Summers also collected more than $2.7 million in speaking fees, including from companies such as Citigroup and Goldman Sachs Group Inc. that later received taxpayer funds in the economic bailout, according to his disclosure forms.
Andrew Williams, a spokesman for Goldman Sachs, said the firm has no relationship with Summers.
Rejoined Government
Summers rejoined the government in 2009 to serve as NEC director. He left at the end of 2010, returned to the speaking circuit, and began working for Citigroup, Nasdaq, D.E. Shaw, and the Andreessen Horowitz LLC venture capital firm. Bloomberg LP, the parent company of Bloomberg News, is an investor in Andreessen Horowitz.
“It just shows this is an ongoing thing with him,” Baker said. “These are people he looks to on an ongoing basis.”
Danielle Romero-Apsilos, a spokeswoman for New York-based Citigroup, said in a statement that Summers speaks at internal meetings and meets with clients to provide “insight on a broad range of topics including the global and domestic economy.”
At Nasdaq, Summers has provided insight on macroeconomic conditions to customers for a number of years, said a person with direct knowledge of the matter who asked not to be identified. Nasdaq spokesman Joseph Christinat said he couldn’t comment.
U.S. Profit
Summers cited Citigroup, which took $45 billion in taxpayer funds in the midst of the financial crisis, as an example of the U.S. making a profit on the bailout, in footnotes to a 2011 speech titled “Prophecies of American decline will prove to be self-denying once again.”
“Taxpayers have now received essentially all the emergency funds extended to financial institutions backed, and in many cases have earned a substantial profit,” he told an audience at the Herzliya Conference in Israel.