Treasury Department official throughout President Clinton 's administration ultimately Treasury Secretary—   and former director of the National Economic Council for President Obama — Inhe was promoted to Deputy Secretary of the Treasury under his long-time political mentor Robert Rubin.
Inhe succeeded Rubin as Secretary of the Treasury. While working for the Clinton administration Summers played a leading role in the American response to the economic crisis in MexicoHead Of Treasury Resume Asian financial crisisand the Russian financial crisis. He was also influential in the American advised privatization of the economies of the post-Soviet statesand in the deregulation of the U.
S financial system, including the repeal of the Glass-Steagall Act. Following the end of Clinton's Head Of Treasury Resume, Summers served as the 27th President of Harvard University from to Summers resigned as Harvard's president in link wake of a no-confidence vote by Harvard faculty, which resulted in large part from Summers's conflict with Cornel Westfinancial conflict of interest questions regarding his relationship with Andrei Shleiferand a speech in which he suggested that the under-representation of women in science and engineering could be due to a "different availability of aptitude at the high end", and less to patterns of discrimination and socialization.
Remarking upon political correctness in institutions of higher education, Summers said in"There is a great deal of absurd political correctness. After his departure from Harvard, Summers worked as a managing partner at the hedge fund D.
Summers rejoined public service during the Obama administrationserving as the Director of the White House United States National Economic Council for President Head Of Treasury Resume Obama from January until Novemberwhere he emerged as a key economic decision-maker in the Obama administration's response to the Great Recession. After his departure from the NEC in DecemberSummers has worked in the private sector and as a columnist in major newspapers.
In mid, his name was widely floated as the potential successor to Ben Bernanke as the Chairman of the Federal Reservethough Obama eventually nominated Federal Reserve Vice-Chairwoman Janet Continue reading for the position. Summers retains as of his Harvard University status as former president emeritus and Charles W.
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Summers was born in New Haven, Connecticuton November 30,into a Jewish familythe son of two economists, Robert Summers who changed the family surname from Samuelson and Anita Summers of Romanian-Jewish ancestrywho are both professors at the University of Pennsylvania. He is also the nephew of two Nobel laureates in economics: At age 16,  he entered Massachusetts Institute of Head Of Treasury Resume MITwhere he originally intended to study physics but soon switched to economics S. He was also an active member of the MIT debating team and qualified for participation in the annual National Debate Tournament three times.
He attended Harvard University as a graduate student Ph. Inat age 28, Summers became one of the youngest tenured professors in Harvard's history.
It was also during this time that Summers was diagnosed with Hodgkin's lymphoma. He underwent treatment and has since remained cancer free. He was a visiting academic at the London School continue reading Economics  in Summers has three children older twin daughters Ruth and Pamela and son Harry with his first wife, Victoria Joanne Perry.
He owns two houses, one in Washington, D. As a researcher, Summers has made important contributions in many areas of economics, primarily public financelabor economicsfinancial economicsand macroeconomics. Summers has also worked in international economics, economic demography, economic history Head Of Treasury Resume development economics. His work generally emphasizes the analysis of empirical economic data in order to answer well-defined questions for example: Does saving respond to after-tax interest rates?
Are the returns from stocks and stock portfolios predictable? Are Head Of Treasury Resume of those who receive unemployment benefits only transitorily unemployed? Waterman Award from the National Science Foundation. Summers is also a member of the National Academy of Sciences. He also served as an economic adviser to the Dukakis Presidential campaign in As such, Summers played a "key role" in designing strategies to aid developing countries, worked on the bank's loan committee, guided the bank's research and statistics operations, and guided external training programs.
The World Bank's official link also reports that Summer's research Head Of Treasury Resume an "influential" report that demonstrated a very high return from investments in educating girls in developing nations. According to The Economist, Summers was "often at the centre of heated debates" about economic policy, to an extent exceptional for the history of the World Bank in recent decades.
In Decemberwhile at the World Bank, Summers signed a memo that was leaked to the press. Lant Pritchett has claimed authorship of the private memo, which both he and Summers say was intended as sarcasm. I've always thought that under-populated countries in Africa are vastly underpolluted. Much of Summers's tenure at the Treasury Department was focused on international economic issues. He was deeply involved in the Clinton administration's effort to bail out Mexico and Russia when those nations had currency crises.
Later there was a scandal when it emerged that some of the Harvard project members had invested in Russia, and were therefore not impartial advisors. Summers pressured the Korean government to raise its interest rates and balance its budget in the midst source a recession, policies criticized by Paul Krugman and Joseph Stiglitz.
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Summers was a leading voice within the Clinton Administration arguing against American leadership in greenhouse gas reductions and against US participation in the Kyoto Protocolaccording to internal documents made public in During the California energy crisis ofthen-Treasury Secretary Summers teamed with Alan Greenspan and Enron go here Kenneth Lay to lecture California Governor Gray Davis on the causes of the crisis, explaining that the problem was excessive government regulation.
Summers hailed the Gramm—Leach—Bliley Act inwhich lifted more than six decades of restrictions against banks offering commercial bankinginsurance, and see more services just click for source repealing key provisions in the Glass—Steagall Act: On May 7,the Commodity Futures Trading Commission CFTC issued a Concept Release soliciting input from regulators, academics, and read more to determine "how best to maintain adequate regulatory safeguards without impairing the ability of the OTC over-the-counter derivatives market to grow and the ability of U.
Congress that "the parties to these kinds of contract are largely sophisticated financial institutions that would appear to be eminently capable of protecting themselves from fraud and counterparty insolvencies. When George Stephanopoulos asked Summers about the financial crisis in an ABC interview on March 15,Summers replied that "there are a lot of terrible things that have happened in the last eighteen months, but what's happened at A.
Rajan pointed to a number of potential problems with the financial developments of the past thirty years. Rajan also discussed the problems associated with firms that "goose up returns" by taking risky positions that yield a "positive carry.
Rajan's] paper to be largely misguided. In FebruarySummers quoted John Maynard Keynessaying "When circumstances change, I change my opinion", reflecting both on the failures of Wall Street deregulation and his new Head Of Treasury Resume role in the government bailout.
Inwhen George W. Bush became PresidentSummers left the Treasury Department and returned to Harvard as its 27th president, serving from July until June In an October meeting, Head Of Treasury Resume criticized African American Studies department head Cornel West for allegedly missing three weeks of classes to work on the Bill Bradley presidential campaign, and complained that West was contributing to grade inflation.
Summers also claimed that West's "rap" album was an "embarrassment" to the university. West pushed back strongly against the accusations. It's a stereotypical reaction," he said later. West, who later called Summers both "uninformed" and "an unprincipled power player" in describing this encounter in his book Democracy Matterssubsequently Head Of Treasury Resume to Princeton Universitywhere he had taught prior to Harvard University. Summers had prefaced his talk, saying he was adopting an "entirely positiverather than normative approach" and that his remarks were intended to be an "attempt at provocation.
Summers then began by identifying three hypotheses for the higher proportion of men in high-end science and engineering positions:. The second hypothesis, the generally greater variability among men compared to women in tests of cognitive abilities,    leading to proportionally more males than females at both the lower and upper tails of the test score distributions, caused the most controversy.
In his discussion of this hypothesis, Summers said that "even small differences in the standard deviation [between genders] will translate into very large differences in the available pool substantially out [from the mean]". He then went on to argue that, if this research were to Head Of Treasury Resume accepted, then "whatever the set of attributes So my best guess, to provoke you, of what's behind all of this is that the largest phenomenon, by far, is the general clash between people's legitimate family desires and employers' current desire for high power and high intensity, that in the special case of science and engineering, there are click of intrinsic aptitude, and particularly of the variability of aptitude, Head Of Treasury Resume that those considerations are reinforced by what are in fact lesser factors involving socialization and continuing discrimination.
I would like nothing better than to be proved wrong, because I would like nothing better than for these problems to be addressable simply by everybody understanding what they are, and Head Of Treasury Resume very hard to address them. Summers then went on to discuss approaches to remedying the shortage of women in high-end science and engineering positions.
This lunch-time talk drew accusations of sexism and careless scholarship, and an intense negative response followed, both nationally and at Harvard.
Sandberg described of the lunch talk "What few seem to note is that it is remarkable that he was giving the speech in the first place — that he cared enough about women's careers and their trajectory in the fields of math and science to proactively analyze the issues and talk about what was going wrong".
On March 15,members of the Harvard Faculty of Arts and Scienceswhich instructs graduate students in Harvard Graduate School of Arts and Sciences and undergraduates in Harvard Collegepassed — a motion of "lack of confidence" in the leadership of Summers, with 18 abstentions. A second motion that offered a milder censure of the president passed toalso with 18 abstentions.
The members of the Harvard Corporationthe University's highest governing body, are in charge of the selection of the president and issued statements strongly supporting Summers. FAS faculty were not unanimous in their comments on Summers. Influential psychologist Steven Pinker defended the legitimacy of Summers's January lecture. When asked if Summers's talk was "within the pale of legitimate academic discourse," Pinker responded "Good grief, shouldn't everything be within the pale of legitimate academic discourse, as long as it is presented with some visit web page of rigor?
That's the difference between a university and a madrassa. There is certainly enough evidence for the hypothesis to be taken seriously. Summers had stronger support among Harvard College students than among the college faculty. Harper Head Of Treasury Resume, resigned saying he was angered both by the university president's comments about women and by Summers being given a salary increase.
The resignation letter to the president said, "I could not and cannot support a raise in your Head Of Treasury Resume, I believe that Harvard's best interests require your resignation. The US government had sued Shleifer under the False Claims Actas he bought Russian stocks while designing the country's privatisation. Ina federal judge ruled that while Harvard had violated the contract, Shleifer and his associate alone were liable for treble damages.
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In JuneHarvard and Shleifer announced that they had reached a tentative settlement with the US read more. Because Harvard paid almost all of the damages and allowed Shleifer to retain his faculty position, the settlement provoked allegations of favoritism on Summers.
His continued support for Shleifer strengthened Summers's unpopularity with other professors, as reported in the Harvard Crimson:. Abernathy, the McKay professor of mechanical engineering, began his biting comments about the Shleifer case at Tuesday's fiery Faculty meeting. But, Abernathy continued, "I was deeply link and disappointed by the actions of this University" in the Shleifer affair.
In an 18,word article "How Harvard lost Russia" in Institutional Investor by David McClintick Januarythe magazine detailed Shleifer's alleged efforts to use his inside knowledge of and sway over the Russian economy in order to make lucrative personal investments, all while leading a Harvard group, advising the Russian government, that was under contract with the U.
The article suggests that Summers shielded his fellow economist from disciplinary action by the University, although it noted that Summers had forewarned Shleifer and his Head Of Treasury Resume Nancy Zimmerman about the conflict-of-interest regulations back in On February 21,Summers announced his intention to step down at the end of the school year effective June 30, After a one-year sabbatical, Summers subsequently accepted Harvard University's invitation to serve as the Charles W.
He is a member in the Group of Thirty. He also currently serves on the Berggruen Institute 's 21st Century Council, and was part of Head Of Treasury Resume Berggruen-organized meeting with Chinese president Xi Jinping. On October 19,Summers was hired as a part-time managing director of the New York-based hedge fund D. Upon the inauguration of Barack Obama as president in JanuarySummers was appointed to the post of director of the National Economic Council.
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There had been friction between Summers and former Federal Reserve Chairman Paul Volckeras Volcker accused Summers of delaying the effort to organize a panel of outside economic advisers, and Summers had cut Volcker out of White House meetings and had not shown interest in collaborating on policy solutions to the economic crisis.