Former U.S. Treasury secretary and Harvard University president Lawrence H. Summers will join New York hedge fund firm D.E. Shaw & Co. as a part-time managing director."Larry is an enormously gifted economist and has made major contributions as a researcher, a public servant and an academic leader," David Shaw, chairman of the $25-billion fund manager, said in a statement.
Summers, 51, will work on strategic initiatives, high-level portfolio management activities, and help review the firm's operations, Shaw said in the statement.
Summers stepped down as Harvard president in June after a tumultuous five-year tenure. He repeatedly clashed with faculty from the school's undergraduate college, who passed a no-confidence motion against him in March 2005. The faculty was preparing a second motion in February when he resigned.
Summers joins a spate of former Washington insiders who’ve turned to hedge fund groups as their next employers. Most recently, former Treasury Secretary Paul H. O'Neill joined New York-based buyout firm Blackstone Group as an advisor.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access