Glenn Hubbard, Leading Academic and Mitt Romney Advisor, Took $1200 an Hour to Be Countrywide’s Expert Witness
Karma is a bitch. Just ask Glenn Hubbard.
A few months ago, the Dean of Columbia’s business school was a leading economic advisor to Mitt Romney and a rumored (perhaps even consensus) candidate for the Treasury Secretary job.
Now Romney’s out of the presidential picture and Hubbard – well, he’s just yet another grasping jobholder who’s been exposed as a paid mouthpiece in a court proceeding.
Anyone who’s seen the movie Inside Job will recall the stupendously angering scene in which Hubbard pissily snaps at his interviewer for asking about his outside relationships with the financial services industry.
In the movie, renowned filmmaker Charles Ferguson pointed out that, among other things, Hubbard had co-authored a paper with former Goldman chief economist William Dudley in which he praised credit derivatives as having improved the “allocation of risk” and helped produce “enhanced stability.” It was fair to ask how much Goldman’s “Global Markets Institute” had to pay one of the Ivy League’s leading minds to endorse the giant daisy chains of credit default swaps and collateralized debt obligations that led to the crisis – it was quite a coup, after all, like getting the Dean of Harvard Medical School to pose in public smoking a pack of Kools.
Anyway, when asked if he did consulting work for big banks, Hubbard refused to answer. And when asked if he just didn’t remember who was writing checks to him when he wasn’t overseeing the education of American youth, he fumed.
“This isn’t a deposition, sir,” he hissed. “I was polite enough to give you time, foolishly I now see. Give it your best shot.”
Again, there’s just nothing like karma. If your answer to a perfectly sensible question is going to be, “Screw you, this isn’t a deposition,” exactly how long do you think it’ll be before you end up actually getting deposed? And forced to answer, under oath, just how much your opinions cost?
A couple of years, as it turns out.
And a copy of the deposition is below…
Full Deposition of Glenn Hubbard in MBIA v COUNTRYWIDE