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Stability in Iceland
Stability in Iceland
Four months before he was named a Fed Governor in 2006, Frederic Mishkin published a paper on "Financial Stability in Iceland." The Iceland Chamber of Commerce had paid him $124,000 to co-author the report.

Not surprisingly, he had nice things to say about their economy. "The analysis in this study suggests that although Iceland's economy does have imbalances that will eventually be reversed, financial fragility is not high and the likelihood of a financial meltdown is very low."

Iceland's economy collapsed less than a year later.

As depicted in the Oscar-winning documentary "Inside Job," Mishkin's resume mysteriously changed the title of the report to "Financial Instability in Iceland." It has since been changed back. Mishkin resigned from the Fed in 2008 and returned to his position teaching economics at Columbia University.



NEXT: Greenspan's Enron prize
Last updated March 24 2011: 3:05 PM ET
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