Now this is the job we want. According to the NYT, Larry Summers worked just one day a week while making $5.2 million in two years at hedge fund D.E. Shaw.
So let’s say he worked 100 days total, that’s $52,000 per day.
And assuming he worked about 12 hour days, that’s $4,333 per hour.
But lest you think his position at the hedge fund was purely ornamental, it does sound like he did some work there. He apparently served as a “sounding board” for traders, while also doing personal consulting for overseas investors.
If he was responsible for either $500 million in fresh outside investment or $50 million in additional marginal trading profits, notes David Goldman, is was probably fair compensation.