possible Fed Chairmen

The White House on Friday expressed confidence in President Barack Obama’s choice to lead the Federal Reserve, Janet Yellen, and called on the Senate not to hold up her confirmation. “We’re very confident that Janet Yellen is absolutely the right candidate for the job,” White House spokesman Jay Carney said at a briefing. [Reuters]


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

“We are getting this from – I would say a White House source, a person very close to the White House who does work on Wall Street. I would describe it as a White House source. He is telling the FOX Business Network that the decision is going to be made – who to get this job in several week…but what we understand is that Larry Summers, this source says, is the odds on favorite. Let me describe the odds, as it was described to me, and it shows you why he is not necessarily in there yet. It’s been described to me – and this is a very well played source as 60-40 that Larry Summers gets it…and here is the one thing that is going on right now that I think is kind of interesting…he White House continues to vet Larry Summers. They are looking specifically at his Wall Street ties.” [FBN]

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]