Saturday, December 2, 2023

Summers in Position to Create Next Societal Disaster

Former Treasury Chief Larry Summers set the table for the Fall 2008 financial crisis with his contributions toward repealing Glass-Steagall under President Bill Clinton.  That repeal enabled riskier products and unethical behavior within and amongst Wall Street banks.

Artificial intelligence company OpenAI appointed Summers to its board of directors so Larry will have another opportunity to lead society down a more dangerous road.  

Consider Summers' history advising crypto company Digital Currency Group.

In 2016, he began to advise DCG, holding a position that was alternately called senior adviser and advisory board member for over six years.

Flash forward to October 2023:

New York Attorney General Letitia James announced a lawsuit against Digital Currency Group (DCG), its CEO Barry Silbert, and DCG’s bankrupt subsidiary Genesis Global Trading for defrauding investors of more than $1 billion.
And two momentous failures qualifies Summers to provide fiduciary oversight at OpenAI?  Only in a PEU world.