LARRY SUMMERS GIVES UP ON THE FED

LAWRENCE SUMMERS 

DECLINES -- 

BEFORE HE IS 

NOMINATED 

LARRY SUMMERS 
SENDS A LETTER TO 
PRESIDENT OBAMA ... 

... declining to be nominated to chair the Federal Reserve Board. 

President Obama accepted. 

Will the President now nominate "Mr. Yellen" (as he called Janet Yellen, the vice-chair of the Fed, in a news conference)? 

More Summers here and here  

LAWRENCE SUMMERS IS FIFTY-SIX

LAWRENCE H. SUMMERS 

b. November 30, 1954 

LARRY SUMMERS 

THE DEPARTING DIRECTOR 

OF PRESIDENT OBAMA'S  

NATIONAL ECONOMIC COUNCIL 

for more, see here  

SUMMERS SIGNS OFF: OBAMA LOSES/SHEDS ANOTHER ECONOMIC ADVISER

PRESIDENT OBAMA'S 
DIRECTOR OF THE 
NATIONAL ECONOMIC COUNCIL 

LAWRENCE H. SUMMERS 

IS TO LEAVE 

TO RETURN TO HARVARD AND -- ? 

Some of the commentary: "Summers is the prism through which the president sees economic policy. It is he who presents the regular morning economic briefings, synthesising and summing up the reports, statistics and views of other economic experts. He even blocked the revered former chairman of the Federal Reserve, Paul Volcker from having direct access to the president. Everything has to be filtered, and he is the filter." (BBC)

"Summers, known for his abrasive style, has not been the best communicator of the administration's economic policies. His departure would allow Obama to bring in a new public face for his economic agenda." (Reuters) 

"So far we know that Mr. Summers will leave his post as the director of the National Economic Council to resume teaching at Harvard. But he was also known for spending some time on Wall Street, specifically the hedge fund D. E. Shaw, from which he collected a $5 million paycheck in 2008. 

"Mr. Summers also picked up $2.7 million in fees for speaking to Wall Street firms." (New York Times) 

More Summers