In addition to rejoining the Harvard faculty in 2011, he jumped into a moneymaking spree. His clock was ticking partly because he knew that the Fed chairmanship, to which he has long aspired, was likely to open up in early 2014, when Ben S. Bernanke’s second term will come to an end…The opportunities have been many over the last two years. Mr. Summers, 58, has been employed by the megabank Citigroup and the sprawling hedge fund D. E. Shaw. He works for a firm that advises small banks as well as the exchange company Nasdaq OMX. And he serves on the board of two Silicon Valley start-ups: both financial firms that may pursue initial public offerings in the next year. One of them, Lending Club, offers loans to consumers and small businesses by making arrangements directly with online investors, a new business model that falls into a regulatory gap that consumer advocates say may lead to risky borrowing. [NYT]

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  1. Posted by Guest | August 12, 2013 at 3:40 PM

    "by making arrangements directly with online investors, a new business model"

    Yeah, we've been doing this since '05, if you could go ahead and not call it new, that would be great.

    -Prosper.com

    P.S. Not affiliated, just thought it was appropriate.

  2. Posted by davidrusso | August 12, 2013 at 3:53 PM

    Apparently Larry CRUSHED IT at beer pong after hours in the Square break room / "idea birthing laboratory".

  3. Posted by Pietro_F | August 12, 2013 at 4:21 PM

    In other words, no potential conflicts.

  4. Posted by Frank the tank | August 12, 2013 at 5:04 PM

    Bring your green hat!

    - BO