Politics

Larry Summers: ?Mistakes Were Made,? But Not By Me

By Mary Bottari

Larry Summers, President Obama's Chief Economic Adviser President Obama?s chief economic adviser, Larry Summers, was interviewed on PBS late last week about the state of play on financial reform. In an odd, shifty-eyed discussion, Summers admits ?mistakes were made,? but none by him.

Maybe Summers felt compelled to defend himself after President Clinton recently admitted to ABC reporter Jake Tapper that he should not have listened to the advice to deregulate the derivatives market from Summers, Robert Rubin and others. Clinton admitted: "On derivatives, yeah I think they were wrong and I think I was wrong to take [their advice] because the argument on derivatives was that these things are expensive and sophisticated and only a handful of investors will buy them and they don?t need any extra protection, and any extra transparency."

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Full post as published by PR Watch on April 27, 2010 (boomark / email).