Anne Mulcahy's Tarnished Résumé

No sooner did news break that Larry Summers would step down as director of the National Economic Council than speculation began on his successor. White House aides hinted they wanted a prominent corporate executive. Anne Mulcahy, who led a painful turnaround at Xerox, was soon being named as the top candidate to fill Summers' shoes.

The speculation was fed by reports of Mulcahy dining with White House advisor Valerie Jarrett last week. And even before the announcement of Summers' departure, according to a former Obama administration advisor, Mulcahy was being considered as a potential addition to the White House's