I saw Inside Job yesterday, which is a must view for anyone in the financial industry. Clearly it has a lefty perspective and is very tough on the Street, but some scenes are illuminating and priceless. The corruption of the economics academy is exposed in interviews with Fredrick Mishkin, former Federal Reserve governor, who resigned during the crisis, and Glen Hubbard, former head of the Council of Economic Advisors under Bush 43. Larry Summers worth an estimated $15-30 MM????? Laura Tyson paid $350K a year to sit on the Board of Morgan Stanley?
Hey, we’re all for making money, but just calling out a “no spin zone” when we someone. Here is a clip from the film:
Global Macro Monitor 
Of course this is pervasive inside and outside academia–drug companies pay researchers to provide positive write ups on their drugs, online restaurant reviewers charge restaurants for positive reviews, military contractors bribe legislators not to mention lobbyists, companies bribe financial firms with IPOs, states pay those rating their bonds, etc etc. Nothing new here as disgusting as it is. There are many unsung heros that play straight. Paul Volcker comes to mind. Unfortunately human nature being what it is the best we can do is to embarrass these people by publicly exposing them when we can. Good for you for doing so. Skepticism, independent research, and buyer beware is our best defense. Can the law help? Who makes the law?
Nothing new? A sitting governor of the Federal Reserve writes a report praising Iceland a year before it blows up? That is something else..