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Subject A NEW HEAD OF WORLD BANK, Another pawn in place... Will it be Lawrence Summers?
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Original Message The US is expected to announce its candidate for the next president of the World Bank as the deadline for nominations approaches.

Some of the potential candidates mentioned have included former White House advisers Lawrence Summers and the Indian-born head of Pepsi, Indra Nooyi.

A US citizen has always held the position since the World Bank was founded in 1944.

But there is likely to be a push for a candidate from the developing world.

South Africa is likely to announce an African candidate - expected to be Nigerian Finance Minister Ngozi Okonjo-Iweala.

[link to www.bbc.co.uk]

Summers was born in New Haven, Connecticut, on November 30, 1954, into a Jewish family, the son of two economists, Robert Summers and Anita Summers of (Romanian-Jewish ancestry), who are both professors at the University of Pennsylvania, as well as the nephew of two Nobel laureates in economics: Paul Samuelson (sibling of Robert Summers, who, following an older brother's example, changed the family name from Samuelson to Summers) and Kenneth Arrow (Anita Summers's brother). He spent most of his childhood in Penn Valley, Pennsylvania, a suburb of Philadelphia, where he attended Harriton High School.

Summers's role in the deregulation of derivatives contracts
On May 7, 1998, the Commodity Futures Trading Commission (CFTC) issued a Concept Release soliciting input from regulators, academics, and practitioners to determine "how best to maintain adequate regulatory safeguards without impairing the ability of the OTC (Over-the-counter) derivatives market to grow and the ability of U.S. entities to remain competitive in the global financial marketplace." [22] On July 30, 1998, then-Deputy Secretary of the Treasury Summers testified before the U.S. Congress that "the parties to these kinds of contract are largely sophisticated financial institutions that would appear to be eminently capable of protecting themselves from fraud and counterparty insolvencies." Summers, like Greenspan and Rubin who also opposed the concept release, offered no proof that the contracts would not be misused by financial institutions. Instead, Summers stated that "to date there has been no clear evidence of a need for additional regulation of the institutional OTC derivatives market, and we would submit that proponents of such regulation must bear the burden of demonstrating that need." [23] In 1999 Summers endorsed the Gramm-Leach-Bliley Act which removed the separation between investment and commercial banks, saying "With this bill, the American financial system takes a major step forward towards the 21st Century."[24]

Losses on financial derivatives
During Summers's presidency at Harvard, the University entered into a series totalling US$3.52 billion of interest rate swaps, financial derivatives that can be used for either hedging or speculation.[44] Summers approved the decision to enter into the swap contracts as president of the university and as a member of Harvard Corp., "the university's seven-member ruling body" which bears "the school's ultimate fiduciary responsibility."[45] By late 2008, those positions had lost approximately $1 billion in value, a setback which forced Harvard to borrow significant sums in distressed market conditions to meet margin calls on the swaps.[46] In the end Harvard paid $497.6 million in termination fees to investment banks and has agreed to pay another $425 million over 30–40 years.[45] The decision to enter into the swap positions has been attributed to Summers and has been termed a "massive interest-rate gamble" that ended badly.[47]
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[link to en.wikipedia.org]


Right man for the job????
You tell me...
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