Glenn Dubin, co-founder of investment firm Highbridge Capital Management LLC, said the White House mishandled the nomination for the chairman of the U.S. Federal Reserve and that former Treasury Secretary Lawrence Summers would have made a “great” chairman.

“I think the process, specifically talking about Larry Summers and the decision to not move forward with him as Fed chairman, is horrendous,” Dubin said at the Bloomberg Markets 50 Summit in New York.

“He was hung out to dry.”

Summers, citing a possible “acrimonious” confirmation process, withdrew his name from consideration for the post this month in the face of opposition from several members of the Senate Banking Committee.