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A NEW JOB FOR TONY COELHO

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An editorial from

Scripps Howard News ServiceWord comes from Wall Street that Tony Coelho, the former House majority whip who resigned in June, will soon become a managing director of the investment banking firm Werthiem Schroder & Co. He has chosen this line of work, say news reports, so that he can "avoid any future employment that would have him using his Capitol Hill connections."

Coelho's fastidiousness in ethical matters has always been well advertised, but this bit of news does raise the question of what precisely the firm will be paying him for.

You'll recall that Coelho's resignation followed the disclosure of a shady bond deal involving Coelho, his campaign committee and Drexel Burnham Lambert Inc. At the time he said the deal's irregularities were due to the fact that he was a stranger to the ways of high finance. "I shouldn't be involved in things I don't know about," he said.

Now, a mere four months later, Tony Coelho is ready to be an investment banker. This fellow must be one quick study.