Thursday, December 27, 2012
The Dean Of NYU's Business School Shows Us How To Earn $1,200 Per Hour
Glenn Hubbard, is a prominent economist who, in addition to being the Dean of NYU's business school, was Mitt Romney's chief economics adviser. He has made an exceptional living supplementing his academic salary by lending his name,and the reputation of his academic position, to those who can afford his hourly rate. He was exposed in the film Inside Job as one of the highest paid expert witnesses available in the market for expert witnesses on economics subjects. Matt Taibbi caught him at his game as expert witness for Countrywide. Hubbard testified that his research showed the Countrywide was not at fault when in originated bad mortgages during that led to its demise. Hubbard's research showed that Countrywide's default rates were no worse than those of a control group. What he did not say in his testimony, was that the control group, that he used in his "research", was doing the same faulty underwriting as Countrywide had done. Under cross examination, Hubbard was forced to admit that he failed to inform the court about the similarities between his control group and Countrywide. He was also forced to admit that he had not bothered to examine the underwriting process that Countrywide used to originate the bad mortgages. It was not easy for the cross examining lawyer to squeeze these admissions from Hubbard, but he succeeded after considerable efforts by Hubbard to evade the direct questions that he was asked. Hubbard's efforts to evade the direct questions which undermined his testimony, showed why he is worth $1,200 per hour. It took an expert attorney to expose his "research" for what it was.