White House Probably Pretty Happy It Hired Two Summer Interns Whose Only Job Is To Convert Larry Summers's Roof Into A Runway For Private Jet He's About To Demand

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When President Barack Obama dropped by Lawrence Summers’s going-away party in 2010, he presented his National Economic Council director with a pair of suspenders, a gag gift to help Summers hold up his perpetually sagging trousers. The gesture was meant to tease Summers, known inside the West Wing for a mix of awkwardness, abrasiveness and brilliance, according to current and former administration officials, who say Obama regards him with both affection and exasperation. As Obama ponders a potential successor to Federal Reserve Chairman Ben S. Bernanke, his familiarity with Summers, 58, may give his onetime adviser an edge over Fed Vice Chairman Janet Yellen, whom Obama has scarcely met, the officials say...Summers worked in the Clinton administration throughout both terms. After he joined Obama’s White House in 2009, he was passed over for the Fed chairmanship when Obama decided to reappoint Bernanke in August of 2009. Smarting over the decision, Summers phoned Emanuel on his vacation for a discussion that led to increased presidential access. Among the pleas that Summers made: a seat at the table at cabinet meetings, a chauffeured car, and Secret Service protection, according to the officials “I would characterize them as requests, not demands,” said Emanuel, who declined to enumerate all the specific ones that Summers made. “He did want to be at the cabinet table,” he said. “If I’m not mistaken, that was granted.” Summers’s petition for a so-called “portal-to-portal” service wasn’t allowed. The White House’s supply of cars with drivers had already exceeded demand. [Bloomberg]

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Larry Summers Supposedly Too Rough Around The Edges To Be Named Fed Chairman

Who should replace Ben S. Bernanke as Chairman of the Federal Reserve when his term ends in January 2014? If anyone cared to ask us, we'd say no one: we like our Fed Chairman soft-spoken, bearded, and just as comfortable in dad jeans as they are in their bespoke Jos. A. Bank suits. But nobody asked and, according to Andrew Ross Sorkin, Bernanke has told "close friends" that regardless of whether or not Obama wins a second term, he's ready to move on. Apparently qualified successors are few and far between and while Larry Summers is said to be "at the top of the list," the fact that Treasury Secretary Tim Geithner may finally be granted freedom from his own personal Guantanamo Bay and will also necessitate a replacement who will have to work closely with the new Fed Chair poses some staffing issues, on account of the perception that Summers is somewhat difficult to work with. ...[Summers is] a serious economist who knows his numbers and has a worldview that is similar to the president’s. He would be expected to continue the loose money policy of Mr. Bernanke. But one of the knocks against Mr. Summers is that he has a reputation for not playing well with others. He has had his own run-ins with the president. And if you consider the Treasury secretary and Federal Reserve chairman as a tag team, you would have to be confident that whomever you pick for Treasury secretary would get along well with Mr. Summers. So he called some former students assholes. So he'll cut a bitch for getting between him and his steady stream of Diet Coke. So he chooses to sleep through co-workers' particularly boring presentations. So he makes female colleagues feel like "pieces of meat." So he shoots people unequivocal death stares that say, "I could have you killed and no one would find out" for the mere suggestion he might want to consider wearing socks. Is all that to say he's not an otherwise affable guy who'd make a fine workmate and prized addition to an office softball team? Casting Dual Roles At Treasury And The Fed [Dealbook]