Lawrence Summers may be a poster-child for the lucrative revolving door between Wall Street and Washington. But Federal Reserve Vice Chair Janet Yellen, his chief opponent in the tight race to replace Ben Bernanke at the helm of the U.S. central bank, is not exactly struggling financially.
Yellen, a former university professor who until recently was seen as a favorite to take the top spot at the Fed when Bernanke's second terends early next year, holds assets worth between $3.8 million and $11.1 million, according to 2012 disclosure forms released on Tuesday. Including the holdings of her husband, a nobel-prize-winning economist, she owns between $4.8 million and $13.2 million worth of assets.
That is well short of the $7.2 million to $24.5 million range reported by Summers, a former Treasury secretary under Bill Clinton and ex-adviser to President Barack Obama, in his most recent government disclosure form covering 2010.
Yet given that both are multi-millionaires, the gap is hardly large enough to become a sticking point in what has become an unusually contentious and public campaign for the central bank's leadership. Both Yellen and Summers are considerably wealthier than Bernanke, who held between $1.1 million and $2.3 million in assets last year.
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Critics of Summers say his work at Citigroup and hedge fund D.E. Shaw over the years make him too close to the financial industry the Fed is supposed to oversee. Supporters, however, argue that his understanding of Wall Street could prove invaluable in a crisis.
Summers opponents also criticize him for his role in the financial deregulation of the 1990s that many now blame for creating the financial crisis of 2007-2009.
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