Lawrence Summers is convinced that he deserved every penny of the $8 million that Wall Street firms paid him last year.

the loopholes in the toxic derivatives market that he pushed into law when he was Bill Clinton’s treasury secretary

now the top economic adviser to President Obama.

Lawrence Summers,

in the Clinton years prevented the regulation of the hedge funds

Treasury Secretary Timothy Geithner, a Summers protégé

clean up the toxic holdings of the banks using taxpayer money

then turn them over to hedge funds

banks are somewhat government-regulated

cannot be said of the hedge funds

thanks to Summers.