A few days old, but still rates high on the entertainment meter. Via Don Luskin.A renowned economist who headed an academic think tank at Yale University is resigning because of financial misconduct, a school spokesman said Monday. Florencio Lopez-de-Silanes, a tenured finance and economics professor, issued a statement acknowledging "an error," but neither he nor Yale provided details. The Wall Street Journal, citing anonymous sources familiar with the matter, reported Monday that Lopez-de-Silanes allegedly double-billed Yale for about $150,000 in travel expenses since 2001. The World Bank, for whom he worked as a consultant, is conducting a separate inquiry into contracts awarded to the 38-year-old Lopez-de-Silanes, said Damian Milverton, a spokesman for the financial institution.
Lopez-de-Silanes, who was born in Mexico, had run Yale's International Institute for Corporate Governance since it was created within the business school in July 2001. "I made a mistake and I deeply regret any unintended harm," he said. "I have taken appropriate corrective steps with all affected parties and I can offer no excuse except the intensity of my focus on my work." Yale spokesman Tom Conroy said Lopez-de-Silanes will resign June 30. He would not say anything beyond that the resignation was "a result of financial misconduct and irregularities."
