They paid for a speech, and only for a speech:WSJ
Top White House economic adviser Lawrence Summers received about $5.2 million over the past year in compensation from hedge fund D.E. Shaw, and also received hundreds of thousands of dollars in speaking fees from major financial institutions.
A financial disclosure form released by the White House Friday afternoon shows that Mr. Summers made frequent appearances before Wall Street firms including J.P. Morgan, Citigroup, Goldman Sachs and Lehman Brothers. He also received significant income from Harvard University and from investments, the form shows.
In total, Mr. Summers made a total of about 40 speaking appearances to financial sector firms and other places, with fees totaling about $2.77 million. Fees ranged from $10,000 for a Yale University speech to $135,000 for an appearance paid for by Goldman Sachs & Co.
Over $100K from Goldman. For a speaking appearance and nothing more
And just how much did all of Summers' work contribute to the banking and economic crises we are in? In his speeches did he warn listeners of what might be coming? Is Summers really that indispensable in the Obama Administration? How did the content of his private speeches compare with his public statements during 2008? What did he say in private that he did not say in public?