We are inheriting the worst financial system since the Depression. We're inheriting a situation - when people go back and study major banking crises a quarter century from now, the one that America developed in 2007 and 2008 is going to be one of those crises.

Bush became President Summers left the Treasury Department and returned to Harvard as its 27th President serving from July 2001 until June 2006. Indeed as a member of President Clinton's Working Group on Financial Markets Summers along with U. He currently owns two houses one in Washington D.

Summers resigned as Harvard's president in the wake of a no-confidence vote by Harvard faculty that resulted in large part from Summers's conflict with Cornel West financial conflict of interest questions regarding his relationship with Andrei Shleifer and a 2005 speech in which he suggested that the under-representation of women in science and engineering could be due to a "different availability of aptitude at the high end" and less to patterns of discrimination and socialization. Summers also served as the 27th President of Harvard University from 2001 to 2006.