Larry Summers is an American economist. From 1999 to 2001, Lawrence Summers headed the US Treasury Department. From 2009 to 2010, he directed the National Economic Council. He held a number of additional positions during the Clinton presidency before leading Harvard University from 2001 to 2006. After that, Summers worked at a number of financial institutions and started penning columns for significant publications like the Washington Post.
Early Life of Larry Summers
Lawrence Summers was born on November 30, 1954, to Jewish parents Anita and Robert, who were both professors of economics at the University of Pennsylvania. He was raised in New Haven, Connecticut.
He attended Harriton High School while growing up in the Penn Valley suburb of Philadelphia. Summers enrolled at MIT at the age of 16, and he earned an economics degree from there in 1975. He then pursued graduate studies at Harvard University, where he received his Ph.D. in 1982.
Beginning of Larry’s Career
In 1983, Summers started his academic career by teaching at Harvard, his alma mater. He was one of the school’s youngest tenured professors in history at the age of only 28. Summers is an academic economist with expertise in macroeconomics, labor economics, and public finance.
Larry Summers Net Worth
According to celebritynetworth An American economist named Larry Summers is worth $40 million. From 1999 to 2001, Lawrence Summers headed the US Treasury Department. From 2009 to 2010, he directed the National Economic Council. He held a number of additional positions during the Clinton presidency before leading Harvard University from 2001 to 2006.
Summers Career as a World Bank Chief Economist
Summers resigned from Harvard in 1991 to take the position of World Bank Chief Economist. He played a crucial role in developing strategies to help developing countries during his two years in that position. In addition, Summers oversaw the Bank’s research activities and oversaw outside training initiatives.
He briefly became embroiled in a minor scandal in late 1991 after a sarcastic memo he signed was leaked to the media. The memo, which was purportedly altered by the leaker to remove context and irony, made light-hearted references to corporate pollution in Africa.
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Summers Joined the Clinton Administration
Summers joined the Clinton administration as the Under Secretary for International Affairs after departing the World Bank in 1993. He received a promotion to Deputy Secretary of the Treasury a few years later, and in 1999 he was appointed Secretary of the Treasury.
Summers was a key player in the American response to the financial crises in Mexico, Asia, and Russia while serving in the Clinton administration. He also played a crucial role in the deregulation of the US financial system, which led to the introduction of the Gramm-Leach-Bliley Act, and the American-advised privatization of post-Soviet economies.
Summers as a President of Harvard University
Summers, the 27th president of Harvard University, returned to his alma mater after leaving the Treasury Department following George W. Bush’s inauguration in 2001. Throughout his tenure, he stirred up a lot of controversy for a number of questionable events. Summers insulted Cornel West, the chair of the department of African-American Studies, among other people.
He encountered more difficulties as a result of a 2005 conference speech that many perceived to be sexist. Concerns about a potential financial conflict of interest regarding his association with fellow economist Andrei Shleifer were also raised. Summers resigned as president in 2006 after the Harvard faculty passed a resolution of no-confidence in him. Two years later, he returned to the institution and was appointed Charles W. Eliot University Professor.
As depicted in the film “The Social Network,” Tyler and Cameron Winklevoss complained to Harvard President Lawrence Summers directly about Mark Zuckerberg stealing their concept for a social network by developing Facebook. Summers did not support the Winklevoss brothers in their efforts to discipline Zuckerberg and showed no pity for them.
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Managing Director of the Hedge Fund D.E Shaw $ Co.
Summers joined D. E. Shaw & Co.‘s hedge fund as a part-time managing director in late 2006. He went on to do work with a number of other financial institutions as well, mostly in the capacity of freelance speaking. Summers made about $2.7 million from speaking engagements at companies like Goldman Sachs, Merrill Lynch, and Citigroup, among others. Elsewhere in finance, Summers was an early angel investor in Zoomcar, India’s first car rental company.
Summers as a Director of the National Economic Council
Summers was named director of the National Economic Council in 2009, the year Obama took office. He held that position for two years, during which time he played a significant role in making important financial decisions. When it was discovered that Summers had previously received millions of dollars from businesses that he now had influence over as a public servant, he also sparked controversy.
Personal Life of Summers
Summers wed Victoria Perry, his first wife, in 1984. Harry was their son, and Ruth and Pamela were their identical twin daughters. In 2003, the couple got divorced. Two years later, Summers wed professor Elisa New, who was already married and had three daughters: Orli, Yael, and Maya. Massachusetts’ Brookline is home to Summers.
Larry Summers headed the US Treasury Department from 1999 to 2001. From 2009 to 2010, he directed the National Economic Council. Summers is an academic economist with expertise in macroeconomics, labor economics, and public finance. According to celebritynetworth, Larry Summers is worth $40 million. Summers was a key player in the American response to the financial crises in Mexico, Asia, and Russia while serving in the Clinton administration.