I was listening to NPR this morning and they mentioned two big differences between Summers and Yellen:
Wall Street Connections: Summers is deeply entrenched with Wall Street and Janet Yellen is not.
The Federal Reserve: Summers has no experience and Janet Yellen has lots.
Nothing more clearly demonstrates these two differences in a more concise manner that these two charts.
You will notice that Janet and Lawrence do share one connection. Specifically, both are present members of the Council on Foreign Relations. CFR will be covered below.
If you click on their names, you will be brought to the interactive Muckety Map where you can dig a little deeper into the connections. I have provided a view of each item, as described below.
Also, to view a larger version, simply double click on the Muckety maps above.
Like Timothy Geithner and Peter Orzag , Larry Summers is depicted as a Robert Rubin protégé.
Quite frankly, if I were President Obama looking at the charts I would have to ask these two questions:
1. DOES LAWRENCE SUMMERS HAVE ENOUGH SPARE TIME TO BE CHAIRMAN OF THE FEDERAL RESERVE?I hope this simple visual aid will help the DC decision makers know that we know that, if ON-THE-JOB experience carries any weight on the important decision of who will next head the Fed, there is no quesitons that
2. WOULD LAWRENCE SUMMERS, AS CHAIRMAN OF THE FED, HAVE CONFLICT(S) OF INTEREST?
Janet Yellen is both THE MOST EXPERIENCED and LEAST COMPROMISED by insider relationships with Too Big to Fail Banks and private business interests.In a nutshell, will President Obama continue to favor Robert Rubin protégés? And, if so, why?
Or does it really matter? Yellen is also a member of the Council on Foreign Relations and the similar organization with many shared members, The Pacific Council on International Policy.
Maybe it is just all one big happy family working together to control the world.
Here is the Member Map from Muckety Maps. Neither Yellen or Summers is on this version of Muckety I created from the original, which included a link to the large CFR membership that I deleted to create this map:
Digging further, using the interactive map the following is found:
Robert Rubin, Carla Hills, and Richard Haas head up today's CFR.
Janet Yellen is listed as a member of CFR on its website.
Lawrence Summers is also listed as a member.
The CFR website lists the following as founders:
Bank of America Merrill LynchJanet Yellen & the Pacific Council on International Policy (interactive map)
Exxon Mobil Corporation
Goldman Sachs Group, Inc.
JPMorgan Chase & Co
McKinsey & Company, Inc.
The Nasdaq OMX Group
Many PCIP members, including Janet, are also members of the CFR. You can check the PCIP members against the CFR member list here.
YOUR OPINION PLEASE:
I have prepared a detailed Muckety Map for each of the items showing on Summers Connection map.
Do you think it will be helpful to present this information, including some background for each?
If you answer yes, in your opinion would it be best to present each connection in a separate diary? A series of An Inside Look at Lawrence Summers Endeavors.