1. (from Sheryl Robinson’s post on The New Agenda): Summers was a main player in financial deregulation, a primary cause of the present economic crisis. Summers sought to silence Brooksley Born, head of the Commodity Futures Trading Commission, who correctly foresaw that unregulated derivatives trading could put other financial markets at risk. While Born attempted to draft regulations to address this risk, Summers and his cronies accused her of fostering a financial crisis. Congress, apparently under pressure from Summers et al, suspended Born’s Commissions’ regulatory authority. Born then left her position as head of the Commission. “It was Larry Summers who called her up and screamed at her,” according to Siskind, who notes that the financial meltdown might have been averted if Summers had listened to Born (a woman).??

2. While at the World Bank, Summers signed a memo that declared: “Just between you and me, shouldn’t the World Bank be encouraging MORE migration of the dirty industries to the LDCs [Least Developed Countries]?” The memo noted, “I think the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to that.”?.
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3. Andrei Shleifer, a close friend of Summers cost Harvard a $26 million settlement with the U.S. government. A federal court found Shleifer liable for conspiracy to defraud the U.S. Government, after Shleifer violated conflict-of-interest rules by making secret investments in Russia at the same time he was working for a Harvard group contracted by the U.S. Government to advise the Russian government. While Shleifer was being investigated, Summers pushed to have Shleifer promoted to a prominent chair at Harvard.

4. Conflict of interest: Summers is a managing director of the hedge fund D. E. Shaw & Co. Will he try to help his friends by continuing to bail out businesses?

Keep up the pressure!

Let’s keep the pressure up. Send Summers to pasture.