Prominent hedge fund managers criticized President Obama's decision not nominate Larry Summers to be chairman of the Federal Reserve.
The Federal Reserve began a two-day meeting Tuesday as speculation mounted that chairman Ben Bernanke is preparing to announce cut-backs on the US's $85bn-a-month economic stimulus programme.
Former U.S. Treasury Secretary Larry Summers has withdrawn his name for consideration to succeed Ben Bernanke as Federal Reserve chairman, according to a senior administration official.
Speculation that Larry Summers is the favored candidate to take over Bernanke as Fed chief has resurfaced in recent weeks, prompting a strong backlash, with one going as far as labeling his potential appointment as a "black swan" event.
A source from Team Obama said Larry Summers will likely be named chairman of the Federal Reserve in a few weeks though he is "still being vetted" so it might take a little longer.
Who'd have thought ?
Bloomberg Television’s Trish Regan sat down with four of the nation's brightest business minds to discuss their solutions for avoiding the fiscal cliff: