Reuters Investigates

Insight and investigations from our expert reporters

Ethics in economics? Who cares?

Photo

Back in December, a Reuters investigation examined the ties between economists who testify to Congress on financial regulation and big financial institutions.

A Reuters review of 96 testimonies given by 82 academics to the Senate Banking Committee and the House Financial Services Committee between late 2008 and early 2010 — as lawmakers debated the biggest overhaul of financial regulation since the 1930s — found no clear standard for disclosure.

In fact, roughly a third did not reveal their financial affiliations in their testimonies, based on a comparison of the text of their testimonies available on the Congressional committees’ websites with their resumes available online.

Similar issues had been raised in the 2010 documentary “Inside Job” which vilified a number of big-name economists for arguing in favor of deregulation while on Wall Street’s payroll.