Robert Scheer: Living Large and in Charge: "Why was someone as compromised as Summers made the White House's point man overseeing $2.86 trillion in bailout funds to the financial moguls whom he had enabled in creating this mess and many of whom had benefited him financially? Will no congressional panel ever quiz Summers about his grand theory that the derivatives market required no government supervision because, as he testified to a Senate subcommittee in July of 1998: 'the parties to these kinds of contracts are largely sophisticated financial institutions that would appear to be eminently capable of protecting themselves from fraud and counterparty insolvencies. ... '
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(Via Huffington Blog.)
