May

17

B-School Reacts to “Inside Job,” Institutes New Policy

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Looks like the Business School really did not like the accusations leveled at them in “Inside Job”, the 2010 Oscar-winning documentary about some of the people believed to be accountable for the 2008 financial crisis. The film equally criticized giants of Wall Street and some economists from Columbia, Harvard, NYU, MIT. These academics, including Dean of the Business school R. Glenn Hubbard, were alleged to be concealing conflicts of interest, by accepting handsome payments to advise on public economic issues. The B-School’s new policy changes have clearly been made with the intention of greater transparency.

According to Spec, a new policy, instituted last week, would require B-School professors to “publicly disclose all outside activities—including consulting—that create or appear to create conflicts of interest” in a section in their CV, which is to be updated at least every six months. This section would “list all outside organizations to which [the faculty member] provided paid or unpaid services during the past five years.” Professors are now also required to disclose similar information in their yearly Financial Activity Reports.

Columbia came out very badly in the film (see clip below), where interviews with the faculty got extremely uncomfortable. The Business School likely hopes that this new policy, more rigid than general University policies, will restore some credibility to the school and return it to the halcyon days when all the B-School did was throw parties in Uris and teach kids about the benefits of hygiene.

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6 Comments

  1. Spartacus

    Yeah, because businessmen need to be trustworthy, amirite?

    I would think if they want good PR, there are much better ways than this to get it. Must be the cheapest route or something.

  2. Anonymous

    this documentary was a bunch of hippies trying to direct their blame for an event they didn't really understand in the context of a financial history they clearly did not grasp

    • Anonymous

      do you know how many millions of people suffered from the economic crisis of 2008? there are so many financially devastated, bankrupt, and indebted people, and many ended up committing suicide. all for what? because the inhuman scum from the likes of goldman sachs, the federal reserve bank, the world bank wanted to make big money.. this kind of crime is worse than a simple murder or mugging.. it's mass devastation and robbery of entire populations.. and then the gov't had no choice but to bail out these firms with tax money.. so they could continue doing what they do.. unbelievable.. I wish people could unite and stand up against these crimes but the media has american minds in a stranglehold.. it's funny how this nation runs

      • Anonymous

        Banks securitizing home mortgages has taken the housing market light years into the future, making homes more affordable and more plenty. The 2008 financial crisis was a breakdown in the system with many subprime borrowers who could not pay back their loans irresponsibly taking out mortgages too large to support on their paychecks. I am not saying the banks are inculpable; they should have screened the borrowers better and built better, more flexible models based on common sense rather than faulty assumptions. I would also like to point out that this "bail out" was not money given to the banks and insurance companies without any consequences. As a matter of fact, they were loans given to banks like Goldman Sachs but also to companies like General Electric and McyDs. The government/the taxpayers are reaping the rewards as these loans/bailouts are being repaid with interest. Banks were irresponsible and contributed to the 2008 financial crisis. Fact. People suffered as a result. Fact. But I am tired of people who didn't really understand the confluence of shitty events that led to the financial crisis and pointing the finger at the banking industry. The government is there to help out industries and regions in times of disaster and need. They helped out the financial industry in their time of need and they are getting paid back now. People are shocked by this "bailout" because to be honest, they do not have a clear understanding of how the financial sector works. And it's not their fault. The system is rather complicated and does not deal with tangible/ physical goods.

  3. Not just "Oscar-nominated"....

    ....Oscar-WINNING! And for the record, anonymous above, Charles Ferguson who made the film) holds a PhD in Political Science from MIT, and is a CEO. He's hardly a "hippie," and he understands the issues at stake in the film as well as anyone out there.

  4. Anonymous

    anywhere you go, you can never trust jews who handle money. they will never act in your interest or the interest of your country

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