How rich is Lawrence Summers?
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He left Harvard in 1991, working as the Chief Economist in the World Bank from 1991 to 1993. In 1993, Summers was named Undersecretary for International Affairs of the USA Department of the Treasury under the Clinton Administration. In 1995, he was promoted to Deputy Secretary of the Treasury under his longtime political mentor Robert Rubin. In 1999, he succeeded Rubin as Secretary of the Treasury. He was likewise powerful in the American advised privatization of the markets of the Post-Soviet states, as well as in the deregulation of the U.S monetary system, for example, abolishment of the Glass-Steagall Act.
Following the conclusion of Clinton’s term, Summers served as the 27th President of Harvard University from 2001 to 2006. Summers stepped down as Harvard’s president in the aftermath of a no-confidence vote by Harvard faculty that resulted in substantial part from Summers’s disagreement with Cornel West, monetary conflict of interest issues regarding his relationship with Andrei Shleifer, and a 2005 speech where he indicated that the under-representation of girls in science and engineering could be as a result of a “different availability of aptitude in the high end”, and less to patterns of discrimination and socialization. Summers rejoined public service through the Obama government, serving as the Manager of the White House United States National Economic Council for President Barack Obama from January 2009 until November 2010, where he appeared as a vital economic decision maker in the Obama government’s response to the Great Recession. After his departure in the NEC in December 2010, Summers has been employed in the private sector so that as a columnist in leading papers. In mid-2013, his name was extensively floated as the possible successor to Ben Bernanke as the Chairman of the Federal Reserve, though after pushback in the left, Obama finally nominated Federal Reserve Vice-Chairwoman Janet Yellen for the place.