Love this story. Now that Geithner has removed his name from consideration, here's a look at Larry's chances to replace Bernanke.
Almost half of global investors say President Barack Obama shouldn’t select former Treasury Secretary Lawrence Summers as the next chairman of Federal Reserve Board, according to the latest Bloomberg Global Poll of investors.
Only 17 percent of the 862 surveyed say it would be a good idea to appoint Summers, 57, to replace current Fed Chairman Ben S. Bernanke, 58, whose term expires in January 2014. Thirty-four percent didn’t have an opinion and 49 percent said it was a bad idea.
The Nov. 27 poll of Bloomberg customers who are investors, traders or analysts was conducted by Selzer & Co., a Des Moines, Iowa-based company. It has a margin of error of plus or minus 3.3 percentage points.
“Although Lawrence Summers is an exceptionally talented man, the Fed chair is in need of a man with less connections and entanglements to the establishment,” Fredrik Fyring, a derivatives trader at Skandinaviska Enskilda Banken in Stockholm.
Summers last month on Bloomberg. Runs 1 minute.
'Nobody who holds Treasuries should worry about getting paid. The U.S. will meet all its obligations.'
If you remember, both Summers and Geithner guaranteed last year that the U.S. would never be downgraded, and then it happened a few months later, in August of 2011. So Mr. Somnolence is choosing his words quite carefully in this clip.
Dylan Ratigan annihlates Larry Summers while Steve Rattner sits in denial:
Dylan Ratigan with Barry Ritholtz and Steve Rattner.
"He's headed back to Harvard. Presumably to teach students how to steal a whole bunch of other people's money, and then cover it up."
How Larry Wrecked Harvard's Endowment:
- Don't Let Larry Summers Anywhere Near Your Investments...
- Harvard Swaps Are So Toxic Even Summers Won’t Explain - Bloomberg
- Larry Summers loses 1/3 of Harvard's endowment ($1.8 Billion) on derivatives, gets promoted to White House