Lawrence "Larry" Summers

Lawrence "Larry" Summers

After Harvard Economics Professor Shleifer reached a settlement with the US. Government because of his illegal stock-buying activities in post-Soviet Russia, President Summers was accused of extreme favoritism towards his well-known friend. In January of 2006, an article in the "Institutional Investor" suggested that Summers forewarned and shielded Shleifer and his wife to protect them from disciplinary action from the University. Harvard picked up the tab for Shleifer, and the University agreed to pay $26.5 million to the US Government to settle the lawsuit. Shleifer was allowed to return to his faculty position, inciting outrage among faculty and students of Harvard. On February 21, 2006, Summers announced his intention to step down as President of the University in response to the outrage. This situation reflects the complexity of the interplay between Economics, University, and Russia in the world.

Linda Buehler

Graham, David A. "How a Small Team of Democrats Defeated Larry Summers—and Obama." The Atlantic. Atlantic Media Company, published September 15, 2013. Accessed May 6, 2014. <http://www.theatlantic.com/politics/archive/2013/09/how-a-small-team-of-democrats-defeated-larry-summers-and-obama/279688/>

August 1996- February 2006