Inside Job Transcript - Final Version - 9.30.10 - Sony Pictures Classics
Inside Job Transcript - Final Version - 9.30.10 - Sony Pictures Classics
Inside Job Transcript - Final Version - 9.30.10 - Sony Pictures Classics
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<strong>Inside</strong> <strong>Job</strong> transcript – <strong>Sony</strong> <strong>Pictures</strong> – September 2010 61<br />
02:24:32.01<br />
{GLENN HUBBARD<br />
CHIEF ECONOMIC ADVISOR, BUSH ADMINISTRATION<br />
DEAN, COLUMBIA BUSINESS SCHOOL}<br />
GLENN HUBBARD: I've taught at Northwestern and Chicago, Harvard and Columbia.<br />
NARRATOR: Glenn Hubbard is the dean of Columbia Business School, and was the<br />
chairman of the Council of Economic Advisers under George W. Bush.<br />
02:24:44.16<br />
CHARLES FERGUSON: Do you think the financial services industry has too much, uh,<br />
political power in the United States?<br />
GLENN HUBBARD: I don't think so, no. You certainly, you certainly wouldn't get that<br />
impression by the drubbing that they regularly get, uh, in Washington.<br />
02:24:59.12<br />
NARRATOR: Many prominent academics quietly make fortunes while helping the<br />
financial industry shape public debate and government policy. The Analysis Group,<br />
Charles River Associates, Compass Lexecon, and the Law and Economics Consulting<br />
Group manage a multi-billion-dollar industry that provides academic experts for hire.<br />
02:25:20.04 Two bankers who used these services were Ralph Ciofi and Matthew<br />
Tannin, Bear Stearns hedge fund managers prosecuted for securities fraud. After hiring<br />
The Analysis Group, both were acquitted.<br />
Glenn Hubbard was paid 100,000 dollars to testify in their defense.<br />
02:25:39.06<br />
CHARLES FERGUSON: Do you think that the economics discipline has, uh, a conflict of<br />
interest problem?<br />
GLENN HUBBARD: I'm not sure I know what you mean.<br />
CHARLES FERGUSON: Do you think that a significant fraction of the economics<br />
discipline, a number of economists, have financial conflicts of interests that in some way<br />
might call into question or color –<br />
GLENN HUBBARD: Oh, I see what you're saying. I doubt it. You know, most academic<br />
economists, uh, you know, aren't wealthy businesspeople.