TCS, RIL paid thousands of dollars to Obama's aide: Report
TCS paid $67,500 & RIL paid compensation in excess of $5,000 to Obama's top economic adviser Lawrence Summers. Cashing in on Obama | Michelle Obama
By PTI |
NEW YORK: India's top-most corporate entity Reliance Industries and Tata group firm TCS are among firms which paid thousands of dollars to US President Barack Obama's top economic adviser Lawrence Summers either for his association with the firm or for giving speeches, say reports.
According to the financial disclosure reports made public by the White House, Summers earned millions of dollars over the past year for being part of the advisory board and for giving speeches to various financial institutions, including some of those which were later rescued under the government's bailout programme.
Out of two Indian companies, Tata Consultancy Services paid the Director of Obama's National Economic Council $67,500 for an engagement in September 21, 2008, Internet newspaper Huffingtonpost reported.
Reliance Industries was listed under the section wherein compensation in excess of $5,000 was paid by the Indian corporate giant to Summers for being the membmer of the International Advisory Board, Huffingtonpost added.
Summers was paid a whopping $2.7 million as speaking fees for more than 40 appearances before different organisations and companies.
Among the firms that paid large amounts on speaking fees to Summers include JP Morgan ($67,500), Citigroup ($54,000), Goldman Sachs ($135,000), Lehman Brothers ($67,500), Tata Consultancy Services ($67,500), McKinsey and Company ($135,000) Pricewaterhouse Coopers ($67,500) and American Express ($67,500) among others, the report added.
Summers also received about $5.2 million over the past year in salary from major hedge fund DE Shaw.
Quoting White House spokesman Ben LaBolt, the Washington Post said: "Given that Dr Summers is widely recognised as one of the country's most distinguished economists and formerly served as Treasury secretary, there was considerable interest in hearing his economic insights from companies across various industries."
Besides, Obama's National security adviser James L Jones earned $1.1 million last year in board compensation from five corporations, in addition to $900,000 in salary from the US Chamber of Commerce.
David Axelrod, Obama's chief political strategist, received $1.55 million in compensation from public affairs firms, Washington Post added.
White House social secretary Desiree Rogers received a $1.8 million salary from People's Gas and North Shore Gas, where she was president, as well as $350,000 from Allstate, where she managed the social networking division.
According to the financial disclosure reports made public by the White House, Summers earned millions of dollars over the past year for being part of the advisory board and for giving speeches to various financial institutions, including some of those which were later rescued under the government's bailout programme.
Out of two Indian companies, Tata Consultancy Services paid the Director of Obama's National Economic Council $67,500 for an engagement in September 21, 2008, Internet newspaper Huffingtonpost reported.
Reliance Industries was listed under the section wherein compensation in excess of $5,000 was paid by the Indian corporate giant to Summers for being the membmer of the International Advisory Board, Huffingtonpost added.
Summers was paid a whopping $2.7 million as speaking fees for more than 40 appearances before different organisations and companies.
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Among the firms that paid large amounts on speaking fees to Summers include JP Morgan ($67,500), Citigroup ($54,000), Goldman Sachs ($135,000), Lehman Brothers ($67,500), Tata Consultancy Services ($67,500), McKinsey and Company ($135,000) Pricewaterhouse Coopers ($67,500) and American Express ($67,500) among others, the report added.
Summers also received about $5.2 million over the past year in salary from major hedge fund DE Shaw.
Quoting White House spokesman Ben LaBolt, the Washington Post said: "Given that Dr Summers is widely recognised as one of the country's most distinguished economists and formerly served as Treasury secretary, there was considerable interest in hearing his economic insights from companies across various industries."
Besides, Obama's National security adviser James L Jones earned $1.1 million last year in board compensation from five corporations, in addition to $900,000 in salary from the US Chamber of Commerce.
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David Axelrod, Obama's chief political strategist, received $1.55 million in compensation from public affairs firms, Washington Post added.
White House social secretary Desiree Rogers received a $1.8 million salary from People's Gas and North Shore Gas, where she was president, as well as $350,000 from Allstate, where she managed the social networking division.
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