The fact that Washington, D.C. had the highest income in the country is an ominous sign:
Washington, D.C., nosed out San Jose, Calif., as the nation’s highest-income metropolitan region, fueled mainly by its army of attorneys, consultants, lobbyists and outside government contractors.
Census data for 2010 show median household income was $84,523 in the D.C. [...]
Peter Orszag was buget director for the Obama Administration for only 18 months when he walked through the revolving door to the arms of Citigroup. Mr. Orszag, a protégé of Robert Rubin, said: “I am pleased to be joining Citi, with its unmatched global platform and dedication to providing clients with service and advice.” According to the [...]
One of the largest hedge-fund firms is slashing 150 jobs after losing more than half of its hedge-fund assets since the financial crisis. D.E. Shaw & Co. is cutting about 10% of its work force, among the largest cutbacks in recent memory among major hedge-fund firms. A pioneer in computer-driven investing, the firm in recent [...]
By Jeff Harding
Larry Summers worked for hedge fund D. E. Shaw for one day a week for a year and received $5,200,000. Assuming they gave him a couple weeks off, that’s 50 days of work. $104,000 per day is pretty good work if you can get it. He also made a lot of money [...]