D.E. Shaw’s Summers To Head Obama Economic Council

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.


In Depth

Q&A: Open Season For Closed-End Funds

Aug 29 2014 | 10:00am ET

When Maury Fertig and Bob Huffman, former Salomon Brothers coworkers, launched...

Lifestyle

Och Funds Women In Finance Initiative At U-M

Aug 28 2014 | 3:01pm ET

Och-Ziff Capital founder Daniel Och and his wife have made a "generous donation"...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

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.