As was reported earlier today by the WSJ, Larry Summers has withdrawn his name from the running to succeed Ben Bernanke as Chairman of the Federal Reserve. Until today, Summers was assumed to have been the front-runner that President Obama would select to fill the position. Now that Summers has exited the race, Janet Yellen appears the clear favorite.
Below is the letter sent by Summers to Obama withdrawing his name from consideration.
Baupost’s Seth Klarman: the Fed has broken the stock market [Q4 Letter]
Baupost founder Seth Klarman told investors that the large amounts of stimulus that have been poured into the world's economies are masking the severity of the problems caused by COVID-19. Q4 2020 hedge fund letters, conferences and more In a letter seen by the