bank of america merrill lynch summer associate

John has successfully secured a place on Bank of America Merrill Lynch's Summer Internship - congratulations John! We heard all about it. Bank of America Merrill Lynch (BAML) - New York, New York United States Linux Engineering Summer Internship 2022. Are you interested in exploring the. View Yumi Karlshoej's business profile as Investment Banking Summer Associate at Bank of America Merrill Lynch. Find Yumi's email address, mobile number.

Bank of america merrill lynch summer associate -

Africa Analyst Summer Internship, Bank of America Merrill Lynch

Duration: 10 weeks, from June to August

Minimum eligibility requirement: Candidates should be in their penultimate year of study, expecting to graduate in 2017. Those graduating in 2018 will also be considered.

Language Requirements: Fluent written and spoken English

Job Description

Our Summer Internship programme offers you the chance to discover the world of banking at Bank of America Merrill Lynch. As a summer analyst you will have the opportunity to gain in depth exposure to a line of business and gain an invaluable insight into the organisation and its culture. 

Training

The programme is designed to help you decide whether our offer matches your aspirations and includes:
• One week induction and training programme with classroom instruction
• On the job training forms a large part of the learning opportunities
• Summer Senior Speaker Series, featuring global & divisional presentations by top executives
• Opportunities to interact with senior employees and network with peers
• Constructive feedback sessions through performance evaluations

Qualifications

• Strong A-level grades and on track for a minimum 2:1 degree (or equivalent)
• Applications are accepted from any degree discipline
• Fluency in English is essential and a second language may also be required for some roles
• You'll need to demonstrate drive, innovation and a genuine interest in the financial markets
• The key qualities of team work, leadership, creativity and problem solving skills are essential, as is the ability to work in a fast-paced environment, multi-task and interact with a variety of people
• Ability to grasp a wide variety of products and to handle more projects simultaneously

We are an equal opportunities employer, and [seek to] ensure that no applicant is subject to less favourable treatment on the grounds of gender, marital status, race, religion or belief, colour, nationality, ethnic origin, age, sexual orientation, gender reassignment, responsibilities for dependants and physical or mental disability. The Bank selects candidates for interview and placement based on their skill set and ability to meet genuine business requirements of a particular role.

 

Application process

Stage 1: Online Application Form
Stage 2: Online Numerical Reasoning Test
Stage 3: Your application will be reviewed and successful applicants will be invited to attend an interview in Ghana or Nigeria, or via WebEx
Applicants may be requested to attend further interviews
PLEASE NOTE: You will only be able to apply to ONE vacancy. Therefore, please consider your choice of application carefully.

Apply Now

 


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News

Lawrence Summers

American economist, Secretary of the Treasury, college administrator, and U.S. government official

Lawrence Summers

Lawrence Summers 2012.jpg
In office
January 20, 2009 – January 20, 2011
PresidentBarack Obama
DeputyDiana Farrell
Jason Furman
Preceded byKeith Hennessey
Succeeded byGene Sperling
In office
July 1, 2001 – June 30, 2006
Preceded byNeil Rudenstine
Succeeded byDerek Bok
In office
July 2, 1999 – January 20, 2001
PresidentBill Clinton
DeputyStuart E. Eizenstat
Preceded byRobert Rubin
Succeeded byPaul H. O'Neill
In office
August 11, 1995 – July 2, 1999
PresidentBill Clinton
Preceded byFrank N. Newman
Succeeded byStuart E. Eizenstat
In office
April 5, 1993 – August 11, 1995
PresidentBill Clinton
Preceded byDavid Mulford
Succeeded byMichael Bruno
In office
January 14, 1991 – January 14, 1993
PresidentBarber Conable
Lewis Thompson Preston
Preceded byStanley Fischer
Succeeded byMichael Bruno
Born

Lawrence Henry Summers


(1954-11-30) November 30, 1954 (age 66)
New Haven, Connecticut, U.S.
Political partyDemocratic
Spouse(s)

Victoria Perry

(m. 1984⁠–⁠2003)​

Elisa New

(m. )​
Children3
EducationMassachusetts Institute of Technology (SB)
Harvard University (AM, PhD)
Signature
Academic career
FieldMacroeconomics
School or
tradition
New Keynesian economics
Doctoral
students
Alan Krueger, Kiminori Matsuyama, James R. Hines Jr.
Information at IDEAS / RePEc
ThesisAn asset price approach to the analysis of capital income taxation (1982)

Lawrence Henry Summers (born November 30, 1954) is an American economist who served as the 71st United States Secretary of the Treasury from 1999 to 2001 and as the 8th Director of the National Economic Council from 2009 to 2010. He is a former president of Harvard University (2001–2006),[1][2] where he is currently (as of March 2017[update]) a professor and director of the Mossavar-Rahmani Center for Business and Government at Harvard's Kennedy School of Government.[1][3][4]

Born in New Haven, Connecticut, Summers became a professor of economics at Harvard University in 1983. He left Harvard in 1991, working as the Vice President of Development Economics and Chief Economist at the World Bank from 1991 to 1993.[5][6][1] In 1993, Summers was appointed Under Secretary for International Affairs of the United States Department of the Treasury under President Bill Clinton's administration. In 1995, he was promoted to Deputy Secretary of the Treasury under his long-time political mentor Robert Rubin. In 1999, he succeeded Rubin as Secretary of the Treasury.[6][1][7] While working for the Clinton administration, Summers played a leading role in the American response to the 1994 economic crisis in Mexico, the 1997 Asian financial crisis, and the Russian financial crisis. He was also influential in the Harvard Institute for International Development and American-advised privatization of the economies of the post-Soviet states, and in the deregulation of the U.S financial system, including the repeal of the Glass-Steagall Act.

Following the end of Clinton's term, Summers served as the 27th President of Harvard University from 2001 to 2006. Summers resigned as Harvard's president in the wake of a no-confidence vote by Harvard faculty, which resulted in large part from Summers's conflict with Cornel West, financial conflict of interest questions regarding his relationship with Andrei Shleifer, and a 2005 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.

After his departure from Harvard, Summers worked as a managing partner at the hedge fund D. E. Shaw & Co., and as a freelance speaker at other financial institutions, including Goldman Sachs, JPMorgan Chase, Citigroup, Merrill Lynch and Lehman Brothers. Summers rejoined public service during the Obama administration, serving as the Director of the White House United States National Economic Council for President Barack Obama from January 2009 until November 2010, where he emerged as a key economic decision-maker in the Obama administration's response to the Great Recession.[6][1] After his departure from the NEC in December 2010, Summers worked in the private sector and as a columnist in major newspapers. In mid-2013, his name was widely floated as the potential successor to Ben Bernanke as the Chairman of the Federal Reserve, though Obama eventually nominated Federal Reserve Vice-Chairwoman Janet Yellen for the position. As of 2017, Summers retains his Harvard University status as former president emeritus and Charles W. Eliot University Professor. He also regularly writes opinion columns for The Washington Post.[8]

Family and education[edit]

Summers was born in New Haven, Connecticut, on November 30, 1954, into a Jewish family, the son of two economists, Robert Summers (who changed the family surname from Samuelson) and Anita Summers (of Romanian-Jewish ancestry), who are both professors at the University of Pennsylvania. He is also the nephew of two Nobel laureates in economics: Paul Samuelson (brother of Robert Summers) and Kenneth Arrow (brother of Anita Arrow Summers). He spent most of his childhood in Penn Valley, Pennsylvania, a suburb of Philadelphia, where he attended Harriton High School.

At age 16,[9] he entered Massachusetts Institute of Technology (MIT), where he originally intended to study physics but soon switched to economics (S.B., 1975). 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.D., 1982).[10] In 1983, at 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 of Economics[11] in 1987. Summers has three children (older twin daughters Ruth and Pamela and son Harry) with his first wife, Victoria Joanne (Perry).[12][13] In December 2005, Summers married English professor Elisa New, who has three daughters (Yael, Orli and Maya) from a previous marriage. He lives in Brookline, Massachusetts.

Career[edit]

Academic economist[edit]

As a researcher, Summers has made important contributions in many areas of economics, primarily public finance, labor economics, financial economics, and macroeconomics. Summers has also worked in international economics, economic demography, economic history and development economics.[14] He received the John Bates Clark Medal in 1993 from the American Economic Association.[15] In 1987, he was the first social scientist to win the Alan T. Waterman Award from the National Science Foundation. Summers is also a member of the National Academy of Sciences. Some of his popular courses today, as Charles W. Eliot University Professor at Harvard University, include American Economic Policy and The Political Economy of Globalization.[16]

Public official[edit]

Summers was on the staff of the Council of Economic Advisers under President Reagan in 1982–1983. He also served as an economic adviser to the Dukakis Presidential campaign in 1988.

Chief Economist at the World Bank[edit]

Summers left Harvard in 1991 and served as Vice President of Development Economics and Chief Economist for the World Bank until 1993.[5][6][1]

According to the World Bank's Data & Research office (March, 2017), Summers returned to Washington, D.C. in 1991 as the World Bank's Vice President of Development Economics and Chief Economist. 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.[5]

The World Bank's official site also reports that Summer's research included an "influential" report that demonstrated a very high return from investments in educating girls in developing nations.[5]

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.[17]

"Dirty industries" controversy[edit]

Further information: Summers memo

In December 1991, while 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.[18] The memo stated that "the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to that.[18] ... I've always thought that under-populated countries in Africa are vastly underpolluted."[19] According to Pritchett, the memo, as leaked, was doctored to remove context and intended irony, and was "a deliberate fraud and forgery to discredit Larry and the World Bank."[20][18]

Service in the Clinton Administration[edit]

Summers as United States Secretary of the Treasury

In 1993, Summers was appointed Undersecretary for International Affairs and later in the United States Department of the Treasury under the Clinton Administration. In 1995, he was promoted to Deputy Secretary of the Treasury under his long-time political mentor Robert Rubin. In 1999, he succeeded Rubin as Secretary of the Treasury.

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.[21] Summers set up a project through which the Harvard Institute for International Development provided advice to the Russian government between 1992 and 1997. 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.[22] Summers encouraged then-Russian leader Boris Yeltsin to use the same "three-'ations'" of policy he advocated in the Clinton Administration – "privatization, stabilization, and liberalization."[23]

Summers pressured the Korean government to raise its interest rates and balance its budget in the midst of a recession, policies criticized by Paul Krugman and Joseph Stiglitz.[24] According to the book The Chastening, by Paul Blustein, during this crisis, Summers, along with Paul Wolfowitz, pushed for regime change in Indonesia.[25]

Summers was a leading voice within the Clinton Administration arguing against American leadership in greenhouse gas reductions and against US participation in the Kyoto Protocol, according to internal documents made public in 2009.[26]

As Treasury Secretary, Summers led the Clinton Administration's opposition to tax cuts proposed by the Republican Congress in 1999.[27]

During the California energy crisis of 2000, then-Treasury Secretary Summers teamed with Alan Greenspan and Enron executive Kenneth Lay to lecture California Governor Gray Davis on the causes of the crisis, explaining that the problem was excessive government regulation.[28] Under the advice of Kenneth Lay, Summers urged Davis to relax California's environmental standards in order to reassure the markets.[29]

Summers hailed the Gramm–Leach–Bliley Act in 1999, which lifted more than six decades of restrictions against banks offering commercial banking, insurance, and investment services (by repealing key provisions in the 1933 Glass–Steagall Act): "Today Congress voted to update the rules that have governed financial services since the Great Depression and replace them with a system for the 21st century," Summers said.[30] "This historic legislation will better enable American companies to compete in the new economy."[30] Many critics, including PresidentBarack Obama, have suggested the 2007 subprime mortgage financial crisis was caused by the partial repeal of the 1933 Glass–Steagall Act.[31] Indeed, as a member of President Clinton's Working Group on Financial Markets, Summers, along with U.S. Securities and Exchange Commission (SEC) Chairman Arthur Levitt, Fed Chairman Greenspan, and Secretary Rubin, torpedoed an effort to regulate the derivatives that many blame for bringing the financial market down in Fall 2008.[32]

Views on banking regulation[edit]

On May 7, 1998, the Commodity Futures Trading Commission (CFTC) issued a Concept Release soliciting input from regulators, academics, and practitioners 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.S. entities to remain competitive in the global financial marketplace."[33] On July 30, 1998, then-Deputy Secretary of the Treasury Summers testified before the U.S. 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." At the time Summers stated that "to date there has been no clear evidence of a need for additional regulation of the institutional OTC derivatives market, and we would submit that proponents of such regulation must bear the burden of demonstrating that need."[34] In 1999 Summers endorsed the Gramm–Leach–Bliley Act which removed the separation between investment and commercial banks, saying "With this bill, the American financial system takes a major step forward towards the 21st Century."[35]

When George Stephanopoulos asked Summers about the financial crisis in an ABC interview on March 15, 2009, Summers replied that "there are a lot of terrible things that have happened in the last eighteen months, but what's happened at A.I.G. ... the way it was not regulated, the way no one was watching ... is outrageous."

In February 2009, Summers quoted John Maynard Keynes, saying "When circumstances change, I change my opinion", reflecting both on the failures of Wall Street deregulation and his new leadership role in the government bailout.[36] On April 18, 2010, in an interview on ABC's "This Week" program, Clinton said Summers was wrong in the advice he gave him not to regulate derivatives.

[edit]

In 2001, when George W. Bush became President, Summers left the Treasury Department and returned to Harvard as its 27th president, serving from July 2001 until June 2006.[15] He is considered Harvard's first Jewish president, though his predecessor Neil Rudenstine had Jewish ancestry, and received praise from Harvard's Jewish community for his support.[37]

A number of Summers's decisions at Harvard have attracted public controversy, either at the time or since his resignation.[example needed]

Cornel West affair[edit]

In an October 2001 meeting, Summers 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.[38] "The hip-hop scared him. 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 Matters (2004), subsequently returned to Princeton University, where he had taught prior to Harvard University.

Differences between the sexes[edit]

See also: Women in science

In January 2005, at a Conference on Diversifying the Science & Engineering Workforce sponsored by the National Bureau of Economic Research, Summers sparked controversy with his discussion of why women may have been underrepresented "in tenured positions in science and engineering at top universities and research institutions".

Summers had prefaced his talk, saying he was adopting an "entirely positive, rather than normative approach" and that his remarks were intended to be an "attempt at provocation."[39]

Summers then began by identifying three hypotheses for the higher proportion of men in high-end science and engineering positions:

  1. The high-powered job hypothesis
  2. Different availability of aptitude at the high end
  3. Different socialization and patterns of discrimination in a search[39]

The second hypothesis, the generally greater variability among men (compared to women) in tests of cognitive abilities,[40][41][42] 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]".[39] Summers referenced research that implied differences between the standard deviations of males and females in the top 5% of twelfth-graders under various tests. He then went on to argue that, if this research were to be accepted, then "whatever the set of attributes ... that are precisely defined to correlate with being an aeronautical engineer at MIT or being a chemist at Berkeley ... are probably different in their standard deviations as well".[39]

Summers then concluded his discussion of the three hypotheses by saying:

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 issues of intrinsic aptitude, and particularly of the variability of aptitude, and 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 working very hard to address them.[39]

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.[43] Summers apologized repeatedly.[44] Nevertheless, the controversy is speculated to have contributed to his resigning his position as president of Harvard University the following year, as well as costing Summers the job of Treasury Secretary in Obama's administration.[45]

Summers's protégée Sheryl Sandberg has defended him, saying that "Larry has been a true advocate for women throughout his career" at the World Bank and Treasury. Referring to the lunch talk, Sandberg said, "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".[46]

In 2016, remarking upon political correctness in institutions of higher education, Summers said:

There is a great deal of absurd political correctness. Now, I'm somebody who believes very strongly in diversity, who resists racism in all of its many incarnations, who thinks that there is a great deal that's unjust in American society that needs to be combated, but it seems to be that there is a kind of creeping totalitarianism in terms of what kind of ideas are acceptable and are debatable on college campuses.[47]

Summers' opposition and support at Harvard[edit]

On March 15, 2005, members of the Harvard Faculty of Arts and Sciences, which instructs graduate students in Harvard Graduate School of Arts and Sciences and undergraduates in Harvard College, passed 218–185 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 253 to 137, also with 18 abstentions.

The members of the Harvard Corporation, the 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 degree of rigor? That's the difference between a university and a madrassa. There is certainly enough evidence for the hypothesis to be taken seriously."[48]

Summers had stronger support among Harvard College students than among the college faculty. One poll by the Harvard Crimson indicated that students opposed his resignation by a three-to-one margin, with 57% of responding students opposing his resignation and 19% supporting it.[49]

In July 2005, a board member of Harvard Corporation, Conrad K. Harper, 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 salary, ... I believe that Harvard's best interests require your resignation."[50][51]

Support of economist Andrei Shleifer[edit]

Harvard and Andrei Shleifer, a close friend and protégé of Summers, controversially paid $28.5 million to settle a lawsuit by the U.S. government over the conflict of interest Shleifer had while advising Russia's privatisation program. The US government had sued Shleifer under the False Claims Act, as he bought Russian stocks while designing the country's privatisation. In 2004, a federal judge ruled that while Harvard had violated the contract, Shleifer and his associate alone were liable for treble damages.

In June 2005, Harvard and Shleifer announced that they had reached a tentative settlement with the US government. In August, Harvard, Shleifer, and the Department of Justice reached an agreement under which the university paid $26.5 million to settle the five-year-old lawsuit. Shleifer was also responsible for paying $2 million worth of damages.

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:

I've been a member of this Faculty for over 45 years, and I am no longer easily shocked," is how Frederick H. 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 shocked and disappointed by the actions of this University" in the Shleifer affair.[52]

In an 18,000-word article "How Harvard lost Russia" in Institutional Investor by David McClintick (January 2006), the 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.S. 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 wife Nancy Zimmerman about the conflict-of-interest regulations back in 1996.[52] Summers's friendship with Shleifer was well known by the Corporation when it selected him to succeed Rudenstine and Summers recused himself from all proceedings with Shleifer, whose case was actually handled by an independent committee led by former Harvard President Derek Bok.

Donations to Harvard from Jeffrey Epstein[edit]

An article in the Harvard Crimson in 2003, during Summers' tenure as president, detailed a reportedly "special connection" between Summers and sex offenderJeffrey Epstein.[53] Epstein pledged to donate at least $25 million to Harvard during Summers's tenure to endow Harvard's Program for Evolutionary Dynamics, and Epstein was given an office at Harvard for his personal use.[54][55] Epstein otherwise had no formal connection to Harvard.[53] Summers's ties to Epstein reportedly began "a number of years...before Summers became Harvard’s president and even before he was the Secretary of the Treasury."[53] A charity funded by Epstein also donated to the production of a PBS show hosted by Summers's wife and Harvard professor Elisa New.[56]

Winklevoss twins and Facebook[edit]

In February 2004, the Winklevoss twins requested a meeting with Summers in order to ask him to intervene on their behalf in an ongoing dispute they had with Facebook founder Mark Zuckerberg. The Winklevosses believed that Zuckerberg had stolen their idea for a social networking website and launched Facebook on his own, after they had asked him to be a part of their project, then called HarvardConnection. Summers believed that the matter was outside the university's jurisdiction, and advised the twins to take their complaint to the courts.[57]

[edit]

On February 21, 2006, Summers announced his intention to step down at the end of the school year effective June 30, 2006. Harvard agreed to provide Summers on his resignation with a one-year paid sabbatical leave, subsidized a $1 million outstanding loan from the university for his personal residence, and provided other payments.[58] Former University President Derek Bok acted as Interim President while the University conducted a search for a replacement which ended with the naming of Drew Gilpin Faust on February 11, 2007.

[edit]

President Barack Obama, on left, discusses with a group in the White House, including Larry Summers on far right (back to camera)

After a one-year sabbatical, Summers subsequently accepted Harvard University's invitation to serve as the Charles W. Eliot University Professor, one of 20 select University-wide professorships, with offices in the Kennedy School of Government and the Harvard Business School.[59] In 2006 he was also a member of the Panel of Eminent Persons which reviewed the work of the United Nations Conference on Trade and Development. 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 a 2015 Berggruen-organized meeting with Chinese president Xi Jinping.[60][61]

Business interests[edit]

On October 19, 2006, Summers was hired as a part-time managing director of the New York-based hedge fund D. E. Shaw & Co. for which he received $5 million in salary and other compensation over a 16-month period.[62] At the same time Summers earned $2.7 million in speaking fees from major financial institutions,[63] including Goldman Sachs, JPMorgan Chase, Citigroup, Merrill Lynch and Lehman Brothers.[64] Upon being nominated Treasury Secretary by President Clinton in 1999, Summers listed assets of about $900,000 and debts, including a mortgage, of $500,000.[63] By the time he returned in 2009 to serve in the Obama administration, he reported a net worth between $17 million and $39 million.[63] He is a former member of the Steering Committee of the Bilderberg Group.[65] In 2013, Summers became an early angel investor in India's first car rental company, Zoomcar, which was started by his former Harvard Teaching Fellow.[66]

National Economic Council[edit]

Upon the inauguration of Barack Obama as president in January 2009, Summers was appointed to the post of director of the National Economic Council.[67] In this position Summers emerged as a key economic decision-maker in the Obama administration, where he attracted both praise and criticism. There had been friction between Summers and former Federal Reserve Chairman Paul Volcker, as 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.[68] On the other hand, Obama himself was reportedly thrilled with the work Summers did in his first few weeks on the job. And Peter Orszag, another top economic advisor, called Summers "one of the world's most brilliant economists."[69] According to Henry Kissinger Larry Summers should "be given a White House post in which he was charged with shooting down or fixing bad ideas." [70]

In January 2009, as the Obama Administration tried to pass an economic stimulus spending bill, Representative Peter DeFazio (D-OR.) criticized Summers, saying that he thought that President Barack Obama is "ill-advised by Larry Summers. Larry Summers hates infrastructure."[71] DeFazio, along with liberal economists including Paul Krugman and Joseph Stiglitz, had argued that more of the stimulus should be spent on infrastructure,[72] while Summers had supported tax cuts.[73] In late 2008, Summers and economic advisors for then-President-elect Obama presented a memo with options for an economic stimulus package ranging from $550 billion to $900 billion.[74] According to The New Republic, economic advisor Christina Romer initially recommended a $1.8-trillion package, which proposal Summers quickly rejected, believing any stimulus approaching $1 trillion would not pass through Congress. Romer revised her recommendation to $1.2 trillion, which Summers agreed to include in the memo, but Summers struck the figure at the last minute.[75]

According to the Wall Street Journal, Summers called Senator Chris Dodd (D-CT) asking him to remove caps on executive pay at firms that have received stimulus money, including Citigroup.[76]

On April 3, 2009 Summers came under renewed criticism after it was disclosed that he was paid millions of dollars the previous year by companies which he now had influence over as a public servant. He earned $5 million from the hedge fund D. E. Shaw, and collected $2.7 million in speaking fees from Wall Street companies that received government bailout money.[77]

Post-NEC career[edit]

Since leaving the NEC in December 2010, Summers has worked as an advisor to hedge fund D. E. Shaw & Co, Citigroup and the NASDAQ OMX Group while resuming his role as a tenured Harvard professor.[63] In June 2011 Summers joined the board of directors of Square, a company developing an electronic payment service,[78] and became a special adviser at venture capital firm Andreessen Horowitz.[79] He joined the board of person-to-person lending company Lending Club in December 2012.[80] In July 2015 Summers joined the Board of Directors of Premise Data, a San Francisco-based data and analytics technology company that sources data from a global network of on-the-ground contributors.[81][82]

In April 2016, he was one of eight former Treasury secretaries who called on the United Kingdom to remain a member of the European Union ahead of the June 2016 Referendum.[83]

Summers referred to the United Kingdom's "Brexit" vote on June 23, 2016—which concluded in favor of leaving the European Union—as the "worst self-inflicted policy wound that a country has done since the Second World War". However, Summers cautioned that the result was a "wake up call for elites everywhere" and called for "responsible nationalism" in response to simmering public sentiment.[84]

In June 2016, Summers also wrote, "I believe the risks to the US and global economies of Mr Trump’s election as president are far greater [than passage of Brexit]. If he is elected, I would expect a protracted recession to begin within 18 months. The damage would be felt far beyond the United States."[85]

[edit]

A coalition of progressive groups called on Joe Biden's 2020 presidential campaign to no longer use Summers as an advisor, after reports surfaced that Summers was advising the campaign on economic policy.[86] Progressive groups like the Sunrise Movement and Justice Democrats petitioned the campaign to disavow Summers, saying, "Summers's legacy is advocating for policies that contributed to the skyrocketing inequality and climate crisis we’re living with today."[87] Following the outcry, Summers stated he would not be joining a future Biden administration, in the event that Biden defeated Donald Trump in the 2020 presidential election.[88]

Candidacy for chairmanship of the Federal Reserve[edit]

In 2013, Summers emerged as one of two leading candidates, along with Janet Yellen, to succeed Ben Bernanke as head of the Federal Reserve System in 2014. The possibility of his nomination created a great deal of controversy with some Senators of both parties declaring opposition. On September 15, Summers withdrew his name from consideration for the position, writing: "I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation's ongoing economic recovery."[89][90]

Criticism of the Biden Administration[edit]

Summers emerged as an early opponent of the macroeconomic policy employed by President Joe Biden, charging the $1.9 trillion American Rescue Plan Act of 2021 as "the least responsible macroeconomic policy we’ve had in the last 40 years."[91] The macroeconomic framework, Summers holds, risks an economic recession and market destabilization.[92]

In popular culture[edit]

The 2010 film The Social Network, which deals with the founding of the social networking site Facebook, shows Summers (played by Douglas Urbanski), in his then-capacity as President of Harvard, meeting with Cameron and Tyler Winklevoss to discuss their accusations against Mark Zuckerberg.

In the 2010 documentary Inside Job, Summers is presented as one of the key figures behind the financial crisis of 2007–2008. Charles Ferguson points out the economist's role in what he characterizes as the deregulation of many domains of the financial sector.[93]

In The Simpsons episode "E My Sports" (S30 E17), the character Principal Seymour Skinner looks at a $100 bill and remarks "$100 bill, autographed by Lawrence Summers. Such a carefree signature, before the great recession."

See also[edit]

References[edit]

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  2. ^"Historical Facts", Harvard University, retrieved March 31, 2017
  3. ^Listing Detail: "Lawrence H. Summers,"Public Harvard Directory, retrieved March 31, 2017
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  7. ^"Lawrence Summers (1999 - 2001)," U.S. Treasury Department, Last Updated: 11/20/2010, retrieved March 31, 2017
  8. ^"Lawrence H. Summers". Washington Post. Retrieved June 11, 2020.
  9. ^Plotz, David."Larry Summers: How the Great Brain learned to grin and bear it.", Slate, June 29, 2001.
  10. ^Summers, Lawrence Henry (1982). An asset price approach to the analysis of capital income taxation (Ph.D.). Harvard University. OCLC 9526217 – via ProQuest.
  11. ^"Obama's LSE alumni". London School of Economics. Retrieved January 4, 2014.
  12. ^"Victoria J. Perry, A Lawyer, Is Wed To an Economist". New York Times. September 30, 1984. Retrieved September 16, 2013.
  13. ^"Victoria Perry to Wed L. H. Summers". The New York Times. June 10, 1984. Retrieved January 4, 2014.
  14. ^Poterba, James M. (Winter 1995). "In Honor of Lawrence H. Summers, Winner of the John Bates Clark Medal". Journal of Economic Perspectives. 9 (1): 165–182. doi:10.1257/jep.9.1.165. ISSN 0895-3309.
  15. ^ ab"The 30 Most Famous Harvard Students Of All Time". Business Insider. Retrieved August 7, 2017.
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  18. ^ abc"Furor on Memo At World Bank," February 7, 1992, The New York Times, retrieved March 30, 2017
  19. ^Office Memorandum from Lawrence M. Summers, Subject: GEP, the World Bank/IMFMIGA, 12 Dec 1991. This was an internal memo at the World Bank, not intended for the public -- reportedly sarcastic, rather than sincere, according to its authors -- that highlighted the economic logic of dumping waste in less-developed countries.
  20. ^"Toxic Memo". Harvard Magazine. May–June 2001., also posted at: "Toxic memo". HarvardMagazine.com. Archived from the original on December 3, 2008. Retrieved November 8, 2017.
  21. ^A New Economic Team: The Nominee; The Administration's Fiscal Closer. The New York Times. May 13, 1999.
  22. ^Bruno S. Sergi (2009). Misinterpreting Modern Russia. Continuum International Publishing Group. p. 79. ISBN .
  23. ^Naomi Klein, "The Shock Doctrine", p. 231
  24. ^Blustein, Paul (2001). "The Chastening". Public Affairs, New York. Archived from the original on December 8, 2010.
  25. ^Blustein, Paul (2001). "The Chastening". Public Affairs, New York. p. 232. Archived from the original on December 8, 2010.
  26. ^Wampler, Robert (December 18, 2009). "Kyoto Redux? Obama's Challenges at Copenhagen Echo Clinton's at Kyoto". National Security Archive at George Washington University. Retrieved April 10, 2010.
  27. ^Aides Say Clinton Would Veto Tax Compromise. The Washington Post. July 26, 1999.
  28. ^Krugman, Paul (November 20, 2008). "California Energy Memories". The New York Times. Retrieved April 4, 2010.
  29. ^Gibney, Alex. "Larry Summers' Enron Problem". The Daily Beast.
  30. ^ abLabaton, Stephen (November 5, 1999). "Congress Passes Wide Ranging Law Repealing Bank laws". New York Times. Retrieved March 25, 2009.
  31. ^Paletta, Damian (March 10, 2009). "Ten Questions for Those Fixing the Financial Mess". Wall Street Journal. Retrieved March 26, 2009.
  32. ^"the warning". Frontline/PBS. October 23, 2009. Retrieved October 26, 2009.
  33. ^"CFTC Issues Concept Release Concerning Over-The-Counter Derivatives Market". U.S. Commodity Futures Trading Commission. May 7, 1998. Retrieved September 16, 2013.
  34. ^Summers, Lawrence (July 30, 1998). "Lawrence H. Summers Testimony". Archived from the original on October 25, 2009.
  35. ^Orrell, David (2010). Economyths : ten ways economics gets it wrong. Mississauga, Ontario: John Wiley & Sons Canada, Ltd. pp. 142–143. ISBN . LCCN 2011286013.
  36. ^Michael Hirsh (February 20, 2009). "The Reeducation of Larry Summers". NewsWeek. Retrieved January 4, 2014.
  37. ^Harvard's First Jewish President. The Harvard Crimson. March 8, 2006
  38. ^Bombardieri, Marcella (June 6, 2006). "Some seek a scholar's return". The Boston Globe.
  39. ^ abcde"Archive of: Remarks at NBER Conference on Diversifying the Science & Engineering Workforce". Archived from the original on January 30, 2008. Retrieved January 30, 2008.. January 14, 2005.
  40. ^Hedges, L. V., & Nowell, A. (1995). Sex differences in mental scores, variability, and numbers of high scoring individuals. Science, 269, 41–45.
  41. ^Lehrke, R. (1997). Sex linkage of intelligence: The X-Factor. NY: Praeger.
  42. ^Lubinski, D., & Benbow, C. M. (2006). Study of mathematically precocious youth after 35 years. Perspectives on Psychological Science, 1, 316–345.
  43. ^Summers' Remarks on Women Draw Fire. The Boston Globe. January 17, 2005
  44. ^Saletan, William (January 21, 2005). "Don't Worry Your Pretty Little Head". Slate.
  45. ^Summers's 'sexism' costs him top Treasury job. The Independent. November 24, 2008
  46. ^Sheryl Sandberg (November 7, 2008). "Larry Summers' True Record on Women". Huffington Post. Retrieved January 4, 2014.
  47. ^"Larry Summers II on Conversations with Bill Kristol". ConversationsWithBillKristol.org. Retrieved November 8, 2017.
  48. ^Psychoanalysis Q-and-A: Steven Pinker. The Harvard Crimson. January 19, 2005
  49. ^Poll: Students Say Summers Should Stay. The Harvard Crimson. February 20, 2006
  50. ^Finder, Alan (July 29, 2005). "A Harvard Governor, Dissatisfied, Resigns". The New York Times. Retrieved December 5, 2013.
  51. ^Board Member's Letter of Resignation. The New York Times. August 2, 2005
  52. ^ abNicholas Ciarelli; Anton Troianovski (February 10, 2006). "'Tawdry Shleifer Affair' Stokes Faculty Anger Toward Summers". The Harvard Crimson. Retrieved May 30, 2013.
  53. ^ abc"Mogul Donor Gives Harvard More Than Money

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    Westpac graduate salary

    westpac graduate salary I learned a lot working there regarding leadership and influencing. From day one, you’ll work on projects that contribute to making our state a great place to live, work and visit. Earning five stars for graduate employment, JCU is the only Queensland university, and one of three in the country, to achieve this seven years in a row. We will respond within 2 business days. Westpac The Harvard Crimson". www.thecrimson.com. Retrieved July 12, 2019.

  54. ^Ward, Vicky (March 2003). "The Talented Mr. Epstein". Vanity Fair. Retrieved July 12, 2019.
  55. ^"Program for Evolutionary Dynamics". ped.fas.harvard.edu. Retrieved July 12, 2019.
  56. ^Briquelet, Kate (July 10, 2019). "REVEALED: We Found Billionaire Pedophile Jeffrey Epstein's Secret Charity". Daily Beast. Retrieved July 12, 2019.
  57. ^Sharif, Shirin (August 5, 2004). "Harvard grads face off against thefacebook.com". The Stanford Daily. Archived from the original on June 18, 2010.
  58. ^President and Fellows of Harvard College, IRS Form 990, 2006 & 2007.
  59. ^Schuker, Daniel J. T. (July 7, 2006). "Summers Named Eliot Univ. Prof". The Harvard Crimson.
  60. ^"Berggruen Institute". Archived from the original on June 13, 2018. Retrieved April 17, 2017.
  61. ^"Why Nicolas Berggruen is Creating an Institute for Geniuses", Town and Country, May 11, 2016. "Another wing of the Berggruen Institute has technologists like Elon Musk and Twitter co-founder Jack Dorsey, as well as former treasury secretary Larry Summers."
  62. ^Levy, Ari (June 30, 2011). "Summers Joins Andreessen Horowitz as a Part-Time Adviser to Entrepreneurs". Bloomberg.
  63. ^ abcdBenson, Clea (August 2, 2013). "Summers After Government Saw Wealth Surge to $17 Million". Bloomberg L.P. Retrieved August 10, 2013.
  64. ^Greenwald, Glenn (April 4, 2009). "Larry Summers, Tim Geithner and Wall Street's ownership of government". Salon. Retrieved August 10, 2013.
  65. ^"Former Steering Committee Members". bilderbergmeetings.org. Bilderberg Group. Archived from the original on February 2, 2014. Retrieved February 8, 2014.
  66. ^Staff, W. S. J. (August 8, 2013). "Indian Drivers Attract Larry Summers". WSJ.com. Retrieved November 8, 2017.
  67. ^Montgomery, Lori (September 22, 2010). "Lawrence Summers to leave economic council, return to Harvard". The Washington Post. ISSN 0190-8286. Retrieved August 7, 2017.
  68. ^Schmidt, Robert; Julianna Goldman (February 5, 2009). "Volcker Chafes at Obama Panel Delay, Strains With Summers Rise". Bloomberg.
  69. ^Calmes, Jackie (June 8, 2009). "Obama's Economic Circle Keeps Tensions High". The New York Times. Retrieved April 4, 2010.
  70. ^Leonhardt, David (November 25, 2008). "The Return of Larry Summers". The New York Times.
  71. ^DeFazio, Peter; Video Interview (January 2008). "DeFazio Slams Summers".
  72. ^Krugman, Paul (January 6, 2009). "Stimulus Arithmetic (wonkish but important)". The New York Times.
  73. ^"Sean Grady: Shootout at Jackson Hole: The World's Central Bankers Take Aim at Deflation."The Independent. August 14, 2010.
  74. ^Lizza, Ryan (January 30, 2012). "The Obama memos". The New Yorker.
  75. ^Scheiber, Noam (February 22, 2012). "The Memo that Larry Summers Didn't Want Obama to See". The New Republic.
  76. ^Soloman, Deborah; Mark Maremont (February 14–15, 2009). "Bankers Face Strict Pay Cap". Wall Street Journal. pp. 1, above the fold.
  77. ^Zeleny, Jeff (April 3, 2009). "Financial Industry Paid Millions to Obama Aide". The New York Times. Retrieved April 4, 2009.
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  82. ^Summers, Lawrence H. (April 4, 2016). "Larry Summers: Data collection is the ultimate public good". Washington Post. ISSN 0190-8286. Retrieved February 22, 2018.
  83. ^"Staying in EU 'best hope' for UK's future say ex-US Treasury secretaries". BBC News. April 20, 2016.
  84. ^"Lawrence Summers on Brexit: A wakeup call for elites". June 24, 2016. Retrieved July 15, 2016.
  85. ^"The economic consequences of a Trump win would be severe | Larry Summers".
  86. ^Moreno, J. Edward (May 6, 2020). "Progressive groups renew push to oust Larry Summers from Biden campaign citing environmental concerns". The Hill. Retrieved September 16, 2020.
  87. ^Golshan, Tara (April 24, 2020). "Joe Biden Under Pressure From Progressives To Cut Out Larry Summers". HuffPost. Retrieved September 16, 2020.
  88. ^Matthews, Steve (August 6, 2020). "Larry Summers Rules Out Taking a Job in a Biden Administration". Bloomberg. Retrieved September 16, 2020.
  89. ^Kurtz, Annalyn; Yousuf, Hibah (September 15, 2013). "Larry Summers withdraws name for Fed chair job". CNNMoney. Retrieved September 15, 2013.
  90. ^Lowrey, Annie; Appelbaum, Binyamin (September 15, 2013). "Summers Pulls Name From Consideration for Fed Chief". New York Times. Retrieved September 16, 2013.
  91. ^Williams, Jordan (March 20, 2021). "Larry Summers blasts $1.9 T stimulus as 'least responsible' economic policy in 40 years". TheHill. Retrieved April 25, 2021.
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  93. ^Ferguson, Charles (October 3, 2010). "Larry Summers and the Subversion of Economics". The Chronicle of Higher Education. Retrieved January 4, 2014.

External links[edit]

  • Faculty page at the John F. Kennedy School of Government at Harvard University
  • Profile at the U.S. Treasury Department
  • Lawrence Summers at Big Think
  • Lawrence Summersat the Library of Economics and Liberty
  • Appearances on C-SPAN
  • Lawrence Summers on Charlie Rose
  • "Lawrence Summers collected news and commentary". The New York Times.
  • Works by or about Lawrence Summers in libraries (WorldCat catalog)
  • Voices on Antisemitism Interview with Lawrence Summers from the US Holocaust Museum, February 15, 2007
  • Robert Scheer on Resignation of Lawrence Summers – video report by Democracy Now!, September 22, 2010
  • Summers' policy proposals to ameliorate the "devastating consequences" of the capacity of capital employing robots, 3-D printing, artificial intelligence, and similar technologies "to replace white-collar as well as blue-collar work," Democracy: A Journal of Ideas, Issue #32, Spring 2014
  • Membership at the Council on Foreign Relations
Источник: https://en.wikipedia.org/wiki/Lawrence_Summers

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Lawrence Summers

American economist, Secretary of the Treasury, college administrator, and U.S. government official

Lawrence Summers

Lawrence Summers 2012.jpg
In office
January 20, 2009 – January 20, 2011
PresidentBarack Obama
DeputyDiana Farrell
Jason Furman
Preceded byKeith Hennessey
Succeeded byGene Sperling
In office
July 1, 2001 – June 30, 2006
Preceded byNeil Rudenstine
Succeeded byDerek Bok
In office
July 2, 1999 – January 20, 2001
PresidentBill Clinton
DeputyStuart E. Eizenstat
Preceded byRobert Rubin
Succeeded byPaul H. O'Neill
In office
August 11, 1995 – July 2, 1999
PresidentBill Clinton
Preceded byFrank N. Newman
Succeeded byStuart E. Eizenstat
In office
April 5, 1993 – August 11, 1995
PresidentBill Clinton
Preceded byDavid Mulford
Succeeded byMichael Bruno
In office
January 14, 1991 – January 14, 1993
PresidentBarber Conable
Lewis Thompson Preston
Preceded byStanley Fischer
Succeeded byMichael Bruno
Born

Lawrence Henry Summers


(1954-11-30) November 30, 1954 (age 66)
New Haven, Connecticut, U.S.
Political partyDemocratic
Spouse(s)

Victoria Perry

(m. 1984⁠–⁠2003)​

Elisa New

(m. )​
Children3
EducationMassachusetts Institute of Technology (SB)
Harvard University (AM, PhD)
Signature
Academic career
FieldMacroeconomics
School or
tradition
New Keynesian economics
Doctoral
students
Alan Krueger, Kiminori Matsuyama, James R. Hines Jr.
Information at IDEAS / RePEc
ThesisAn asset price approach to the analysis of capital income taxation (1982)

Lawrence Henry Summers (born November 30, 1954) is an American economist who served as the 71st United States Secretary of the Treasury from 1999 to 2001 and as the 8th Director of the National Economic Council from 2009 to 2010. He is a former president of Harvard University (2001–2006),[1][2] where he is currently (as of March 2017[update]) a professor and director of the Mossavar-Rahmani Center for Business and Government at Harvard's Kennedy School of Government.[1][3][4]

Born in New Haven, Connecticut, Summers became a professor of economics at Harvard University in 1983. He left Harvard in 1991, working as the Vice President of Development Economics and Chief Economist at the World Bank from 1991 to 1993.[5][6][1] In 1993, Summers was appointed Under Secretary for International Affairs of the United States Department of the Treasury under President Bill Clinton's administration. In 1995, he was promoted to Deputy Secretary of the Treasury under his long-time political mentor Robert Rubin. In 1999, he succeeded Rubin as Secretary of the Treasury.[6][1][7] While working for the Clinton administration, Summers played a leading role in the American response to the 1994 economic crisis in Mexico, the 1997 Asian financial crisis, and the Russian financial crisis. He was also influential in the Harvard Institute for International Development and American-advised privatization of the economies of the post-Soviet states, and in the deregulation of the U.S financial system, including the repeal of the Glass-Steagall Act.

Following the end of Clinton's term, Summers served as the 27th President of Harvard University from 2001 to 2006. Summers resigned as Harvard's president in the wake of a no-confidence vote by Harvard faculty, which resulted in large part from Summers's conflict with Cornel West, financial conflict of interest questions regarding his relationship with Andrei Shleifer, and a 2005 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.

After his departure from Harvard, Summers worked as a managing partner at the hedge fund D. E. Shaw & Co., and as a freelance speaker at other financial institutions, including Goldman Sachs, JPMorgan Chase, Citigroup, Merrill Lynch and Lehman Brothers. Summers rejoined public service during the Obama administration, serving as the Director of the White House United States National Economic Council for President Barack Obama from January 2009 until November 2010, where he emerged as a key economic decision-maker in the Obama administration's response to the Great Recession.[6][1] After his departure from the NEC in December 2010, Summers worked in the private sector and as a columnist in major newspapers. In mid-2013, his name was widely floated as the potential successor to Ben Bernanke as the Chairman of the Federal Reserve, though Obama eventually nominated Federal Reserve Vice-Chairwoman Janet Yellen for the position. As of 2017, Summers retains his Harvard University status as former president emeritus and Charles W. Eliot University Professor. He also regularly writes opinion columns for The Washington Post.[8]

Family and education[edit]

Summers was born in New Haven, Connecticut, on November 30, 1954, into a Jewish family, the son of two economists, Robert Summers (who changed the family surname from Samuelson) and Anita Summers (of Romanian-Jewish ancestry), who are both professors at the University of Pennsylvania. He is also the nephew of two Nobel laureates in economics: Paul Samuelson (brother of Robert Summers) and Kenneth Arrow (brother of Anita Arrow Summers). He spent most of his childhood in Penn Valley, Pennsylvania, a suburb of Philadelphia, where he attended Harriton High School.

At age 16,[9] he entered Massachusetts Institute of Technology (MIT), where he originally intended to study physics but soon switched to economics (S.B., 1975). 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.D., 1982).[10] In 1983, at 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 of Economics[11] in 1987. Summers has three children (older twin daughters Ruth and Pamela and son Harry) with his first wife, Victoria Joanne (Perry).[12][13] In December 2005, Summers married English professor Elisa New, who has three daughters (Yael, Orli and Maya) from a previous marriage. He lives in Brookline, Massachusetts.

Career[edit]

Academic economist[edit]

As a researcher, Summers has made important contributions in many areas of economics, primarily public finance, labor economics, financial economics, and macroeconomics. Summers has also worked in international economics, economic demography, economic history and development economics.[14] He received the John Bates Clark Medal in 1993 from the American Economic Association.[15] In 1987, he was the first social scientist to win the Alan T. Waterman Award from the National Science Foundation. Summers is also a member of the National Academy of Sciences. Some of his popular courses today, as Charles W. Eliot University Professor at Harvard University, include American Economic Policy and The Political Economy of Globalization.[16]

Public official[edit]

Summers was on the staff of the Council of Economic Advisers under President Reagan in 1982–1983. He also served as an economic adviser to the Dukakis Presidential campaign in 1988.

Chief Economist at the World Bank[edit]

Summers left Harvard in 1991 and served as Vice President of Development Economics and Chief Economist for the World Bank until 1993.[5][6][1]

According to the World Bank's Data & Research office (March, 2017), Summers returned to Washington, D.C. in 1991 as the World Bank's Vice President of Development Economics and Chief Economist. 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.[5]

The World Bank's official site also reports that Summer's research included an "influential" report that demonstrated a very high return from investments in educating girls in developing nations.[5]

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.[17]

"Dirty industries" controversy[edit]

Further information: Summers memo

In December 1991, while 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.[18] The memo stated that "the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to that.[18] ... I've always thought that under-populated countries in Africa are vastly underpolluted."[19] According to Pritchett, the memo, as leaked, was doctored to remove context and intended irony, and was "a deliberate fraud and forgery to discredit Larry and the World Bank."[20][18]

Service in the Clinton Administration[edit]

Summers as United States Secretary of the Treasury

In 1993, Summers was appointed Undersecretary for International Affairs and later in the United States Department of the Treasury under the Clinton Administration. In 1995, he was promoted to Deputy Secretary of the Treasury under his long-time political mentor Robert Rubin. In 1999, he succeeded Rubin as Secretary of the Treasury.

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.[21] Summers set up a project through which the Harvard Institute for International Development provided advice to the Russian government between 1992 and 1997. 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.[22] Summers encouraged then-Russian leader Boris Yeltsin to use the same "three-'ations'" of policy he advocated in the Clinton Administration – "privatization, stabilization, and liberalization."[23]

Summers pressured the Korean government to raise its interest rates and balance its budget in the midst of a recession, policies criticized by Paul Krugman and Joseph Stiglitz.[24] According to the book The Chastening, by Paul Blustein, during this crisis, Summers, along with Paul Wolfowitz, pushed for regime change in Indonesia.[25]

Summers was a leading voice within the Clinton Administration arguing against American leadership in greenhouse gas reductions and against US participation in the Kyoto Protocol, according to internal documents made public in 2009.[26]

As Treasury Secretary, Summers led the Clinton Administration's opposition to tax cuts proposed by the Republican Congress in 1999.[27]

During the California energy crisis of 2000, then-Treasury Secretary Summers teamed with Alan Greenspan and Enron executive Kenneth Lay to lecture California Governor Gray Davis on the causes of the crisis, explaining that the problem was excessive government regulation.[28] Under the advice of Kenneth Lay, Summers urged Davis to relax California's environmental standards in order to reassure the markets.[29]

Summers hailed the Gramm–Leach–Bliley Act in 1999, which lifted more than six decades of restrictions against banks offering commercial banking, insurance, and investment services (by repealing key provisions in the 1933 Glass–Steagall Act): "Today Congress voted to update the rules that have governed financial services since the Great Depression and replace them with a system for the 21st century," Summers said.[30] "This historic legislation will better enable American companies to compete in the new economy."[30] Many critics, including PresidentBarack Obama, have suggested the 2007 subprime mortgage financial crisis was caused by the partial repeal of the 1933 Glass–Steagall Act.[31] Indeed, as a member of President Clinton's Working Group on Financial Markets, Summers, along with U.S. Securities and Exchange Commission (SEC) Chairman Arthur Levitt, Fed Chairman Greenspan, and Secretary Rubin, torpedoed an effort to regulate the derivatives that many blame for bringing the financial market down in Fall 2008.[32]

Views on banking regulation[edit]

On May 7, 1998, the Commodity Futures Trading Commission (CFTC) issued a Concept Release soliciting input from regulators, academics, and practitioners 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.S. entities to remain competitive in the global financial marketplace."[33] On July 30, 1998, then-Deputy Secretary of the Treasury Summers testified before the U.S. 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." At the time Summers stated that "to date there has been no clear evidence of a need for additional regulation of the institutional OTC derivatives market, and we would submit that proponents of such regulation must bear the burden of demonstrating that need."[34] In 1999 Summers endorsed the Gramm–Leach–Bliley Act which removed the separation between investment and commercial banks, saying "With this bill, the American financial system takes a major step forward towards the 21st Century."[35]

When George Stephanopoulos asked Summers about the financial crisis in an ABC interview on March 15, 2009, Summers replied that "there are a lot of terrible things that have happened in the last eighteen months, but what's happened at A.I.G. ... the way it was not regulated, the way no one was watching ... is outrageous."

In February 2009, Summers quoted John Maynard Keynes, saying "When circumstances change, I change my opinion", reflecting both on the failures of Wall Street deregulation and his new leadership role in the government bailout.[36] On April 18, 2010, in an interview on ABC's "This Week" program, Clinton said Summers was wrong in the advice he gave him not to regulate derivatives.

[edit]

In 2001, when George W. Bush became President, Summers left the Treasury Department and returned to Harvard as its 27th president, serving from July 2001 until June 2006.[15] He is considered Harvard's first Jewish president, though his predecessor Neil Rudenstine had Jewish ancestry, and received praise from Harvard's Jewish community for his support.[37]

A number of Summers's decisions at Harvard have attracted public controversy, either at the time or since his resignation.[example needed]

Cornel West affair[edit]

In an October 2001 meeting, Summers 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.[38] "The hip-hop scared him. 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 Matters (2004), subsequently returned to Princeton University, where he had taught prior to Harvard University.

Differences between the sexes[edit]

See also: Women in science

In January 2005, at a Conference on Diversifying the Science & Engineering Workforce sponsored by the National Bureau of Economic Research, Summers sparked controversy with his discussion of why women may have been underrepresented "in tenured positions in science and engineering at top universities and research institutions".

Summers had prefaced his talk, saying he was adopting an "entirely positive, rather than normative approach" and that his remarks were intended to be an "attempt at provocation."[39]

Summers then began by identifying three hypotheses for the higher proportion of men in high-end science and engineering positions:

  1. The high-powered job hypothesis
  2. Different availability of aptitude at the high end
  3. Different socialization and patterns of discrimination in a search[39]

The second hypothesis, the generally greater variability among men (compared to women) in tests of cognitive abilities,[40][41][42] 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]".[39] Summers referenced research that implied differences between the standard deviations of males and females in the top 5% of twelfth-graders under various tests. He then went on to argue that, if this research were to be accepted, then "whatever the set of attributes ... that are precisely defined to correlate with being an aeronautical engineer at MIT or being a chemist at Berkeley ... are probably different in their standard deviations as well".[39]

Summers then concluded his discussion of the three hypotheses by saying:

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 issues of intrinsic aptitude, and particularly of the variability of aptitude, and 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 working very hard to address them.[39]

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.[43] Summers apologized repeatedly.[44] Nevertheless, the controversy is speculated to have contributed to his resigning his position as president of Harvard University the following year, as well as costing Summers the job of Treasury Secretary in Obama's administration.[45]

Summers's protégée Sheryl Sandberg has defended him, saying that "Larry has been a true advocate for women throughout his career" at the World Bank and Treasury. Referring to the lunch talk, Sandberg said, "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".[46]

In 2016, remarking upon political correctness in institutions of higher education, Summers said:

There is a great deal of absurd political correctness. Now, I'm somebody who believes very strongly in diversity, who resists racism in all of its many incarnations, who thinks that there is a great deal that's unjust in American society that needs to be combated, but it seems to be that there is a kind of creeping totalitarianism in terms of what kind of ideas are acceptable and are debatable on college campuses.[47]

Summers' opposition and support at Harvard[edit]

On March 15, 2005, members of the Harvard Faculty of Arts and Sciences, which instructs graduate students in Harvard Graduate School of Arts and Sciences and undergraduates in Harvard College, passed 218–185 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 253 to 137, also with 18 abstentions.

The members of the Harvard Corporation, the 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 degree of rigor? That's the difference between a university and a madrassa. There is certainly enough evidence for the hypothesis to be taken seriously."[48]

Summers had stronger support among Harvard College students than among the college faculty. One poll by the Harvard Crimson indicated that students opposed his resignation by a three-to-one margin, with 57% of responding students opposing his resignation and 19% supporting it.[49]

In July 2005, a board member of Harvard Corporation, Conrad K. Harper, 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 salary, ... I believe that Harvard's best interests require your resignation."[50][51]

Support of economist Andrei Shleifer[edit]

Harvard and Andrei Shleifer, a close friend and protégé of Summers, controversially paid $28.5 million to settle a lawsuit by the U.S. government over the conflict of interest Shleifer had while advising Russia's privatisation program. The US government had sued Shleifer under the False Claims Act, as he bought Russian stocks while designing the country's privatisation. In 2004, a federal judge ruled that while Harvard had violated the contract, Shleifer and his associate alone were liable for treble damages.

In June 2005, Harvard and Shleifer announced that they had reached a tentative settlement with the US government. In August, Harvard, Shleifer, and the Department of Justice reached an agreement under which the university paid $26.5 million to settle the five-year-old lawsuit. Shleifer was also responsible for paying $2 million worth of damages.

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:

I've been a member of this Faculty for over 45 years, and I am no longer easily shocked," is how Frederick H. 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 shocked and disappointed by the actions of this University" in the Shleifer affair.[52]

In an 18,000-word article "How Harvard lost Russia" in Institutional Investor by David McClintick (January 2006), the 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.S. 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 wife Nancy Zimmerman about the conflict-of-interest regulations back in 1996.[52] Summers's friendship with Shleifer was well known by the Corporation when it selected him to succeed Rudenstine and Summers recused himself from all proceedings with Shleifer, whose case was actually handled by an independent committee led by former Harvard President Derek Bok.

Donations to Harvard from Jeffrey Epstein[edit]

An article in the Harvard Crimson in 2003, during Summers' tenure as president, detailed a reportedly "special connection" between Summers and sex offenderJeffrey Epstein.[53] Epstein pledged to donate at least $25 million to Harvard during Summers's tenure to endow Harvard's Program for Evolutionary Dynamics, and Epstein was given an office at Harvard for his personal use.[54][55] Epstein otherwise had no formal connection to Harvard.[53] Summers's ties to Epstein reportedly began "a number of years...before Summers became Harvard’s president and even before he was the Secretary of the Treasury."[53] A charity funded by Epstein also donated to the production of a PBS show hosted by Summers's wife and Harvard professor Elisa New.[56]

Winklevoss twins and Facebook[edit]

In February 2004, the Winklevoss twins requested a meeting with Summers in order to ask him to intervene on their behalf in an ongoing dispute they had with Facebook founder Mark Zuckerberg. The Winklevosses believed that Zuckerberg had stolen their idea for a social networking website and launched Facebook on his own, after they had asked him to be a part of their project, then called HarvardConnection. Summers believed that the matter was outside the university's jurisdiction, and advised the twins to take their complaint to the courts.[57]

[edit]

On February 21, 2006, Summers announced his intention to step down at the end of the school year effective June 30, 2006. Harvard agreed to provide Summers on his resignation with a one-year paid sabbatical leave, subsidized a $1 million outstanding loan from the university for his personal residence, and provided other payments.[58] Former University President Derek Bok acted as Interim President while the University conducted a search for a replacement which ended with the naming of Drew Gilpin Faust on February 11, 2007.

[edit]

President Barack Obama, on left, discusses with a group in the White House, including Larry Summers on far right (back to camera)

After a one-year sabbatical, Summers subsequently accepted Harvard University's invitation to serve as the Charles W. Eliot University Professor, one of 20 select University-wide professorships, with offices in the Kennedy School of Government and the Harvard Business School.[59] In 2006 he was also a member of the Panel of Eminent Persons which reviewed the work of the United Nations Conference on Trade and Development. 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 a 2015 Berggruen-organized meeting with Chinese president Xi Jinping.[60][61]

Business interests[edit]

On October 19, 2006, Summers was hired as a part-time managing director of the New York-based hedge fund D. E. Shaw & Co. for which he received $5 million in salary and other compensation over a 16-month period.[62] At the same time Summers earned $2.7 million in speaking fees from major financial institutions,[63] including Goldman Sachs, JPMorgan Chase, Citigroup, Merrill Lynch and Lehman Brothers.[64] Upon being nominated Treasury Secretary by President Clinton in 1999, Summers listed assets of about $900,000 and debts, including a mortgage, of $500,000.[63] By the time he returned in 2009 to serve in the Obama administration, he reported a net worth between $17 million and $39 million.[63] He is a former member of the Steering Committee of the Bilderberg Group.[65] In 2013, Summers became an early angel investor in India's first car rental company, Zoomcar, which was started by his former Harvard Teaching Fellow.[66]

National Economic Council[edit]

Upon the inauguration of Barack Obama as president in January 2009, Summers was appointed to the post of director of the National Economic Council.[67] In this position Summers emerged as a key economic decision-maker in the Obama administration, where he attracted both praise and criticism. There had been friction between Summers and former Federal Reserve Chairman Paul Volcker, as 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.[68] On the other hand, Obama himself was reportedly thrilled with the work Summers did in his first few weeks on the job. And Peter Orszag, another top economic advisor, called Summers "one of the world's most brilliant economists."[69] According to Henry Kissinger Larry Summers should "be given a White House post in which he was charged with shooting down or fixing bad ideas." [70]

In January 2009, as the Obama Administration tried to pass an economic stimulus spending bill, Representative Peter DeFazio (D-OR.) criticized Summers, saying that he thought that President Barack Obama is "ill-advised by Larry Summers. Larry Summers hates infrastructure."[71] DeFazio, along with liberal economists including Paul Krugman and Joseph Stiglitz, had argued that more of the stimulus should be spent on infrastructure,[72] while Summers had supported tax cuts.[73] In late 2008, Summers and economic advisors for then-President-elect Obama presented a memo with options for an economic stimulus package ranging from $550 billion to $900 billion.[74] According to The New Republic, economic advisor Christina Romer initially recommended a $1.8-trillion package, which proposal Summers quickly rejected, believing any stimulus approaching $1 trillion would not pass through Congress. Romer revised her recommendation to $1.2 trillion, which Summers agreed to include in the memo, but Summers struck the figure at the last minute.[75]

According to the Wall Street Journal, Summers called Senator Chris Dodd (D-CT) asking him to remove caps on executive pay at firms that have received stimulus money, including Citigroup.[76]

On April 3, 2009 Summers came under renewed criticism after it was disclosed that he was paid millions of dollars the previous year by companies which he now had influence over as a public servant. He earned $5 million from the hedge fund D. E. Shaw, and collected $2.7 million in speaking fees from Wall Street companies that received government bailout money.[77]

Post-NEC career[edit]

Since leaving the NEC in December 2010, Summers has worked as an advisor to hedge fund D. E. Shaw & Co, Citigroup and the NASDAQ OMX Group while resuming his role as a tenured Harvard professor.[63] In June 2011 Summers joined the board of directors of Square, a company developing an electronic payment service,[78] and became a special adviser at venture capital firm Andreessen Horowitz.[79] He joined the board of person-to-person lending company Lending Club in December 2012.[80] In July 2015 Summers joined the Board of Directors of Premise Data, a San Francisco-based data and analytics technology company that sources data from a global network of on-the-ground contributors.[81][82]

In April 2016, he was one of eight former Treasury secretaries who called on the United Kingdom to remain a member of the European Union ahead of the June 2016 Referendum.[83]

Summers referred to the United Kingdom's "Brexit" vote on June 23, 2016—which concluded in favor of leaving the European Union—as the "worst self-inflicted policy wound that a country has done since the Second World War". However, Summers cautioned that the result was a "wake up call for elites everywhere" and called for "responsible nationalism" in response to simmering public sentiment.[84]

In June 2016, Summers also wrote, "I believe the risks to the US and global economies of Mr Trump’s election as president are far greater [than passage of Brexit]. If he is elected, I would expect a protracted recession to begin within 18 months. The damage would be felt far beyond the United States."[85]

[edit]

A coalition of progressive groups called on Joe Biden's 2020 presidential campaign to no longer use Summers as an advisor, after reports surfaced that Summers was advising the campaign on economic policy.[86] Progressive groups like the Sunrise Movement and Justice Democrats petitioned the campaign to disavow Summers, saying, "Summers's legacy is advocating for policies that contributed to the skyrocketing inequality and climate crisis we’re living with today."[87] Following the outcry, Summers stated he would not be joining a future Biden administration, in the event that Biden defeated Donald Trump in the 2020 presidential election.[88]

Candidacy for chairmanship of the Federal Reserve[edit]

In 2013, Summers emerged as one of two leading candidates, along with Janet Yellen, to succeed Ben Bernanke as head of the Federal Reserve System in 2014. The possibility of his nomination created a great deal of controversy with some Senators of both parties declaring opposition. On September 15, Summers withdrew his name from consideration for the position, writing: "I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation's ongoing economic recovery."[89][90]

Criticism of the Biden Administration[edit]

Summers emerged as an early opponent of the macroeconomic policy employed by President Joe Biden, charging the $1.9 trillion American Rescue Plan Act of 2021 as "the least responsible macroeconomic policy we’ve had in the last 40 years."[91] The macroeconomic framework, Summers holds, risks an economic recession and market destabilization.[92]

In popular culture[edit]

The 2010 film The Social Network, which deals with the founding of the social networking site Facebook, shows Summers (played by Douglas Urbanski), in his then-capacity as President of Harvard, meeting with Cameron and Tyler Winklevoss to discuss their accusations against Mark Zuckerberg.

In the 2010 documentary Inside Job, Summers is presented as one of the key figures behind the financial crisis of 2007–2008. Charles Ferguson points out the economist's role in what he characterizes as the deregulation of many domains of the financial sector.[93]

In The Simpsons episode "E My Sports" (S30 E17), the character Principal Seymour Skinner looks at a $100 bill and remarks "$100 bill, autographed by Lawrence Summers. Such a carefree signature, before the great recession."

See also[edit]

References[edit]

  1. ^ abcdef"Lawrence H. Summers," Harvard Kennedy School, Harvard University, retrieved March 31, 2017
  2. ^"Historical Facts", Harvard University, retrieved March 31, 2017
  3. ^Listing Detail: "Lawrence H. Summers,"Public Harvard Directory, retrieved March 31, 2017
  4. ^Summers, Lawrence H. and John A. Haigh "From the Directors,"About section, Mossavar-Rahmani Center for Business and Government, Harvard Kennedy School of Government, Harvard University, retrieved March 31, 2017
  5. ^ abcd"Former Chief Economists"Archived November 4, 2017, at the Wayback Machine, Data & Research office, The World Bank, retrieved March 31, 2017
  6. ^ abcd"Lawrence H. Summers", World Bank Live, The World Bank, retrieved March 31, 2017
  7. ^"Lawrence Summers (1999 - 2001)," U.S. Treasury Department, Last Updated: 11/20/2010, retrieved March 31, 2017
  8. ^"Lawrence H. Summers". Washington Post. Retrieved June 11, 2020.
  9. ^Plotz, David."Larry Summers: How the Great Brain learned to grin and bear it.", Slate, June 29, 2001.
  10. ^Summers, Lawrence Henry (1982). An asset price approach to the analysis of capital income taxation (Ph.D.). Harvard University. OCLC 9526217 – via ProQuest.
  11. ^"Obama's LSE alumni". London School of Economics. Retrieved January 4, 2014.
  12. ^"Victoria J. Perry, A Lawyer, Is Wed To an Economist". New York Times. September 30, 1984. Retrieved September 16, 2013.
  13. ^"Victoria Perry to Wed L. H. Summers". The New York Times. June 10, 1984. Retrieved January 4, 2014.
  14. ^Poterba, James M. (Winter 1995). "In Honor of Lawrence H. Summers, Winner of the John Bates Clark Medal". Journal of Economic Perspectives. 9 (1): 165–182. doi:10.1257/jep.9.1.165. ISSN 0895-3309.
  15. ^ ab"The 30 Most Famous Harvard Students Of All Time". Business Insider. Retrieved August 7, 2017.
  16. ^"Lawrence H. Summers".
  17. ^"New ideas: The World Bank hires a famous contrarian," July 18, 2016, The Economist, retrieved March 31, 2017
  18. ^ abc"Furor on Memo At World Bank," February 7, 1992, The New York Times, retrieved March 30, 2017
  19. ^Office Memorandum from Lawrence M. Summers, Subject: GEP, the World Bank/IMFMIGA, 12 Dec 1991. This was an internal memo at the World Bank, not intended for the public -- reportedly sarcastic, rather than sincere, according to its authors -- that highlighted the economic logic of dumping waste in less-developed countries.
  20. ^"Toxic Memo". Harvard Magazine. May–June 2001., also posted at: "Toxic memo". HarvardMagazine.com. Archived from the original on December 3, 2008. Retrieved November 8, 2017.
  21. ^A New Economic Team: The Nominee; The Administration's Fiscal Closer. The New York Times. May 13, 1999.
  22. ^Bruno S. Sergi (2009). Misinterpreting Modern Russia. Continuum International Publishing Group. p. 79. ISBN .
  23. ^Naomi Klein, "The Shock Doctrine", p. 231
  24. ^Blustein, Paul (2001). "The Chastening". Public Affairs, New York. Archived from the original on December 8, 2010.
  25. ^Blustein, Paul (2001). "The Chastening". Public Affairs, New York. p. 232. Archived from the original on December 8, 2010.
  26. ^Wampler, Robert (December 18, 2009). "Kyoto Redux? Obama's Challenges at Copenhagen Echo Clinton's at Kyoto". National Security Archive at George Washington University. Retrieved April 10, 2010.
  27. ^Aides Say Clinton Would Veto Tax Compromise. The Washington Post. July 26, 1999.
  28. ^Krugman, Paul (November 20, 2008). "California Energy Memories". The New York Times. Retrieved April 4, 2010.
  29. ^Gibney, Alex. "Larry Summers' Enron Problem". The Daily Beast.
  30. ^ abLabaton, Stephen (November 5, 1999). "Congress Passes Wide Ranging Law Repealing Bank laws". New York Times. Retrieved March 25, 2009.
  31. ^Paletta, Damian (March 10, 2009). "Ten Questions for Those Fixing the Financial Mess". Wall Street Journal. Retrieved March 26, 2009.
  32. ^"the warning". Frontline/PBS. October 23, 2009. Retrieved October 26, 2009.
  33. ^"CFTC Issues Concept Release Concerning Over-The-Counter Derivatives Market". U.S. Commodity Futures Trading Commission. May 7, 1998. Retrieved September 16, 2013.
  34. ^Summers, Lawrence (July 30, 1998). "Lawrence H. Summers Testimony". Archived from the original on October 25, 2009.
  35. ^Orrell, David (2010). Economyths : ten ways economics gets it wrong. Mississauga, Ontario: John Wiley & Sons Canada, Ltd. pp. 142–143. ISBN . LCCN 2011286013.
  36. ^Michael Hirsh (February 20, 2009). "The Reeducation of Larry Summers". NewsWeek. Retrieved January 4, 2014.
  37. ^Harvard's First Jewish President. The Harvard Crimson. March 8, 2006
  38. ^Bombardieri, Marcella (June 6, 2006). "Some seek a scholar's return". The Boston Globe.
  39. ^ abcde"Archive of: Remarks at NBER Conference on Diversifying the Science & Engineering Workforce". Archived from the original on January 30, 2008. Retrieved January 30, 2008.. January 14, 2005.
  40. ^Hedges, L. V., & Nowell, A. (1995). Sex differences in mental scores, variability, and numbers of high scoring individuals. Science, 269, 41–45.
  41. ^Lehrke, R. (1997). Sex linkage of intelligence: The X-Factor. NY: Praeger.
  42. ^Lubinski, D., & Benbow, C. M. (2006). Study of mathematically precocious youth after 35 years. Perspectives on Psychological Science, 1, 316–345.
  43. ^Summers' Remarks on Women Draw Fire. The Boston Globe. January 17, 2005
  44. ^Saletan, William (January 21, 2005). "Don't Worry Your Pretty Little Head". Slate.
  45. ^Summers's 'sexism' costs him top Treasury job. The Independent. November 24, 2008
  46. ^Sheryl Sandberg (November 7, 2008). "Larry Summers' True Record on Women". Huffington Post. Retrieved January 4, 2014.
  47. ^"Larry Summers II on Conversations with Bill Kristol". ConversationsWithBillKristol.org. Retrieved November 8, 2017.
  48. ^Psychoanalysis Q-and-A: Steven Pinker. The Harvard Crimson. January 19, 2005
  49. ^Poll: Students Say Summers Should Stay. The Harvard Crimson. February 20, 2006
  50. ^Finder, Alan (July 29, 2005). "A Harvard Governor, Dissatisfied, Resigns". The New York Times. Retrieved December 5, 2013.
  51. ^Board Member's Letter of Resignation. The New York Times. August 2, 2005
  52. ^ abNicholas Ciarelli; Anton Troianovski (February 10, 2006). "'Tawdry Shleifer Affair' Stokes Faculty Anger Toward Summers". The Harvard Crimson. Retrieved May 30, 2013.
  53. ^ abc"Mogul Donor Gives Harvard More Than Money

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This estimate is based upon 7 RBC Investment Banking Associate salary report (s) provided by employees or estimated based upon statistical methods. , Royal Trust Company or The Royal Trust Corporation of Canada A free inside look at RBC salary trends based on 18 salaries wages for 18 jobs at RBC. Average Rbc Capital Markets salary is 4,680 Detailed Rbc Capital Markets starting salary, median salary, pay scale, bonus data report ranked by Date, page 7 May 04, 2021 · RBC Capital Markets and Guggenheim Securities both announced salary raises that impact juniors in their investment-banking division. Each salary is associated with a real job position. 9 15 18 16 17 13 14 2 8 2 6. Sep 13, 2018 · rbc capital markets llc median ,000 11 CENTERVIEW PARTNERS LLC Median ,000 10 WILLIAM BLAIR & COMPANY LLC Median ,000 10 EmploymEnt and Salary rEport portfolio/Investment mgmt 90,717 73,000 112,800 91,750 RBC Capital Markets RBC financial Group A world of expertise. While its parent Royal Bank of Canada boasts more than B in assets, including 78,000 employees. 1 Sep 29, 2021 · 30th September 2021, 00:01 GMT+10. Please note that 2 LCA for H1B Visa and 3 LC for green card have been denied or withdrawn during the same period. The lender's other core units didn't fare nearly as well. RBC Capital Markets. Est Annual Revenue: m+ Industry: Real Estate. Rbc Capital Markets Associate, Global Investment Banking - Municipal Finance salaries are collected from government agencies and companies. 31 they would receive "a special, one-time spot bonus" in the amount of ,000. People on the lower end of that spectrum, the bottom 10% to be exact, make roughly ,000 a year, while the top 10% makes ,000. 96 per hour for Clerk to . We are one of North America’s leading diversified financial services companies, and provide personal and commercial banking, wealth management, insurance, investor services and capital markets products and services on a The Funds are advised by RBC Global Asset Management (U. rbc capital markets llc median 0,000 101 Job Titles (73) INVESTMENT BANKING ANALYST Median ,000 11 Sep 23, 2009 · Royal Bank of Canada, the country's largest financial institution, outlined major changes Tuesday to its compensation plans for roughly 3,000 employees in its capital markets business. 01M. Investment Banking Associate salaries at RBC can range from ,272 - 3,546 per year. We are one of North America’s leading diversified financial services companies, and provide personal and commercial banking, wealth management, insurance, investor services and capital markets products and services on a Working at RBC was nothing I expected, just everything I could ask for. 89 Rbc Capital Markets jobs available in Mineola, NY on Indeed. RBC Capital Markets London, England, United Kingdom 2 weeks ago 26 applicants See who RBC Capital Markets has hired for this role Royal Bank of Canada is Canada’s largest bank, and one of the largest banks in the world, based on market capitalization. An analyst straight out of university can expect to earn over USD 0,000, but per hour it could be as low as -35 when working 100 hr/wk View all RBC jobs - Toronto jobs. , RBC Direct Investing Inc. Website www. Jun 07, 2021 · RBC Capital Markets is the investment bank of RBC, based in Toronto, Canada. The Top 10 A GIA is a collection of individual investment accounts that employees can contribute to directly from their payroll, helping them save for a vacation, a down payment, home renovations and more. As an aside, you should read about the history of investment banking. Home for Accurate and Free H-1B Salary Information. People on the lower end of that spectrum, the bottom 10% to be exact, make roughly ,000 a year, while the top 10% makes 7,000. The average CIBC World Markets salary ranges from approximately ,917 per year for an Analyst to 8,310 per year for a Director. 71. The top rate for 2021. 100. Vp 120–150k base. Put our award-winning global network to work for you. 14 and be retroactive to July 1, It previously raised first-year analyst salaries to 0,000; second-years An investment banker salary is among the highest in the world. Author : Mark Hamill, Director of Communications – GTA Region, Personal & Commercial Banking Read Time : 4 minutes Scott brings extensive capital markets and advisory expertise to his clientele as Senior Portfolio Manager and Wealth Advisor. As the leading global custodial bank, we’re uniquely positioned to help clients access the world’s largest liquidity pools. Search By Employer Name , City , PostalCode or Job Title. Associates make more money if they are working for a larger investment firm, generally a ‘Bulge- bracket’ firm. Managing Director (MD) 35-50. Toronto Dominion Bank . RBC Capital Markets provides investment banking products and services to institutions, corporations, governments, and high-net-worth clients around the world. McGregor has been Group Head of Capital Markets & Investor & Treasury Services at Royal Bank of Canada since December 04, 2013. Rbc Capital Markets Salary. Royal Bank of Canada, better known as RBC, holds CAD . When factoring in bonuses and additional compensation, a Investment Banking Associate at RBC can expect to make an average total pay of 0,000 . Canadian associate base salaries at the Big 5 are C0,000 to C5,000 while bulge brackets will pay close to C0,000 in base salaries (similar to their U. Prior to Veritas, Kaitlyn was an investment banking Analyst at RBC Capital Markets in the M&A Group. FIGURE 4. Rbc Capital Markets Salary. Investment banking services are also rbc capital markets llc median 9,500 102 Job Titles (80) ANALYST, GLOBAL INVESTMENT BANKING Median ,000 5About the Company. Salary Search: RBC Capital Markets Global Energy Investment Banking Summer Analyst 2022 - RBC Rundle Calgary salaries in Calgary, AB See popular questions & answers about RBC 2022 Americas Investment Bank (Capital Markets & Advisory) SAnswerThePublic listens into autocomplete data from search engines like Google then quickly cranks out every useful phrase and question people are asking around rbc capital markets on 02 Oct. However, associate 1, 2 and 3 bonuses may be C0,000, C0,000 and C0,000, respectively. Answer: RBC bmo td Scotia and cibc are similar in compensation. Find your next job near you & 1-Click Apply! SBI Capital Markets (State Bank of India) – Global Investment Bank (India focused) – Boutique; Daewoo Securities – Korea M&A Advisory; Before moving on… Download our IB Salary Guide: Use the form below to download our free Investment Banking Salary Guide: Sales and Trading Salary Guide in the US for 2018. Our global perspective and cross-border capabilities enable us to identify strategic Investment banking analyst H1-B Salary RBC CAPITAL MARKETS LLC: INVESTMENT BANKING ANALYST: 100,000: NEW YORK, NY: 06/23/2021: 08/01/2021: CERTIFIED: CENTERVIEW Rbc capital markets investment banking salary. RBC credited the growth primarily to gains in fixed-income trading operations. The application is already online. The deal takes RBC Capital Markets to the top of the global mining league table for the year to date, ahead of Goldman Sachs. Type: Company - Public (RY) Industry: Banks & Building Society. Base range: ,400 - 0,000. Drug Money and Bank Lending The Unintended. Average TD hourly pay ranges from approximately . 413 Rbc Capital Markets salary data. Diversity Works Here At RBC, we embrace diversity & inclusion because we know how valuable every unique perspective can be. Size 5,001 to 10,000 employees. Location. RBC Bank employees with the job title Senior Project Manager, From 2017. While RBC wants to Oct 06, 2021 · RBC Wealth Management, Inc. Neil McLaughlin, group head, personal and commercial banking, earned . Derek has global oversight of the firm and, along with the Capital Markets Operating Committee, sets the growth strategy for RBC's Corporate & Investment Banking and Global Markets business activities worldwide. 2 percent) from ,300 reported two years ago. 9 7 26 12 8 13 20 18 41 N/A 62. Investment Banking Analyst salaries at RBC can range from ,283 - 0,000 per year. 6bn 78: 15. The Table below shows the figures for Investment Banking Associate’s Salaries. Jun 18, 2020 - Salary satisfaction The average RBC salary ranges from approximately ,476 per year for Teller toRbc Capital Markets salaries are collected from government agencies and companies. Apr 07, 2021 · Salary database. Base range: ,400 - 0,000. The organizations that are leaders in the industry are; Bank of America, Citigroup Inc. Last year the Securities and Exchange Commission SEC and the Financial. Fees & Compensation. Job Title Location Salary; RBC Investment Banking Analyst salaries - 26 salaries reported: Toronto, ON, Canada Area: CA,000/yr: BMO Capital Markets Investment Banking Analyst salaries - 24 salaries reported RBC Capital Markets London, England, United Kingdom 2 weeks ago 26 applicants See who RBC Capital Markets has hired for this role Oct 05, 2011 · Sustainable capital markets are becoming mainstream in Asia-Pacific, with the market witnessing robust growth in volumes, products and issuer types in 2021. I attended an RBC networking event in Oxford at the start of my third year of university, and found that I really liked the people whom I met. -- but cracking Wall Street’s upper echelons for advising on takeovers had proved elusive. Category. The salary for IT developers at banks, depends how good you are, if you are an algo developer who knows how CDOs work, you can make a lot similar to what you would make at like IBM. 0-0K. Dodd Koeckert. NEW YORK, NY / ACCESSWIRE / September 29, 2021 / Aegis Capital Corp. Rbc capital markets investment banking salary 2 days ago · Rbc Capital Markets average salary is 4,680, median salary is 0,000 with a salary range from ,000 to 0,000. Competitive interest rates on fixed-income and margin account loans. CIBC World Markets employees rate the overall compensation and benefits package 3. RBC Capital Markets Investment Banker Salesforce. You say that Capital Markets is "kind of a stretch" to be considered IB, but in reality that is the original function that investment banks performed. RBC employees rate the overall compensation and benefits package 3. Email. Mar 10, 2021 · 2-3 years. 6% female and 32. A. com) a full-service wealth management, financial services and investment banking firm is pleased to announce the addition of the RG Investment Group led by Chad Brown, Managing Director. Myvisajobs. Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Founded 1909. Rbc Capital Markets salaries are collected from government agencies and companies. We are one of North America’s leading diversified financial services companies, and provide personal and commercial banking, wealth management, insurance, investor services and capital markets products and services on a The Dealogic and WSJ scorecard for the investment banking industry by region, product, bank and sector. Minimum 5 3 weeks ago Salary Search: RBC Capital Markets Winter 2022 Co-op (4 months), Global Investment Banking in Vancouver salaries in Vancouver, BC See popular questions & answers about RBC Consultant, Working Capital Advisory Services Salary. , FINRA. Fund administration services in 11 global markets; Products and Services. 95) or RBC VIP Banking® account (monthly fee of ) by 9PM EST December 20, 2021 and complete two of the following ”Qualifying Criteria” by 9PM Royal Bank of Canada is Canada’s largest bank, and one of the largest banks in the world, based on market capitalization. 8 million in 2018. Lazard is raising base pay for associates. Wealth manager by assets*. RBC Capital Markets and Guggenheim Securities both announced salary raises that impact juniors in their investment-banking division. The special bonuses hit accounts in the April 15 payroll cycle. Kaitlyn holds a B. (www. Apply to Sales Representative, Investment Banking Analyst, Customer Success Manager and more!Rbc Capital Markets, Llc has filed 350 labor condition applications for H1B visa and 68 labor certifications for green card from fiscal year 2018 to 2020. We are one of North America’s leading diversified financial services companies, and provide personal and commercial banking, wealth management, insurance, investor services and capital markets products and services on a Raise the top marginal income tax rate to 39. RBC Wealth Management employees are slightly more likely to be members of the Republican Party than the Democratic Party William Blair executives earlier this year told its investment-banking analysts, associates, and vice presidents who joined the firm before Jan. Prior to joining RBC Dominion Securities in 2009, Scott spent 13 years as an investment banker. Dec 13, 2019 · The bank has a worldwide investment and corporate banking subsidiary, RBC Capital Markets, and an investment brokerage firm known as RBC Dominion Securities. Who we are. Asian markets resume plunge after Dow enters bear market. Salary ,000 ~ 0K a year. Analyst 75-100k base 50-100% bonus Associate 90-125k base 70-250% bonus Vp 120-150k base Director 150 -200k Managing director 175-250k Once you get to the vp levels the bonuses become far less standardized and rainmakers can maThe programme will cover Global Investment Banking, Global Markets (Sales, Trading, DCM and Equity Research), I&TS and Wealth Management. RBC Capital has more than 6,000 employees in 15 countries. Douglas McGregor has an annual salary of 0k and a total compensation of . RBC is one of North America’s leading diversified financial services companies and provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction Jul 24, 2021 · Investment Management System ( CRIMS ) 127. Jun 10, 2021 · Search For H1B Visa Salaries. ) Inc. We are one of North America’s leading diversified financial services companies, and provide personal and commercial banking, wealth management, insurance, investor services and capital markets products and services on a The industry rakes in a whooping sum of 5 billion annually with an annual growth rate projected at -13. Salary Search: RBC Capital Markets, 2022 PEY/QUIP Program (16 months), Analyst salaries in Toronto, ON. On the other hand, a sales and trading analyst’s yearly average salary amounts to ,700. Social: Want Access to these RBC Capital Markets Salary & Bonus Details? RBC Capital Markets. Josh joined RBC Capital Markets in September 2009 to help lead the build-out of our European investment banking and equities platforms within Capital Markets. Mar 11, 2021 · RBC Capital Markets is the investment banking arm of the Royal Bank of Canada. 2 days ago · ” Average salary for RBC Administrator in Kuala Lumpur: 3,500. Investment banks act as intermediaries RBC Capital Markets London, England, United Kingdom 2 weeks ago 26 applicants See who RBC Capital Markets has hired for this role Life at RBC. Financial Advisor, Investment Banking Analyst: RBC Capital Markets: Investment Banking Analyst: Regions Bank: Analyst - Diversified Department, Business Capital Underwriting Analyst, Diversified Credit Products Analyst, Real Estate Corporate Banking Analyst, Regions Business Capital Analyst, Capital Markets Analyst: Resicap: Acquisition Analyst Sep 25, 2021 · Base pay for first-year investment banking analysts is now at least 0,000. Locations Toronto, Canada. rbccm. The Capital Markets segment covers banking, finance and capital markets to corporations, institutional investors, asset managers, governments, and central banks around the world. Website. Indirect metering system solutions is a venture capital-backed Government Services. Rbc capital markets investment banking salary RBC Capital Markets London, England, United Kingdom 2 weeks ago 26 applicants See who RBC Capital Markets has hired for this role You will be eligible to receive a complimentary Apple iPad, when you open your first new Eligible Personal Banking Account of either an RBC Signature No Limit Banking® account (monthly fee of . RBC serves clients in 36 countries

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