Robert Borosage is quoted in The Washington Post on Wall Street's Influence in the White House
washingtonpost.com — Wall Street ties complicate the politically touchy search for economic adviser
By Peter Wallsten and Perry Bacon Jr.
Washington Post Staff Writers
Sunday, January 2, 2011; 7:32 PM
President Obama is expected to name a new chief economic adviser as early as this week, but the months-long search process has proven difficult and politically touchy......
And even some in the administration have suggested appointing a person with a business pedigree rather than a background primarily in academia or government....
"It's a big concern when there are these high-level advisers who have been marinated in the industry," said Robert Borosage, co-director of the liberal Campaign for America's Future.
The criticism from the left reflects a broader tension between Obama and liberals over his economic agenda and the makeup of his policy team.
Summers, the former president of Harvard University, received about $5.2 million in compensation from hedge fund D.E. Shaw in the year before he entered government, and he also received hundreds of thousands of dollars in speaking fees from major financial institutions.
Some liberals had hoped the financial regulation bill that passed last year would have done more to curtail the size and power of large banks and put more severe limits on their activities, such as operating hedge funds.