This is supposed to be comeback time for Larry Summers.
Former president of Harvard University whose mouth got him ousted from that prestigious job, Larry made his way back into the national spotlight via the Obama Administration. Yeah, and the media caught a neat photo of him sleeping at a high-level meeting. Come to think of it, there hasn't been a flattering photo since he's been inside the beltway.
This weekend there's been more dumping on Larry. Now he's being fingered as one of the prime movers in the meltdown of the Harvard University endowment. The once proud institution which everyone assumed was invulnerable now is vulnerable to real financial woes. Its endowment down $11 billion, partly due to Summers's decisions impacting the investment portfolio, Harvard may have to do the unthinkable. That ranges from laying off tenured faculty to leaving a hole in the ground where it was planning to expand the campus.
Larry got dumped on in the influential ATLANTIC. The title of the piece by Derek Thompson is "How Harvard University Almost Destroyed Itself." There was also a major - and I mean major article - in the June edition of BOSTON Magazine. It's by Richard Bradley. It gleefully looks at Harvard's current mess. And it prominently features Larry's application of his genius financial mind on the endowment.
Of course, this highlighting of Larry's role in screwing with and up Harvard's money puts a serious new hit on his image with The Establishment. Do anything to The Establishment but reduce its money potential - present and future. The monied class must be fearful about what Larry could be up to with a whole lot more money - present and future - on-the-line.