Yes, Larry Summers is Leaving (frustrated by his role, and colleagues are frustrated with him)

The Atlantic ^ | 04/07/2010 | Joshua Green

[SeekAndFind]

One angle in my recent profile of Tim Geithner concerned his relationship with Larry Summers, his former mentor and the director of the National Economic Council. I contend that Geithner, not Summers, has emerged as Obama's key adviser on financial matters, and that Summers isn't happy about it. (Not everybody was convinced.) Since my piece appeared, the buzz that Summers is looking to leave--or is being pushed out--has picked up. Earlier today, my colleague Marc Ambinder wrote about this, defending Summers against his critics while leaving open the possibility that he may, indeed, leave. My own view is a bit less sanguine. I think Summers is going to leave sooner rather than later, possibly before the mid-term elections, and if not then, soon afterward.

Why? Because Summers is frustrated by his role, and his colleagues are clearly frustrated with him. Alexis Simendinger had a devastating item in last week's National Journal suggesting that Summers's "legendary self-regard" and "ego the size of the national debt" had gotten out of control. Some of Summers's frustration no doubt stems from his wanting to be Treasury secretary. When that plum went to Geithner, Summers cast his eye on the Fed chairmanship and agreed to bide his time until Ben Bernanke's term ended at the NEC--a staff position well below his old job as Clinton's Treasury secretary. Most administration officials tactfully avoid pointing this out, because Summers has a fragile ego. But that's why Joe Biden is so great. "How many former Secretaries of the Treasury would come in not as Secretary of the Treasury?" Biden blurted out to the New Yorker's Ryan Lizza last fall.

[Doogle]

a rat is a rat is a rat

[SueRae]

Good riddance. 1 down, more to follow. Can’t happen soon enough.

[rightwingintelligentsia]

I think he’s leaving so that he can catch up on his sleep.

[silverleaf]

Nice, Larry.
You steer Harvard’s financial portfolio into the toilet, then yo do the same to the American economy.

Now you want out so you can go makse some real money while the gettin’s good.

Buh bye, you pos. Take that daft cow Christina Romer with you.

And destroy your rolodex, please don’t leave it for Austan Goolsbee, imagine the US economy being destroyed by a guy named “Austan”.

[SeekAndFind]

I’m not fan of Larry Summers. But he got a bum rap when he was president of Harvard for giving a truthful speech which did not mean to insult anyone.

[NativeNewYorker]

He destroyed Harvard’s finances, and then destroyed ours. He must feel like Alexander the Great, who wept when there were no more worlds to conquer.

[Incorrigible]

How many women did he have on his staff working on the financial projections?

[silverleaf]

This has nothing to do with his arrogance.

Just look at his track record of financial oversight over Harvard’s endowment and investments- where did he steer their investments? Results?

Now, promote this financial guru to being in charge of the US economy. (sarc)

[SeekAndFind]

He destroyed Harvard’s finances, and then destroyed ours

I thought that Harvard's funds were managed by a guy named Mohammad El-Arian ( now with PIMCO ). When he was the fund manager, Harvard's endownment reached a peak of $34 Billion. El-Arian left before it collapsed by $10 Billion.

Not sure what Summers had to do with it.

[NativeNewYorker]

Mo had the job very briefly after Larry buried the school with a wrong-way interest rate swap. Mo saw the time bomb and scooted back to Pimco.

[SeekAndFind]

I thought that Harvard’s funds were managed by a guy named Mohammad El-Arian ( now with PIMCO ). When he was the fund manager, Harvard’s endownment reached a peak of $34 Billion. El-Arian left before it collapsed by $10 Billion.

Not sure what Summers had to do with it.

[silverleaf]

http://blogs.reuters.com/felix-salmon/2009/11/29/how-larry-summers-lost-harvard-18-billion/

http://www.ivygateblog.com/tag/larry-summers/

http://tpmmuckraker.talkingpointsmemo.com/2009/04/larry_summers_ignored_frightening_trading_practice.php

[Buckeye McFrog]

once they establish their dominance they start to turn on each other...just like in The Sopranos

[Zathras]

“Those who cannot do...work for Obama”

[Liz]

Geithner has to be one of the more incompetent Treasury Secretaries and ex-Fed members in recent decades.

As Confuscious say: "Tis better to cultivate an image as a complete ignoramus than to face felony charges for 1st-degree tampering with public records, 1st-degree offering of a false instrument for filing, 4th-degree grand larceny, 1st-degree falsifying of official records, government fraud, collusion, establishing a slush fund for WH insiders, stealing govt money for campaigns of engangered Dems, money-laundering, tax evasion (stolen money is taxable)........which would result in substantial time in a federal lockup without possibility of parole."

[kaila]

I went to a Harvard dinner fundraiser - my husband is an alumni- but not a liberal. We met Summers, who was just installed as President of Harvard. During the conversation,my husband forgot the position that he occupied in the Clinton administration. Summers gave my husband the evil eye stare, and then proceeded to ignore us.
During this fundraiser, he came off as arrogant. He did not look like he wanted to be there. I instantly disliked this guy, and knew that he was going to be a disaster for Harvard.
The only thing he did right was try to get rid of the black studies program. The professors in that program did not have the proper academic credentials. It was known as an easy “A” class.

[SeekAndFind]

As I said before, he might not have been outstanding as Harvard President, but I still believe he got a bum rap for rightly asking a politically incorrect question regarding why more women do not study the sciences compared to men.

The over-reaction against the valid question he asked and his musings was just sickening.