Lawrence Summers

Without Taxpayer Aid, Too Big to Fail Banks Would Only Break Even

Today brings what seems like a minor milestone in the big banks' fall from grace: a Bloomberg editorial announcing that Wall Street's largest firms would not be profitable without taxpayer backstops, and calling for an end to the perverse incentives that this arrangement produces.

Obama to Name New Chief Economic Adviser Friday

President Barack Obama will likely name a new chief economic advisor to replace Lawrence Summers later this week as his administration looks for more effective ways to reduce an unemployment rate that remains near 10%, the Associated Press reported Wednesday.

Roger Altman Leading Candidate to Replace Summers

Roger Altman, former deputy treasury secretary and founder of Evercore Partners Inc., is a top candidate to replace Lawrence Summers as director of President Obama%u2019s National Economic Council, Bloomberg News said. Altman, 64, met with Obama Tuesday to discuss the job, which involves coordinating policy-making and economic advice for the president, Bloomberg News reported without naming its sources.

Summers to Step Down as Obama's Economic Adviser

Lawrence Summers will step down from his role as President Obama's National Economic Council director and return to Harvard University after the midterm elections in November, according to reports.

One Year Later: Are we socialist yet?

Of all the effects of 2008's economic meltdown, the most significant might be the growing belief that the country is now on the road to socialism....