TV News LIES

Wednesday, Aug 16th

Last update05:20:13 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...


Reality Check: America and the Foxconn Dream

Foxcom dream in WisconsinWisconsin is about to shell out as much as $3 billion for the privilege of luring...

JPMorgan Whistle-Blowers Set to Reap Record $61 Million Bounty

JP Morgan whitleblowersTwo whistle-blowers are set to share a record $61 million award from the Securities and Exchange...

Fed keeps interest rate unchanged amid low inflation

Janet YellenThe Federal Reserve declined Wednesday to raise its benchmark interest rate amid a low inflation rate...

CBO rejects Trump's claim that budget plan would eliminate deficit

Trump budgetThe Congressional Budget Office cast doubt Thursday on the White House’s claim that President Trump’s proposed...
 
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!