By Jeffrey Goldfarb
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
Ostensibly Respectable Academic Is In Fact A Hack: it's a hardy perennial, and an enjoyable one at that. The best example is Inside Job, where big names like Ric Mishkin and Glenn Hubbard got their well-deserved comeuppance. And it's a genre I've indulged in myself: last year, for instance, I spent 4,500 words on a paper by Bob Litan, showing how he lies with numbers to arrive at his paymasters' predetermined conclusion.
By John Kolesidis
Today I woke up to the deafening sound of thunder. The rain was pouring hard.
I made myself a cup of coffee and watched the rain out the window flood the surrounding streets. I was at a loss as to how I would get to the office without getting soaked, so I decided to stay put until things calmed down a bit. When I finished my coffee, I looked out the window again, and things had taken a dramatic turn.
Greg Smith, the ex-Goldman Sachs salesman who stunned the investment bank with a scathing public resignation in March, is now on the defense.
During the 15 years that I led the Air Force’s contractor responsibility and fraud missions, we debarred and suspended nearly 5,000 contractors – more than any other government agency. But what is far more important than the statistics is the greater protection we were able to provide the government by exercising these powers fairly and with balance, through the careful exercise of discretion. But that is coming to an end. We are now seeing a disturbing trend: new rules and outside pressures that would limit, and even eliminate, the ability of officials like me to exercise that discretion. Companies are being “blacklisted” – often for lengthy periods, sometimes automatically without due process, and often based solely upon the actions of a few rogue employees, with little consideration of whether such action is needed or fair.
Randy Cohen, the NYT's former Ethicist columnist, has now attempted an ethical defense of running red lights on his bicycle. "I flout the law when I’m on my bike," he writes; "you do it when you are on foot, at least if you are like most New Yorkers."
Business school professor Luigi Zingales, with the full agreement of fellow business-school professor Justin Wolfers, has an important op-ed under a provocative headline: "Do Business Schools Incubate Criminals?"