Fred Mishkin's "Outside Compensation" List Revealed

Tyler Durden's picture

Perhaps the most memorable outcome of the 2010 movie "Inside Job" by Charles Ferguson, was the historic humiliation of former Fed governor and current Columbia University professor, Fred "Napoleon Dynamite" Mishkin. For those who are unaware why, we urge you to watch the following clip which explains it all.

Well, as a result of Inside Job's epic embarrassment of Mishkin, we were amused and delighted to see that a recent development which is now prominently featured on Mishkin's Columbia university portal site, is a new disclosure page named simply enough: "Disclousure of Outside Compensated Activities" (sic) and yes, it is misspelled.

So for all those curious who Fred Mishkin has received money from in the past 8 years, here is a partial list:

Federal Reserve Bank of New York, Lexington Partners; Tudor Investment, Brevan Howard, Goldman Sachs, UBS, Bank of Korea; BNP Paribas, Fidelity Investments, Deutsche Bank,, Freeman and Co., Bank America, National Bureau of Economic Research, FDIC, Interamerican Development Bank; 4 hedge funds, BTG Pactual, Gavea Investimentos; Reserve Bank of Australia, Federal Reserve Bank of San Francisco, Einaudi Institute, Bank of Italy; Swiss National Bank; Pension Real Estate Association; Goodwin Proctor, Penn State University, Villanova University, Shroeder’s Investment Management, Premiere, Inc, Muira Global, Bidvest, NRUCF, BTG Asset Management, Futures Industry Association, ACLI, Handelsbanken, National Business Travel Association, Urban Land Institute, Deloitte, CME Group; Barclays Capiital, Treasury Mangement Association, International Monetary Fund; Kairos Investments, Deloitte and Touche, Instituto para el Desarrollo Empreserial de lat Argentina, Handelsbanken, Danske Capital, WIPRO, University of Calgary, Pictet & Cie, Zurich Insurance Company, Central Bank of Chile, and many, many more.

The full list is below:


Finally, anyone who has still not seen Inside Job can do so below:

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LawsofPhysics's picture

Roll the motherfucking guillotines already.

fonzannoon's picture

agreed, at least start expanding his prostate or something. What a dirty whore.

SilverDOG's picture

I think I need ...



Distracting the majority away from the underlying strategy.


Complete Ownership.

MiguelitoRaton's picture

Yes Mishkin was humiliated...until he looked at his bank account again and realized it didn't mean Jack Shit.

AlaricBalth's picture

And here is Glenn "You've got three minutes left" Hubbard's list of outside activities.

Robert Glenn Hubbard, Dean, Graduate School of Business, Columbia University

Met Life
Capmark Financial Corporation; Information Services Group
ADP, Inc.; KKR Financial Corporation; BlackRock Closed-End Funds Duke Realty Corporation
Dex Media/R.H. Donnelley
ITU Ventures
Angel Society, LLC;
Information Technology University, LLC

Nomura Holdings America

Consulting or Speaking Engagements at Some Point During the Past Five Years:
U.S. Department of Justice, Airgas, Alternative Investment Group, American Century, America’s Health Insurance Plans, ApexBrasil, Association for Corporate Growth, Bank of America, Bank of New York Mellon, Barclays Services Corporation, BNP Paribas, Capital Research, Citigroup, Deutsche Bank, Fidelity, Franklin Resources, Freddie Mac, Goldman Sachs, Intel, JP Morgan Chase, Microsoft, National Rural Utilities Cooperative Finance Corporation, NMS Group, Oracle, Pension Real Estate Association, Real Estate Roundtable, Reynolds American, Royal Bank of Scotland, Visa, Wells Fargo
Laurus Funds
Chart Venture Partners
Ripplewood Holdings

Arcapita is the former First Islamic Investment Bank, a Sharia Law compliant financial institution based out of Bahrain. Hubbard maintained an advisory relationship with them from 2005-2009.

TruthInSunshine's picture

Mishkin is a whore for the financial industry, yet surprisingly, he actually co-wrote a paper recently (with three other former members or advisors to the Federal Reserve), in which it was emphasized that the Federal Reserve balance sheet is already at dangerous levels, and warnns that not only does the Fed face a significant risk of substantial losses in the value of its existing portfolio, but that it is now at the point whereby adding to its balance sheet through unsterilized purchases of MBS/Treasuries, etc. increases the possibility of a sudden loss of the ability to fix interest rates-- even at the margin-- and could lead to significantly adverse macroeconomic shock (as the Fed is suddenly forced with an inevitable temptation to do "fiscal policy" in quite direct ways):

Bloomberg: Economists Warn Fed Risks Losing Control

Four economists, including a former Federal Reserve governor who has co-written research with Chairman Ben S. Bernanke, warned that losses from the central bank’s more than $3 trillion balance sheet could lead to the Fed losing control of monetary policy.

“The combination of a massively expanded central bank balance sheet and an unsustainable public debt trajectory is a mix that has the potential to substantially reduce the flexibility of monetary policy,” the economists write. “This mix could induce a bias toward slower exit or easier policy, and be seen as the first step toward fiscal dominance. It could thereby be the cause of longer-term inflation expectations and raise the risk of inflation overall.”


The conclusion from economists, including Frederic Mishkin, a governor at the central bank from 2006 to 2008 and an academic collaborator with Bernanke before that, will be presented at the U.S. Monetary Policy Forum in New York. Their paper serves as a high-profile warning to an audience including Boston Fed President Eric Rosengren, Fed Governor Jerome Powell and St. Louis Fed President James Bullard.

The central bank is currently purchasing $85 billion a month of Treasuries and mortgage-backed securities, following two previous rounds totaling $2.3 trillion, in an effort to lower an unemployment rate stuck near 7.9 percent. Once the economy strengthens, the central bank plans to unwind its balance sheet by raising interest rates and selling many of the assets acquired over the past four years.


Substantial Losses

The economists say that the Fed could incur substantial losses that might occur when U.S. deficits are still high and Congress and the White House have been unable to put fiscal policy on a sustainable trajectory.


“This unfavorable fiscal arithmetic might tend to push the Fed toward delaying its exit from the extraordinary easing measures it has taken in recent years; it could even affect decisions this year about how much further to expand the Fed’s holdings of longer-term government securities,” the authors said. “The Fed could cut its effective drain on the Treasury significantly by putting off asset sales and delaying policy rate increases. But such a response would presumably feed rising inflation expectations.”


The U.S. Monetary Policy Forum is sponsored by the Initiative on Global Markets at the University of Chicago Booth School of Business.


In addition to Mishkin, now an economist at Columbia University, the authors of the paper are David Greenlaw, chief U.S. fixed income economist for Morgan Stanley; James D. Hamilton, a professor of economics at the University of California in San Diego; Peter Hooper, chief economist at Deutsche Bank Securities Inc.

Bond Yields

Hooper and Greenlaw are both former Fed economists, while Hamilton’s research on bond yields has been cited by Bernanke as justification for the Fed’s policies.

Fiscal Dominance

“The bottom line is that no matter how strong the commitment of a central bank to an inflation target, fiscal dominance can override it,” the authors of today’s paper warned. “Without long-run fiscal sustainability, no central bank will be able to keep inflation low and stable.”

Fiscal dominance refers to a situation in which a central bank is forced to purchase government debt and finance deficits through inflation. If the central bank does not do this, interest rates will rise and the economy will contract and the government could even default, leading to a crisis that would cause an even worse contraction, the authors say. The central bank “will in effect have little choice,” they write.

Zer0head's picture

Why is any of this a surprise? Mishkin Smishkin

It's a giant rotating pig trough that includes the media pundits, the media anchors, the econo elite, buy side scum, sell side scum, pseudo economists, forex broads etc I mean fucking Roubini was a partner with Larry Summers I heard that one of the vulvas on Roubi's wall had Big Larrys name under it - then the political class that rotates into the corporate class and the bureaucrats who land plum jobs in the so called private sector

It is one giant cluster fuck game of screw the peasant for fun or profit and it extends into bloggger world think Mr. Wall Street Big Picture or those dickheads over at Business Insider shills and emmeffers

and their viewers and readers   hate to say but we are all dumb fucking muppets


and then we have one of  satan's many ambassadors hard at work in the heartland

This week, the US Supreme Court hears arguments that pit Monsanto against 75-year-old Indiana soya-bean farmer Vernon Hugh Bowman

James_Cole's picture

Mishkin was pretty good, but I thought the best bit was Glenn Hubbard - 1:31:00 - 1:32:00 so funny!

Everytime I see Glenn interviewed somewhere I always hear "Give it your best shot!"

nmewn's picture

I've always thought, at some point, the gov will have to turn to the Fed and say...sorry, you're the ultimate bagholder, by necessity of saving their own necks.

This can't have escaped everyone elses thoughts?

Think about it, all they have is the ability to counterfeit currency by the law as it is. They have no army, no navy, no air force, no police and very small

AlaricBalth's picture

But the Fed does have a police force with over 1000 officers in 37 stations all over the US.

Section 364 of the PATRIOT Act authorizes Federal Reserve Police “to carry firearms and make arrests without warrants for any offense against the United States committed in their presence.” Additionally, it grants them the ability to “have access to law enforcement information.”

nmewn's picture

Well I did not know that...mission creep...

"On October 12, 2010 President Barack Obama signed into law S.B. 1132 the "Law Enforcement Officers' Safety Act Improvements Act", which states that law enforcement officers of the Federal Reserve are "qualified law enforcement officers" and thus are authorized to carry a firearm off-duty. This update to the Law Enforcement Safety Act, among other aspects, clarified that Federal Law Enforcement Officers working for Amtrak and the Federal Reserve (not funded by Congress) are specifically granted the same rights as publicly funded law enforcement officers as it relates to off duty concealed carry."

Still, at a 1,000 "officers" they would have their hands full with millions of enraged citizens and the force of a now bankrupt government saying we refuse to pay the principle & interest.

But the point is well taken, I stand corrected, thanks ;-)

Raymond Reason's picture

No, it didn't escape Eric deCarbonell, of Market Skeptic's thoughts.  He says the de facto chief central bank of the world is the Exchange Stabilization Fund, and the Fed is a patsy.  

Bandit und Buster's picture

Well these Banksters are the same crew that mangaged to pull of the Russian revolution and slaughter many millions of non-jews (don't call THAT a holocaust though).

yogibear's picture

Exactly why CNBC has him on all the time. "CNBC, the First in Financial Whores!"

disabledvet's picture

"and it all started...WITH ALUMINUM." I will watch/listen to the rest of the movie...but "public humiliation as an industry" sounds a little more on topic to me. From whence the City Life be born of it? To "control the urge"...defile, disgrace, TEAR DOWN as it were. And what? Shout at the inside of self? Wow...can't wait for the party. I'll bring the dirge. sure, it's a "dancing dirge." what else are you supposed to do at a funeral?

Bendromeda Strain's picture

Thank you. I also find it strange that ZH gives full throated endorsement to "Inside Job" without any caveats. I knew once I heard Will Hunting's narration that it would be a blended psyops piece.

Kastorsky's picture

jews don't get humiliated. 

Unless someone screws them out of money.

upWising's picture

SEPTIC TANK RULE at work here:

The FED, and the Halls of Academe, are like a Septic Tank.  The Shit rises to the top, floats around far two long and stinks up the place, and then ever-too-slowly rots and sinks to the bottom where it belongs, creating a lot of volatile gasses in the process.  

Drain the tank!

FEDbuster's picture

Instead of pumping the market, maybe they need to pump the "think tanks"?

FEDbuster's picture

He has skills, ass kissing skills, yes man skills, Keynesian skills, bullshiting skills, etc...

OpenThePodBayDoorHAL's picture

I need him to catch me a delicious bass...or I'm gonna show him my nunchuk skills

optimator's picture

Exchanging insider small talk skills.

smlbizman's picture

was that nathan thurm....

McMolotov's picture

Politicians and bankers are obvious targets, but people need to remember these assholes who lurk in the shadows. They're every bit as bad.

flacon's picture

They and their wives and children will be torn to pieces, limb from limb and their assets burned to the ground, their fields salted and all their fake awards burned in the town square. Their family line ends right here. 

tenpanhandle's picture

You left the part out about ...then waking up from your dream.

flacon's picture

No, this is what will happen when the rest of America wakes from from "The American Dream". 

CompassionateFascist's picture

Our Dream is their Nightmare. That's why all the -stein's and -berg's and -witz's are grabbing at the guns. They know the days of their PaperPonzi Regime are closely numbered. 

Bingfa's picture

They can run but they can not hide...

Cortez the Killer's picture

Yes, and they'll be lining up scumbags like you in their sights

Bandit und Buster's picture

Synaggue Rising   The masterplan of the Elders of Zion: Difficult to believe, but Fatal to Ignore! the book to help put out the fire.

GMadScientist's picture

"Just as soon as I can get off this here couch" - Armchair Generalissimo

Raymond Reason's picture

"Vengence is mine, sayeth the Lord".  And there is a reason He said that.  Because the vengence you describe is nothing, a tweak of the ear, compared with what what awaits them in the real world. 

Bandit und Buster's picture


How are

the things of Esau searched out! how are his hidden things sought up!

Oba 1:7

All the men of thy confederacy have brought thee even to the border: the men that were at peace with thee have deceived thee, and prevailed against thee; they that eat thy bread have laid a wound under thee: there is none understanding in him.

Oba 1:8

Shall I not in that day, saith the LORD, even destroy the wise men out of Edom, and understanding out of the mount of Esau?

Oba 1:9

And thy mighty men, O Teman, shall be dismayed, to the end that every one of the mount of Esau may be cut off by slaughter.

Bingfa's picture

But yet they roam the streets, unharmed, untouched.

Bendromeda Strain's picture

"Their foot shall slide in due time"  Deut. 32:35

Jonathan Edwards - 1741

The Heart's picture

"Roll the motherfucking guillotines already."

And start at the top of the list:

Kirk2NCC1701's picture

+1  A person after my own heart:  a Truther!

Seer's picture

And the GOP sits on top of the pile... so much for the "socialists" being responsible for fucking things up...

Bendromeda Strain's picture

I don't see any conservatives at the top, just the usual suspects. Pretty mediocre defense of beloved socialism there, comrade.

Mediocritas's picture

Very informative list of funding by group:

It didn't match exactly what I expected with Attorneys and Law Firms in #1 place by a long way. Makes sense in retrospect but I'd underestimated them.

Thanks for the link, bookmarked.

RockyRacoon's picture

For the serious observer this is old news.   The real, current question would be:  Why does this shill still have an academic position, and why is he still getting air time even today!  He keeps coming back like a bad burrito... it's making me sick.

DoChenRollingBearing's picture

He still has his academic position because he is a "FOB".

Friend Of Banksters

Kirk2NCC1701's picture

Freight On Board an airborne chair floating with helium balloon tied to it would be better.  Lock & load!  Ready, aim...  ;-)

I am more equal than others's picture

It is an incestuous orgy of epic porportions. 

He's on the air because they need him to convince the uninformed that everything is OK (cue the Kevin Bacon character from Animal House).