Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

5 of 10
BACKNEXT
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
More Galleries
Driving the world's first car Driving a replica of the 1886 Benz Patent Motorwagen, the first internal combustion automobile. More
The 7 biggest investment mistakes celebrities make From betting too heavily on real estate to overestimating future earnings, here are 7 of the most common money mistakes that celebrities make. More
Cotton candy, toothpicks, pet gel -- these products are all made from marijuana Legal cannabis, an estimated $5.4 billion industry, is drawing in entrepreneurs with a variety of innovative products -- from skin patches to pain relief gel for pets. More

Special Offer