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Meet one of the University of Michigan’s most highly compensated, highly respected professors.

While he appeared a grandfatherly academic, Dr. [Sidney] Gilman, 80, was living a parallel life, one in which he regularly advised a wide network of Wall Street traders through a professional matchmaking system. Those relationships afforded him payments of $100,000 or more a year — on top of his $258,000 pay from the University of Michigan — and travels with limousines, luxury hotels and private jets. … Dr. Gilman made a sharp shift in his late 60s, from a life dedicated to academic research to one in which he accumulated a growing list of financial firms willing to pay him $1,000 an hour for his medical expertise, while he was overseeing drug trials for various pharmaceutical makers. … Colleagues now say Dr. Gilman’s story is a reminder of the corrupting influence of money. The University of Michigan, where he was a professor for decades, has erased any trace of him on its Web sites, and is now reviewing its consulting policy for employees, a spokesman said.

[Gilman] has been ostracized by the university, and the consequences are broader still as a debate over the propriety of professors’ receiving payments from financial firms has been rekindled.

“What is the argument for sanctioning your full-time faculty, using your brand name, to advise the financial sector?” said Dr. Garret A. FitzGerald, a cardiovascular researcher at the University of Pennsylvania, who has been outspoken about conflicts of interest. “What’s the public good there?”

Oh pish posh. What’s the public good of Michigan’s president, Mary Sue Coleman, collecting huge sums from corporate boards for doing little other than attending meetings that cut into the time she can devote to the university? Was she distracted by her corporate boarding when she insisted on the catastrophic hiring of Rich Rodriguez?

Colleagues can nod their heads sagely about the corrupting influence of money, but really. When the president of Gilman’s university is as subject to greed as Goldman Sachs executive compensation rubber-stamper Ruth Simmons was, why should Gilman have felt uneasy about his own acquisitiveness?

Margaret Soltan, December 15, 2012 7:32PM
Posted in: conflict of interest

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One Response to “Meet one of the University of Michigan’s most highly compensated, highly respected professors.”

  1. Jack/OH Says:

    “Dr. Gilman made a sharp shift in his late 60s . . .”. That’d be only a few years before Medicare Part D prescription drug coverage, right?

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