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NEC Shortlist Causes Blogosphere to Clench Fists in Anger

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The blogosphere is pissed.

Andrew Sullivan, tipping his hat to Kevin Drum, who tipped his hat to Felix Salmon, who was incensed by this piece in the Washington Post, has a bone to pick with Gene Sperling, one of three candidates who will likely replace Larry Summers at the National Economic Council.

The reason?

The man got paid way, way too much money to write a column.

According to Salmon, Sperling “wrote a monthly 900-word column for Bloomberg for $137,500 a year, which works out at about $13 per word.”

Kevin Drum, who writes for Mother Jones, responds:

"This really brings things home to a scribbler like me. Being paid a million bucks a year for some kind of ill-defined financial "consulting" is one thing. I don't really know anything about what that entails. But writing? I know all about that, and $11,000 for an op-ed is a wee bit excessive, no?"

It might be. Then again, if Drum really knows “all about” the writing business perhaps he would have better been served scribbling about boy magicians with pet owls rather than running a really insightful, fantastic business, media, and politics blog. Just thinkin’ out loud here.

Anyway, what’s actually bothering these writers is the very glaring problem that all three of Obama’s potential replacements at the NEC have made buckets of money from Wall Street. Roger Altman owns a bank. Richard Levin is on the board of American Express. And Sperling, on top of his cushy column writing, made a few million advising companies like Goldman Sachs and Citigroup.

The true mystery, of course, is why anyone would expect anything different.

As for Sterling’s overpriced column, small potatoes, really.

Of course, if I were getting paid Sterling-style, this post would have earned me $3,809. Hmm. I’d like a rounder number….there. $3900.
POSITION:  No positions in stocks mentioned.