(Jean-Christophe Bott/AP)

Here’s what the Loop is reading Friday morning:

Revolving door — Cass Sunstein, President Obama’s point man on all things regulatory, is trading the White House for the ivory tower. Sunstein, who headed the Office of Information and Regulatory Affairs, is returning to Harvard Law.

Big thoughts — Also joining the ranks of academia is former California governor Arnold Schwarzenegger, who’s founding a think tank at USC. Maybe the former beefcake body-builder wants to pump up public discourse this time.

Bold reformers — Members of the Senate Finance committee patted themselves on the back for weeding out some tax breaks, but they left behind “dozens more pet provisions” giving breaks for NASCAR, rum and electric motorcycles.

Who is Number Two? — It’s getting to be Veep O’Clock in the presidential campaign of Mitt Romney, and the once-wide field has narrowed: The Fix has the lowdown on the five men left standing.