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== Larry Summers and charges of conflicts of interest ==

== Larry Summers and charges of conflicts of interest ==

As noted earlier, Lawrence Summers is the Director of the [[White House]]'s [[National Economic Council]] (NEC) for President [[Barack Obama]]. The NEC was established to advise the U.S. President on U.S. and global economic policy.<ref>http://www.whitehouse.gov/administration/eop/nec/</ref> Larry Summers favored the bailouts of Wall Street firms and banks.<ref>http://blogs.abcnews.com/george/2009/02/obama-administr.html</ref>  A 2005 study found that government corporate bailouts are often done for mere political considerations and the economic resources allocated exhibit significantly worse economic performance than resources allocated using purely business considerations.<ref>http://papers.ssrn.com/sol3/papers.cfm?abstract_id=676905</ref>

As noted earlier, Lawrence Summers is the Director of the [[White House]]'s [[National Economic Council]] (NEC) for President [[Barack Obama]]. The NEC was established to advise the U.S. President on U.S. and global economic policy.<ref>https://www.whitehouse.gov/administration/eop/nec/</ref> Larry Summers favored the bailouts of Wall Street firms and banks.<ref>http://blogs.abcnews.com/george/2009/02/obama-administr.html</ref>  A 2005 study found that government corporate bailouts are often done for mere political considerations and the economic resources allocated exhibit significantly worse economic performance than resources allocated using purely business considerations.<ref>http://papers.ssrn.com/sol3/papers.cfm?abstract_id=676905</ref>

A government watchdog group reports:

A government watchdog group reports: