While in the White House, Economist Received Personal Loans From Top Washington Lawyer

sperling cc

The guy was advising the president and now is advising Hillary Clinton on economics. This sort of makes sense.

Here is Washington for you America. Economic advisors in the White House taking out giant loans from big time lawyers. This is your political class. These are the folks who supposedly know how to “steer” the economy. Oh, and he’s another Goldman Sachs guy.

(From ProPublica)

In 2011, Gene Sperling had a problem. He was working as President Obama’s chief economic advisor but his government salary did not cover his expenses. He and his wife lived in a Georgetown townhouse valued today at around $2 million, but did not have enough equity to qualify for a second mortgage or credit line. He didn’t want to sell the house and he wanted to keep working at a prestigious but relatively low-paid public service job.

And so Sperling turned to a close friend from law school: Howard Shapiro….

…In each of the next two years, Sperling went to Shapiro again, taking out two more loans that brought his debt to a total of between $300,000 and $600,000. (The forms require disclosure of a range, not specific figures.) The loans are unsecured. Sperling consolidated earlier loans from Shapiro, one made in 2006 and the 2011 loan, into the later ones.

Today, Sperling is advising the Hillary Clinton campaign on economics. In a “Funny or Die” spoof shown last month to the Democratic National Convention, he warned that Donald Trump’s policies would lead to dangerous levels of debt for the country.

Click here for the article.