvested sums reaching seven-figures for his work there and in delivering speeches to the highest ranks of the financial services realm.