Now I don't know much about Mr. Summers but from what I've read on Wikipedia, It doesn't appear that he is an enemy of wall street/Hedge fund community. He was part time managing director of D.E. Shaw. D.E. Shaw is hedge fund that quote: "The firm, through various affiliates, specializes in applying quantitative and qualitative trading strategies to hedge fund management and other investment" Just putting 2 and 2 together. Hopefully he left on good terms. http://www.deshaw.com/articles/20061019.pdf
I don't know his remarks today sound like the banks are about it to take it up the you know what: âThe priority is to get credit flowing again,â Summers said. âItâs going to emphasize transparency, itâs going to emphasize accountability.â âThe focus isnât going to be on the needs of financial institutions,â Summers said. âOf course we need to stabilize financial institutions -- without a stable financial system the economy canât work .â Pelosi didnt' beat around the bush on ABC News: I asked her if she would be open to a nationalization, or partial nationalization, of the nation's banks. "There has to be - if we are going to put money into the banks we certainly want equity for the American people. In other words, if we are strengthening them then the American people should get some of the upside of that strengthening. Some people call that nationalization. I'm not talking about total ownership but we're just saying. Now how big that investment becomes is - would we have ever thought we would see the day when we'd be using that terminology? Nationalization of the banks," Pelosi said. More Zombie banks. Yes the market has really loved how they have "helped" FNM, FRE, AIG,C and BAC so far. These guys are clueless. Buckel Up