Saturday, 28 March 2015
Last updated 15 hours ago
Nov 24 2008 | 1:45am ET
He’s not getting his old job back, but D.E. Shaw Group’s Lawrence Summers is going back to Washington.
Summers will be named President-elect Barack Obama’s choice to serve as head of the National Economic Council at a press conference today in Chicago.
Summer, who served as Treasury Secretary during the final two years of President Bill Clinton’s administration, had been a finalist to return to the Treasury, but Obama will instead nominate Timothy Geithner, head of the Federal Reserve Bank of New York, to that post.
Summers joined D.E. Shaw two years ago, after he resigned as president of Harvard University amidst acrimony and controversy. At the New York hedge fund, he worked part-time on “strategic initiatives” and “high-level portfolio management activities.”
As director of the NEC, Summers will be one of Obama’s closest economic advisers, alongside Geithner and Office of Management and Budget director-designate Peter Orszag. The NEC coordinates economic policy for the president.
The president-elect’s economic team won’t have to wait until Obama takes office to get to work. Congressional leaders are planning to send the new president an economic stimulus package of as much as $700 billion on Inauguration Day, Jan. 20.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…