The Wall Street Journal has an article reporting that the hedge fund D.E. Shaw "invested about $2 billion in real estate near or at the height of the market" and "could see its roughly $100 million investment wiped out" in one particular case. The Journal doesn't mention it, but wasn't "the height of the market" the same period in which Lawrence Summers, now chief of President Obama's National Economic Council, was earning $5.2 million a year for his one day a week job at D.E. Shaw? It puts new light on the Obama administration's rhetoric about incentives and risk in financial industry compensation.