On the Self-Entitlement of Yale’s Faculty

Whereas the emails that Larry Summers sent to the disgraced underage-sex-ring boss, Jeffrey Epstein, did not—at least to my knowledge—involve Summers’ role as a professor at Harvard, Yale’s David Gelernter, who had been wounded in 1993 by a mail-explosive that had been sent by the “Unabomber,”—an event that I remember in person as I was a Yale student back then—wrote not only on topics such as business and art, but also to recommend a hot female student to work as an editor for Epstein. Specifically, Gelernter had a Yale senior in mind—a student he described in the email as a “v small good-looking blonde.”[1]  Whereas Larry Summers apologized publicly (and to his class) in late 2025 for his bad judgment in having continued to exchange emails with Epstein even after the latter’s conviction, Gelernter saw nothing to apologize for in spite of the fact that the flagged email pertained to his role as a professor (in recommending a student). He was actually proud of the email that he had sent as a professor concerning a student to the sex-predator! The sheer brazenness of Gelernter’s self-defense reveals something about the privileged mentality of Yale’s faculty—a mentality that is not good for academia or Yale.

The full essay is at "On the Self-Entitlement of Yale's Faculty." 

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1. Dave Collins, “A Yale Professor Recommended a ‘Good-Looking Blonde’ Student for a Job with Epstein. He’s Not Sorry,” APnews.com, February 11, 2026.

On Harvard's Inner Elite: The Case of Larry Summers

Should instructors themselves lead righteous, moral lives if they are going to be allowed to teach college students? Does the character of a teacher matter? Should a professor be inclusive rather than exclusivist? These questions are distinct from the much more easily answered question of whether convicted criminals should be allowed to teach college students. Harvard’s Larry Summers, the last U.S. Treasury Secretary of the Clinton presidency, a president of Harvard University, and a professor there, came to personify these moral questions in November, 2025 after Congress released a trove of Jeffrey Epstein’s email exchanges with Summers. Besides resigning from the board of OpenAI, Summers attempted to continue teaching, but then suddenly announced that he was taking a leave of absence from Harvard even though the semester had just a few weeks remaining (including Thanksgiving break). If as I suspect Harvard’s administration pressured him to bow out, at least temporarily in a leave of absence, the irony would be that such a sordid organizational culture casted one of its own kind away. I contend that Summers’ case at Harvard is more complex than first meets the eye.

The full essay is at "On Harvard's Inner Elite."

An Institutional Conflict of Interest at the New York Federal Reserve

According to The New York Times, even after taxpayers rescued Citigroup, regulators at the New York Federal Reserve failed to monitor the company adequately. The regulators, although adequately staffed and proficient in training, failed to move swiftly as the bank’s financial condition deteriorated from as early as 2005, and were overly optimistic about the bank’s prospects as late as December, 2009. From 2006 to 2007, decisions on poorly underwritten loans were changed from “turned down” to “approved.” As many as 80 percent of the loans that Citigroup sold to Fannie Mae, Ginnie Mae and other investors were defective. “Although the dedicated supervisory team is well-qualified and generally has sound knowledge of the organization, there have been significant weaknesses in the execution of the supervisory program,” according to one excerpt of the 2009 review. Tim Geithner, who as president of the New York Fed from 2003 to 2008 was in charge of overseeing Citigroup, went on to become the US Secretary of the Treasury.

The full essay is at Institutional Conflicts of Interest, available at Amazon.

Larry Summers Bowed Out of the Race for Fed Chair: “Advise and Consent” Triumphant

On September 15, 2013, the White House announced that Larry Summers, Barak Obama’s prior chief economic advisor and a Secretary of the U.S. Treasury during the Clinton administration, no longer wanted to be considered to fill the upcoming vacancy as chairman of the Federal Reserve. In the announcement, Obama (or an advisor) wrote, “Larry was a critical member of my team as we faced down the worst economic crisis since the Great Depression, and it was in no small part because of his expertise, wisdom and leadership that we wrestled the economy back to growth and made the kind of progress we are seeing today.”[1] Unfortunately, this statement suffers from a sin of omission, which admittedly had been minimized by the media as well. Accordingly, the Democrats in the U.S. Senate who had just come out against a Summers nomination can be regarded as done the nation a vital service. Moreover, the “check” of the “check-and-balance” feature of the U.S. Senate’s confirmation power worked.

Alan Greenspan, Larry Summers, and Robert Rubin. In the late 1990s, they pressed Congress to keep financial derivatives unregulated. A case of government doing Wall Street's bidding?   Source: pbs.org

The Full Essay is at "Why Summers Bowed Out."

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1.Annie Lowrey and Michael D. Shear, “Summers Pulls Name from Consideration for Fed Chief,” The New York Times, September 15, 2013.

On the Arrogance of Power: Greenspan, Rubin, and Summers in the Clinton Administration

Over two years after the financial crisis of 2008, a commentator on Fox News said that the banks should not stop the foreclosure process because that would not be good for the free market. He said that people who cannot afford their houses should lose them. Another commentator remarked that there was still too much government in the financial sector. This, according to the commentator, is “the problem.” It is particularly striking that Alan Greenspan’s stark admission to a U.S. House committee in 2008 that the deregulated laissez faire market paradigm contains a fundamental flaw was lost on the two commentators. In May 2011, House Speaker Boehner charged that business is over-regulated. This comment too is remarkable given Greenspan’s realization. If a people disowns its own lessons, history is destined to repeat itself.

The full essay is at Essays on the Financial Crisis.