Economist Association Bans Lawrence Summers for Life
A prominent group of economists made a significant decision on Tuesday, issuing a lifetime ban against Lawrence Summers, the former Treasury Secretary, due to his connections with the late financier Jeffrey Epstein, who was a convicted sex offender.
The American Economic Association (AEA) announced this decision, stating they accepted Summers’ resignation after congressional emails revealed he continued to associate with known offenders, well after Epstein’s 2008 conviction for solicitation of minors. At one point, he even sought Epstein’s advice on dating.
The Nashville-based nonprofit not only revoked Summers’ membership indefinitely but also placed him on an immediate blacklist for all jobs, which includes his previous role as Treasury Secretary under President Bill Clinton.
“The AEA has determined that Mr. Summers is banned for life from attending, speaking, or participating in any AEA events or activities, including editorial roles for AEA journals,” the organization clarified.
The AEA further emphasized that Summers’ behavior, as conveyed through the released correspondence, fundamentally contradicts the association’s standards for professional integrity.
This ban adds to the series of setbacks faced by those associated with the Obama and Clinton administrations. Summers had already faced public backlash after it was revealed he honeymooned at Epstein’s Caribbean island, infamously dubbed the “Lolita Express.”
Recently, it was reported that he was removed from his consulting position at the hedge fund DE Shaw, known for its progressive reputation. Additionally, he has stepped down from his teaching role at Harvard University and from the board of OpenAI.
Summers and his wife, Elisa F. New, traveled to St. James aboard Epstein’s private jet shortly after their wedding in December 2005. They were joined by Ghislaine Maxwell, Epstein’s associate who was later convicted of sex trafficking.
Epstein’s jet was notorious for allegedly transporting underage girls to various locations in the Caribbean, where lavish parties were held, shielded from media scrutiny.
Interestingly, Summers’ honeymoon took place just months after Palm Beach police began investigating Epstein for the sexual assault of a 14-year-old girl, which led to a search warrant executed at his home by October 2005.
Records show Summers traveled to Epstein’s Caribbean island multiple times, including just days after the police investigation began. Moreover, correspondence from the Congressional Oversight Committee suggests a close relationship between Summers and Epstein right up until Epstein’s arrest six years ago.
In the released emails, the two exchanged hundreds of messages between 2013 and 2019, discussing a range of topics, including women and politics. Notably, one email included a remark from Summers joking about women’s intelligence.
“Half of the world’s IQ is owned by women, yet they make up over 51 percent of the population,” he wrote to Epstein, lacking further context.
Additionally, in March 2019, Summers sought Epstein’s advice regarding his interactions with women, implying some confusion in a relationship he was pursuing.
Since these emails came to light, Summers has experienced a significant decline in his standing within the business sphere. Once a familiar face in economic discussions and a close advisor to the president, he was among the youngest to receive tenure at Harvard.
