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Edwin Edwards

Lobbying the White House on behalf of Larry Summers for Federal Reserve chairman should been more aggressive and more negative on vice chair Janet Yellen, friends of the former Treasury secretary told CNBC.

The friends, who spoke on the condition of anonymity, also said the lobbying should have happened earlier.

The friends spoke to CNBC "Squawk Box" host Andrew Ross Sorkin, who was reporting at The Nantucket Project conference in the Massachusetts on Friday.

Summers was on the island to take part in the event.

(Read more: Yellen likely nominee after Summers withdrawal)

—By CNBC's "Squawk Box" with reporting from co-host 's Sorkin.

Markets Live: Fresh five-year high
Wednesday, 25 September 2013 02:20

Investors are taking the withdrawal on Sunday of former Treasury Secretary Larry Summers as a candidate to head the US Federal Reserve as a green light for risk, betting the bank's next chief will extend an era of easy money that has flooded global markets with cash.

Asian stocks, US stock index futures and Treasury futures are all rallying as a result of the news, and investors and analysts say the gains will likely extend further into the session.

Summers exit seen as green light for risk
Tuesday, 24 September 2013 03:09

Polarising: Larry Summers. Photo: Bloomberg

Investors took the withdrawal overnight of former Treasury Secretary Larry Summers as a candidate to head the US Federal Reserve as a green light for risk, betting the bank's next chief would extend an era of easy money that has flooded global markets with cash.

Markets viewed Summers' move as leaving Fed number two Janet Yellen, a well-known advocate of looser monetary policy to support the US recovery, the favourite to take the chairmanship.

Markets Live: ASX jumps to new highs
Monday, 23 September 2013 09:18

Investors are taking the withdrawal on Sunday of former Treasury Secretary Larry Summers as a candidate to head the US Federal Reserve as a green light for risk, betting the bank's next chief will extend an era of easy money that has flooded global markets with cash.

Asian stocks, US stock index futures and Treasury futures are all rallying as a result of the news, and investors and analysts say the gains will likely extend further into the session.

Markets Live: Summers' exit cheered
Tuesday, 24 September 2013 03:09

Investors are taking the withdrawal on Sunday of former Treasury Secretary Larry Summers as a candidate to head the US Federal Reserve as a green light for risk, betting the bank's next chief will extend an era of easy money that has flooded global markets with cash.

Asian stocks, US stock index futures and Treasury futures are all rallying as a result of the news, and investors and analysts say the gains will likely extend further into the session.

Prominent hedge fund managers on Tuesday criticized President Obama's decision not nominate Larry Summers to be chairman of the Federal Reserve.

"I think the process, specifically talking about Larry Summers and the decision to not move forward with him as Fed chairman, is horrendous," said Highbridge Capital Management co-founder Glenn Dubin at the Bloomberg Markets 50 Summit.

Dubin, whose Highbridge firm is owned by JPMorgan Chase, also said the process around Summer's failed bid was a "fiasco" and that "he was hung out to dry.

Hedgies decry Larry Summers 'fiasco'
Monday, 23 September 2013 09:07

Prominent hedge fund managers on Tuesday criticized President Obama's decision not nominate Larry Summers to be chairman of the Federal Reserve.

"I think the process, specifically talking about Larry Summers and the decision to not move forward with him as Fed chairman, is horrendous," said Highbridge Capital Management co-founder Glenn Dubin at the Bloomberg Markets 50 Summit.

Dubin, whose Highbridge firm is owned by JPMorgan Chase, also said the process around Summer's failed bid was a "fiasco" and that "he was hung out to dry.

Hedge funds wanted Summers to head Fed
Tuesday, 24 September 2013 06:39

Larry Summers pulled out of the Fed chair race earlier this month due to the likelihood of a contentious confirmation process.

NEW YORK (CNNMoney)
Billionaire hedge fund managers slammed the White House's handling of the Federal Reserve chair nomination process thus far and are disappointed that Larry Summers won't get the job.

"I think the process, specifically talking about Larry Summers and the decision not to move forward with him as Fed chairman, is horrendous," said Glenn Dubin, CEO and chairman of Highbridge Capital, at the Bloomberg Markets 50 Summit in New York Tuesday.