Word: murrayism
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...Summers was named undersecretary of the treasury for international affairs—a consolation prize, as Murray puts it, for losing out on the chairman post on the Council of Economic Advisors—where he worked under Rubin, a Washington veteran who had hired Summers as an economic adviser to Goldman Sachs many years earlier...
...think for most of us who covered him, there was a sense that when he moved to the Treasury with Bob Rubin, that he learned enormous amounts,” Murray recalls. “I think it’s kind of mystifying to those of us who watched him mature in Washington that he hadn’t just become acceptable, but really good...
...time there were a bunch of us in the Treasury conference room waiting for Summers to come brief us,” says David Wessel, a Journal reporter who took up Summers coverage after Murray was promoted. “Rubin walked in and he sat down and was sort of chatting with us the way he did often. Summers came to the door, and Rubin stood up very swiftly and said, ‘Ladies and gentlemen, the Treasury Undersecretary of the United States.’ Larry blushed, and Rubin said, “Larry thinks we should...
...treatment worked wonders, according to both Wessel and Murray, and in his whole career at the Treasury, Summers made only one serious public relations mistake, in a meeting during his tenure as deputy secretary about repealing the estate tax. The GOP had been trying to push the measure through Congress, and Summers told a group of reporters over lunch that there was no case for it “other than selfishness...
...world financial markets hinge so dramatically on the Treasury Secretary’s words that extreme caution is necessary whenever the public or the press is within earshot, according to Murray. One wrong word could send the dollar into a tailspin or destroy a foreign economy. Paul O’Neill, for example, Summers’ successor at the Treasury, single-handedly caused the collapse of the Brazilian real when he said the country needed to guarantee that aid money “doesn’t just go out of the country to Swiss bank accounts...