Friday, October 27, 2023

Larry Summers - Big Brain Genius

A maddening thing is how most of the powerful people (and I don't mean dumb celebs) who backed all this stuff will be allowed to forget it.
This morning, my colleagues Julian Scoffield and Henry Burke have a piece out in The American Prospect about Larry Summers and the ever growing but little known ties he has to an array of shady financial companies. The latest development is that Digital Currency Group (DCG), a firm that Summers advised for years, and its subsidiary Genesis Global Trading now face prosecution from the Commodities Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), and the New York Attorney General for fraud. Oh, and the Department of Justice has been investigating since earlier this year. It’s getting hard to keep track!

Summers worked at DCG in an advisory role starting in 2016, but when he left remains a mystery. He was listed on the DCG website until at least November of 2022, but when Protos wrote a piece about his departure (citing our earlier work), Summers’ spokesperson said that he had left several months prior. Whatever the case, Larry Summers got out of Dodge with all deliberate speed.