Former British Prime Minister Tony Blair has found a new job amid the carnage on Wall Street.

J.P. Morgan Chase, which so far appears relatively unscathed compared with some of its peers, has hired Blair as a part-time adviser. "There are only a handful of people in the world who have the knowledge and relationships that he has," J.P. Morgan chief Jamie Dimon said.

Indeed, Wall Street has been known to welcome well-connected former politicians with open arms—and open pocketbooks. Blair's predecessor, John Major, was hired as an adviser for the Carlyle Group, where he became a colleague of former U.S. President George H.W. Bush. And former Treasury secretary Robert Rubin found plenty of work to do at Citigroup.

It's not known how much Blair will be paid by J.P. Morgan, but one compensation expert told the Financial Times that it could be more than $1 million per year. If that's the case, J.P. Morgan would be getting quite a deal. In November, Blair was reportedly paid $500,000 for a 20-minute speech in China. He also reportedly received a $9 million advance for his forthcoming memoir.

Blair told the Financial Times that this is the first of several such positions he plans to take. "I have always been interested in commerce and the impact of globalization," he said. "Nowadays, the intersection between politics and the economy in different parts of the world, including the emerging markets, is very strong."

 
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