Felix Salmon comments on a report that econ czar Larry Summers is likely to be leaving the government:
But if it’s true, where is he leaving to? . . . “Wall Street consulting” is probably a polite way of saying “a return to DE Shaw”, which happily paid Larry $5 million for one year of one-day-a-week work . . . The Summers exit could well be the most lucrative use of the revolving door yet seen in the short history of the Obama administration: if he was willing to work full time, Summers could command significantly more than the $10 million a year Citigroup paid Bob Rubin when Rubin left Treasury.
As a result, Obama and his chief of staff are going to have to be very careful about exactly how they manage any Summers exit. . . . it’s going to be the easiest thing in the world for the Republicans to paint the Obama administration as the party of Wall Street fat cats.
Democrats as the party of Wall Street . . . this reminds my of the story of the political contributions of Richard Fuld, the disgraced former head of Lehman Brothers. . . .