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Business: Larry Summers out; Obama 'mishandled' the Fed nominating process, says economist

Source: Yahoo News

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U.S. markets opened higher Monday as investors cheered the news that Larry Summers, the front-runner to replace outgoing Fed Chairman Ben Bernanke, had withdrawn his candidacy to lead the U.S. central bank. Republicans and Democrats were deeply skeptical of Summers and many blamed him for the 2007-2009 financial crisis (Summers helped dismantle longstanding Wall Street regulations as Treasury Secretary during the Clinton Administration). In a letter to President Barack Obama, Summers -- a former top economic aide -- addressed the many challenges he faced in a potential confirmation process.

“I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interests of the Federal Reserve, the administration, or ultimately, the interests of the nation’s ongoing economic recovery,” Summers wrote Sunday.

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