The recent upheaval at OpenAI over the past six days has become a focal point in news circles, culminating in one of the tech industry’s most peculiar episodes – the return of Sam Altman to his role as CEO.
But the narrative doesn’t stop there. The esteemed company is now poised for subtle shifts in its board makeup, with Larry Summers, the outspoken former U.S. Treasury Secretary and honorary head of Harvard University, gearing up for an official inclusion in the board after being one of the three temporary board members.
Altman, once an academic turned policy influencer, transitioned into a highly lucrative part-time career as a board member and advisor for companies on both Wall Street and in Silicon Valley.
His widespread popularity stems from his reputation as a brilliant economic mind, innovative thinker, and extensive connections in global politics and finance.
Summers found himself embroiled in numerous controversies, notably for a memo he penned at the World Bank suggesting that the “economic logic behind dumping toxic waste in the lowest-wage country is impeccable,” leading to significant financial consequences for Harvard University.
In the 1990s, during his tenure as U.S. Treasury Secretary, Summers spearheaded the campaign to liberalize the derivatives market, vehemently opposing figures like Brooksley Born and Paul Volcker. These derivatives, later unleashed from regulatory constraints, played a pivotal role in the 2008 financial crisis.
Later, at Harvard University, Summers delivered a speech suggesting that when it comes to individuals with the highest competence in sciences, the number of men might significantly exceed the number of women.
Summers also maintained a cordial relationship with sex offender Jeffrey Epstein and appeared in Epstein’s private flight records.
On the flip side, Summers has a legion of admirers. Former President Obama appointed him as the director of the National Economic Council, and discussions were held about appointing him as the chairman of the Federal Reserve, according to Axios.
Companies such as Citigroup and Nasdaq OMX Group have enlisted him as a paid advisor, earning $5.2 million in 2008 alone for working just one day a week at the DE Shaw hedge fund, in addition to $2.8 million from speaking engagements.
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