Protecting Our Great Universities From External Influence

This article (via Manan Shukla) raises an important issue.  America's great universities are a public good.  They provide valuable services to society through research and the critical thinking that they provide on important issues.  There are many risks, however, that threaten the important functions that they provide.  One of these risks is that consulting contracts to faculty, research grants to universities, and other ways that money flows to our prestigious universities might have an influence of the objectivity that we expect.  This article raises questions about how a $50,000 consulting contract with a Wall Street bank might have influenced the position of a prominent professor about banking regulation. Universities should protect themselves from potential abuse by requiring public disclosure about financial relationships that might enable financial contributors to benefit from their reputations.