Respected hero of ill-informed Leftists and longtime feeder at the very corporate trough he claimed to loath, Willem Buiter has just been made an honest man by Citi and will join them as Chief Economist in January.
At his blog, Maverecon, Buiter has routinely savaged Obama and many of his advisors including Larry Summers and Ben Bernanke, to the great delight of many on the Left who understand neither economic policy or the vicious nature of academic and corporate infighting. The great irony, of course, is that while he was being feted by the uninformed Left for superficial analyses critical of TARP and assorted other economic policies as exclusively benefited big banks and their holding companies when in fact they were critical to averting a global economic meltdown, Buiter was the whole time a paid consultant for Goldman Sachs, arguably the most loathsome of the whole “too-big-to-fail” bunch.
His little plosives were never anything serious, both he and his masters knowing the real deals were being cut in back rooms with people untouched by the concerns of day-to-day living for the common folk. Buiter’s missives were the modern equivalent of old JD Rockefeller’s handing out dimes to the poor, trivialities that garnered him attention and respect from the laity while he actually was serving the interests of the economic high priests. Give the little people something shiny to distract them, something to celebrate, something to chew on, and they’ll feel as though somebody cares.
Buiter’s trashing of his rivals’ reputations was apparently effective as he and not they won this plum job with Citi, one that will set him up for life in a manner to which I am sure he will rapidly become accustomed. Kudos to all those who gave him accolades over the last few years; his Left-side credential burnishing was surely one of the reasons he got the new gig. Too Righteous to Criticize will now be leading Too Big To Fail, and your tax dollars will be helping to pay his huge salary plus massive bonuses and endless corporate perks while he labors behind the scenes to make certain his prognostications turn into huge profit for Citi, never mind the effect on the rest of us. Well done, all.
Will, I hope you got a good price for that soul.