Summers Withdraws From Fed Race

Sep 16 2013 | 12:21pm ET

D.E. Shaw Group consultant and former Treasury Secretary Lawrence Summers will not be returning to Washington, D.C.

Tipped as President Barack Obama's favored candidate to succeed Federal Reserve Chairman Ben Bernanke, Summers yesterday withdrew his name from consideration for the post amidst mounting opposition to his nomination on both sides of the aisle. Summers' decision appears to clear the way for Obama to make Fed Vice Chairwoman Janet Yellen the first female head of the U.S. central bank.

Had Obama picked Summers, the latter would have faced a grueling and increasingly difficult confirmation process. A number of senators—both Democrats and Republicans—had pledged to vote against him nomination.

Summers has served as a consultant to D.E. Shaw, as well as to Andreessen Horowitz, Citigroup and Nasdaq OMX Group, since leaving the White House at the end of 2010, following a stint as chairman of the National Economic Council. He served as Treasury Secretary under President Bill Clinton and then as president of Harvard University. Following his resignation from that post amidst an outcry over allegedly sexist statements, he joined D.E. Shaw as a managing director.


In Depth

Q&A: Executive Recruiter Talks Hedge Fund Closures, Hiring Trends

Dec 19 2014 | 6:58am ET

This year, hedge funds have been closing at a rate not seen since the financial...

Lifestyle

Cooper-Hohn Won't Contest Divorce Settlement

Dec 18 2014 | 9:51am ET

The ex-wife of hedge fund billionaire Christopher Hohn will not contest a divorce...

Guest Contributor

Alternative Investment Funds Face A Communications Imperative

Dec 19 2014 | 6:10am ET

A handful of the top alternative investment firms on both sides of the Atlantic...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.