White House aides report '08 income, fees

WASHINGTON, April 3 (UPI) -- A top White House economic adviser was paid about $9 million in speaking fees and compensation from a hedge fund in 2008, financial disclosure forms show.

Lawrence Summers, chairman of President Barack Obama's Council of Economic Advisers, was paid about $5.2 million by hedge fund D.E. Shaw during the past year and collected more than $2.7 million in speaking fees from a variety of organizations, including some troubled Wall Street firms, The Washington Post reported Friday.

Citing financial disclosure forms released by the White House, the newspaper said many top Obama aides earned large salaries, investment income, speaking fees and compensation for serving on corporate boards.

National Security Adviser James L. Jones reported earning $1.1 million last year in compensation for sitting on the boards of five corporations, including Boeing Corp., the report said.

Summers, who has played a major role in developing the administration's economic policies, appeared to have reported the most income, the Post said. He collected speaking fees in 2008 from JP Morgan, Citigroup, Goldman Sachs, Lehman Brothers and Merrill Lynch, among other financial institutions, and also drew a $5.2 million salary and other compensation from D.E. Shaw.

White House spokesman Ben LaBolt told the Post there was "considerable interest" in hearing Summers' speak on economic matters because he "is widely recognized as one of the country's most distinguished economists and formerly served as treasury secretary."