Gasparino Says Larry Summers Could Be Itching to Leave Post at National Economic Council
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It is widely thought that U.S. Treasury Secretary Timothy Geithner will be the first to exit the economic team of President Barack Obama’s administration following the mid-term elections, but FOX Business Network’s Charlie Gasparino believes that another high-ranking economic advisor may go first: Larry Summers.
The report from Gasparino says that Summers, head of the National Economic Council, has not been happy with his job and may leave his post by the end of the year. Gasparino cited Wall Street executives that are familiar with the situation.
“Sources are telling us that Larry Summers, in conversations with Wall Street execs that he deals with everyday, he is giving them the impression that he is about to go at the end of the year, possibly after the midterm elections,” Gaspirano said. “From what I understand, it’s his decision. That’s the way he is portraying it to these senior Wall Street executives.”
There is no clear reason as to why Summers is unhappy, but it may have to do with his desire to be appointed Federal Reserve Chairman that was not granted when President Obama supported Ben Bernanke for a second term.
“There is lots of speculation that he wanted to be Fed Chairman. The President, as you know, stepped up and supported Ben Bernanke. He’s kind of a curmudgeon, this guy. He doesn’t get along with a lot of people.”
There is no indication that Summers is being forced out, but rather his future as an economic advisor will depend on the outcome of the mid-term elections.
The report from Gasparino says that Summers, head of the National Economic Council, has not been happy with his job and may leave his post by the end of the year. Gasparino cited Wall Street executives that are familiar with the situation.
“Sources are telling us that Larry Summers, in conversations with Wall Street execs that he deals with everyday, he is giving them the impression that he is about to go at the end of the year, possibly after the midterm elections,” Gaspirano said. “From what I understand, it’s his decision. That’s the way he is portraying it to these senior Wall Street executives.”
There is no clear reason as to why Summers is unhappy, but it may have to do with his desire to be appointed Federal Reserve Chairman that was not granted when President Obama supported Ben Bernanke for a second term.
“There is lots of speculation that he wanted to be Fed Chairman. The President, as you know, stepped up and supported Ben Bernanke. He’s kind of a curmudgeon, this guy. He doesn’t get along with a lot of people.”
There is no indication that Summers is being forced out, but rather his future as an economic advisor will depend on the outcome of the mid-term elections.
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