Larry Summers

  • 24 Oct 2013 at 6:31 PM

Larry Summers Is Over That Whole Fed Chair Thing

“I’ve moved on and am greatly enjoying private life,” Summers said today. [CNBC]

Donald Kohn stays at number three so as not to give him the impression he might get the job. Read more »

The spreading expectation that President Obama will name Lawrence H. Summers to lead the Federal Reserve Board appears to be working against the central bank’s efforts to stimulate the economy. The jitters even have some analysts betting that a Summers nomination could lead to slower economic growth, less job creation and higher interest rates than if the president named Janet L. Yellen, the Fed’s vice chairwoman. [NYT]

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]

He thought the same thing! Read more »

  • 01 Aug 2013 at 6:39 PM

Obama Having Some Fun With The Fed Race

Sure, Janet Yellen’s got her pluses, And he does like this Larry Summers guy, even if no one else does. But while he’s playing coy, POTUS thought he might toss another name into the ring. Read more »

President Barack Obama, asked about former Treasury Secretary Larry Summers as a candidate for Federal Reserve chairman, said his former economic adviser is being unfairly criticized in public debate about the selection, lawmakers said after a private meeting with the president. “He took a minute to stand up for Larry Summers,” said Representative Brad Sherman of California, following a meeting with House Democrats today. Obama then met with Senate Democrats. Obama told House Democrats he hadn’t decided whom to appoint as Fed chairman — though he said Summers was being unfairly criticized, Sherman said. Summers and Janet Yellen, the Fed’s current vice chairman, are the two leading contenders to replace Chairman Ben S. Bernanke, whose term expires Jan. 31, according to people familiar with the search. Representative John Larson, a Connecticut Democrat, said the president “hasn’t begun the process but he was, I thought, very adamant in his defense of the service Larry Summers has provided.” [Bloomberg, earlier re: toys]