Hal Scott is the director of the Cambridge, Massachusetts-based Committee on Capital Markets Regulation, an “independent and nonpartisan 501(c )(3) research organization dedicated to improving the regulation of US capital markets.” Though tax records show he spends 30 hours a week on CCMR business – for which he is paid $342,840 annually, he is also employed as the Nomura Professor and Director of the Program on International Financial Systems at Harvard Law School, where he has taught since 1975. (Scott’s Harvard income has not been disclosed, though the New York Times pegged the average full-time Harvard professor’s salary at $191,200 in 2010 — substantially less than what he earns running the CCMR.)
Scott, a crony of Jamie Dimon’s who uses those amazingly generous outside hours (what’s he give Harvard? ten? fifteen?) to fight the Volcker Rule and other attempts to regulate the banking industry, is the very model of a modern law professor.
May 26th, 2012 at 10:04AM
Harvard Law School professors make far more than the university average. As a chaired professor, Scott probably sees directing the Committee on Capital Markets Regulation as public service for which he accepts a modest honorarium.