Rachel Maddow busts Laura Tyson of Morgan Stanley...watch
Last night, Rachel Maddow did something very special for journalism: In the name of transparency, she went back and clarified that a bailout-justifying guest of hers actually had a blatant conflict of interest. On Monday, Maddow had on Berkeley professor Laura Tyson to talk about the bailout. Tyson defended the firms that have received bailout money, saying they are not at fault in either how they are using the money, or in how they are refusing to answer questions about their use of the money. She also insisted that companies that get bailout money should be able to keep paying dividends to their shareholders. Yet, Tyson didn't tell viewers that she sits on the board of directors of Morgan Stanley, a bank that has received $10 billion in bailout money. That's right - according to Morgan Stanley's SEC filings, Tyson makes about $350,000 a year from Morgan Stanley in total compensation from that position, and she now owns about 79,000 shares of the company. In other words, she has a direct financial interest in defending the bailout, absolving bailout recipients of wrongdoing, and justifying the use of bailout money for shareholder dividends. Obviously, it's really unethical to appear on a show billing yourself as an objective disinterested professor at the same time you aren't telling people you are on the board of directors of the company you are effectively defending. Who knew this greedy professor can be the most stupid person in the world!
Last night, Rachel Maddow did something very special for journalism: In the name of transparency, she went back and clarified that a bailout-justifying guest of hers actually had a blatant conflict of interest. On Monday, Maddow had on Berkeley professor Laura Tyson to talk about the bailout. Tyson defended the firms that have received bailout money, saying they are not at fault in either how they are using the money, or in how they are refusing to answer questions about their use of the money. She also insisted that companies that get bailout money should be able to keep paying dividends to their shareholders. Yet, Tyson didn't tell viewers that she sits on the board of directors of Morgan Stanley, a bank that has received $10 billion in bailout money. That's right - according to Morgan Stanley's SEC filings, Tyson makes about $350,000 a year from Morgan Stanley in total compensation from that position, and she now owns about 79,000 shares of the company. In other words, she has a direct financial interest in defending the bailout, absolving bailout recipients of wrongdoing, and justifying the use of bailout money for shareholder dividends. Obviously, it's really unethical to appear on a show billing yourself as an objective disinterested professor at the same time you aren't telling people you are on the board of directors of the company you are effectively defending. Who knew this greedy professor can be the most stupid person in the world!
Rarely do we see such transparency in the media. We are fortunate that this proffessor got caught. My grandfather used to say when dealing with starngers, make sure you know how they get paid. In this case clearly Laura Tyson seems to make more money from Morgan Stanley than UC Berkley. Great job to expose her for who see really represents.
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