Sunday, March 28, 2010

"Why Larry Summers is an Idiot"

It's going to be a hot summer for President Obama's top economic adviser, Larry Summers, in more ways than one.

Charlie Gasparino reported last week that:
Larry Summers, who heads the White House’s National Economic Council, has been described as unhappy in his job, and is suggesting in conversations that he may leave the administration by the end of the year, according to Wall Street executives who deal directly with key members of President Obama’s economic team.
What Gasparino has probably been picking up is Summers reading the writing on the wall that the President is likely to throw him overboard after the mid-term elections.

Summers' whispers to Wall Street are likely his attempt at positioning his departure as his own doing.

Any way you look at it,though, it is likeky only to get worse for Summers in the months ahead. The woman,  Iris Mack, that was fired at Harvard after she warned Summers in an email about dangerous derivatives trading going on with Harvard endowment money, has signed on with a powerhouse speakers bureau. World Class Speakers and Entertainers is now representing her.

If you look at the list of topics that Mack will be speaking on for WCSE, half of them are coded versions of the same topic, "Why Larry Summers is an idiot.":
Dr. Iris Mack - summarizing her experiences in the derivatives markets

Ex-employee says she warned Harvard Management Company of risky moves

A Woman Silenced
If nothing else, this should help Larry stay awake this summer.