Why hasn’t a group of disgruntled Harvard alumni circulated a statement itemizing the damage that Larry Summers wrought as president of the University? Yeah, I know, it would be divisive, grown-ups are discouraged from raising uncomfortable questions, or worse, demanding accountability of leaders.
But Summers did a great deal of damage to Harvard, and has a less than operational moral compass.. He clearly aspires to have another big job in DC, like the Fed chair, so it is important to shine a harsh light on his abject performance (and that’s before we get to the biggest issue, that he is a long-standing protege of Bob Rubin, who still seems to wield considerable influence).
From the New York Times:
Harvard announced Thursday that it would indefinitely suspend construction on a high-tech science complex in the Allston neighborhood of Boston because of money problems….
As part of a larger long-term expansion into Allston — a pet project of Lawrence H. Summers, Dr. Faust’s predecessor at Harvard and now President Obama’s chief economic adviser — the university also bought a string of buildings there over the last 20 years. But many have remained vacant, to the chagrin of Allston residents who have accused the university of buying land and holding onto it, a practice known as land banking.
The four-building science center, estimated to cost at least $1 billion, was originally scheduled to be finished in 2011. Dr. Faust’s announcement comes 10 months after she announced plans to slow the pace of the project while the university assessed whether it could continue. Harvard has since disclosed that its endowment declined 27 percent from June 2008 to June 2009, to $26 billion, and the university has made several cost-cutting moves.