TV News LIES

Monday, Apr 20th

Last update03:21:54 AM GMT

You are here News Economy Financial scholars, hired guns

Financial scholars, hired guns

E-mail Print PDF

Financial gurus, hired gunsWhen Hal Scott testified on financial reform before the Senate last February, he identified himself simply as a Harvard Law School professor and director of an independent research group.

He also had some other relevant experience: Scott is on the board of Lazard, a prominent Wall Street firm with no small interest in the outcome of regulatory reform. He did not bother to mention this association during his testimony.

Scott, who was paid about $260,000 in cash and stock by Lazard in 2009, did not break any rules by not pointing out his industry ties. The Senate Banking Committee does not require academics to disclose their corporate affiliations.

"My membership on the Lazard board is a matter of public record," Scott said in response to an email request for comment.

A growing number of critics are calling for change. They argue that disclosing industry relationships should be mandatory for academics who appear before the people's elected representatives as independent experts. After all, these critics say, congressional testimony is a key step in the legislative process and can have enormous sway on policy.

"If someone is presented as a disinterested expert, but they actually have a financial relationship with someone with an interest in what they are talking about, that leaves the members of the public in the dark and sometimes members of the committee as well," said Bill Allison, editorial director at the Sunlight Foundation.


Most Recent Related Stories...


Fight for $15 goes global: Workers set to launch worldwide protest

fast food workers set to go world wideOn Wednesday morning, the fast-food labor campaign known as Fight for $15 will stage what organizers...

JPMorgan Chase on track to pay $4b to homeowners as part of settlement

JPMorgan ChaseJPMorgan Chase & Co (JPM.N) is on track to meet its mandate to provide billions of...

How Wall Street captured Washington’s effort to rein in banks

Wall StreetIn the aftermath of the 2008 financial crisis, Keith Higgins was certain: Banks weren’t to blame.Higgins,...

SEC ruling is a major victory for whistleblowers

Whistleblowers muzzledIn what is being called a landmark ruling for whistleblowers, the Securities and Exchange Commission announced...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!