larry summers

Lawrence Summers, the White House's top economic counselor, will disappear at the end of the year and go back to his position as a university lecturer at Harvard University, according to a statement unconfined by the White House today. (The news was first reported by Hans Nichols of Bloomberg News.)

Past nowadays, amid rumors of their departure, White House Spokesman Robert Gibbs said that President Obama is "enormously pleased" with the performance of summers and Treasury Secretary Tim Geithner, Reuters reported.

To fend off claims of being anti-business, the Obama administration may replace summers, who serves as the director of the president's National Economic Council, with a top corporate manager, Bloomberg reports.