Lawrence Summers and D. E. Shaw

From a reader:

Is corporate America a Cabal?

Webster says ‘Cabal—artifices and intrigues of a group of persons secretly united to bring about an overturn or usurpation in public affairs—plot’. Quickie from wiki: “The banking cabal refers to a conspiracy theory regarding collusion between bankers, financiers, and other associated individuals of extreme wealth to manipulate the strings of commerce, politics, and media in order to serve their common interests. The primary source of their money and power is described as the use of fractional reserve banking and fiat money to surreptitiously steal wealth from the rest of society via inflation of the money supply and by levying interest on sovereign debt.” I claim that many of the leaders of CA (Corporate America) have been involved as a cabal in America for at least two decades. This cabal has been and is presently plotting and accomplishing to create a public policy in America that best suites their self-interest. The present financial melt down has resulted from this plot and has resulted principally as a result of that segment of this cabal that control the American and worldwide financial aspects of the world economy.

My response.

An example to support the affirmative is the relationship of Lawrence Summers, Obama's chief economic advisor, to the hedge fund D. E. Shaw, which was involved in using currency derivatives because of the deregulation of those derivatives that he facilitated under the Clinton administration. It is these derivatives that has created toxic assets that have poisoned our over-leveraged financial institutions.