Larry Summers is a top contender for the job of chairman of the Federal Reserve . Rick McGahey : Given Summers ' track record , he is unlikely going to be a tough regulator . He says Summers supported deregulation of banks and higher pay for financial executives . Comment: To convince investors to pay their high fees , hedge funds do a lot of active selling and cozying up to money managers . We need a fierce regulatory watchdog at the Fed , not a lapdog of the banks .
Larry Summers is a top contender for the job of chairman of the Federal Reserve . Rick McGahey : Given Summers ' track record , he is unlikely going to be a tough regulator . He says Summers supported deregulation of banks and higher pay for financial executives . Comment: We need a fierce regulatory watchdog at the Fed , not a lapdog of the banks .