I may never understand the alchemy with which the invisible hand of the free-market transmutates mooching, looting professors into Moon-mining, job-creating Galtian geniuses:
Phil “nation of whiners” Gramm is retiring as Vice Chairman of the Investment Bank at UBS. Perhaps no single person is more responsible for the financial crisis of 2008 and more representative of all that is loathsome about the revolving door between Wall Street and Washington.
Interesting that the firm’s press release announcing his retirement doesn’t attach “former” to his former title of Senator. He was perhaps so instrumental to UBS in that former role that he kept the title at the firm.
Like Newt, Gramm was an obscure professor who became a principled, centrist Congressional leader and later a high-profile presidential primary flame-out. Both left Congress under reasonably disgraceful conditions and were soon rewarded with millions of hard-earned dollars by our meritocracy. When you hit the bricks, new whips, money ain’t a thing.