NYU Stern
In December 2005, the Center hosted leading scholars, regulators, and senior practitioners from investment banking, law, journalism and business at NYU for a one-day discussion of ethics in investment banking. The workshop title was: "The Investment Banking Professional: Firm Culture and Training and Industry Standards." The Workshop was co-sponsored by The American Academy of Arts & Sciences (AAAS) and the NYU Pollack Center for Law & Business. For more information about AAAS, please visit: http://www.amacad.org

The American Academy of Arts and Sciences

Founded in 1780 in Cambridge, Massachusetts, the American Academy of Arts and Sciences is an international learned society composed of the world's leading scientists, scholars, artists, business people, and public leaders. Currently, the Academy has 4,000 American Fellows and 600 Foreign Honorary Members. The major objectives of the Academy are to promote service and study through analysis of critical social and intellectual issues and the development of practical policy alternatives; foster public engagement and the exchange of ideas with meetings, conferences and symposia bringing diverse perspectives to the examination of issues of common concern; mentoring a new generation of scholars and thinkers through the newly established Visiting Scholars Program; and honor excellence by electing to membership men and women in a broad range of disciplines and professions.

Past AAAS Events
In May 2003, the Center hosted scholars, regulators, and practitioners from investment banking, law, journalism and business at NYU for a workshop on corporate responsibility. Its special focus was the various "roles" or professions that are accorded a place in the network of social and legal controls that are intended to protect the integrity of our financial markets and corporate governance. The workshop, which extended over two days, was an open discussion structured around six such roles or professions: auditors, business journalists, government regulators, lawyers, bankers and corporate directors.

Discussions in the workshop focused on the evolution, the economic incentives and pressures and the ethics or ideology of each profession and were lead by panels comprised of scholars and expert practitioners. The workshop aimed to produce broad interaction, by limiting the lead panel to a few introductory comments on a short paper produced by each panel to stimulate exchange. To view the report forumulated from the proceedings, please visit: http://www.amacad.org/publications/corpResp.aspx

The event was attended by a number of members of the University's faculty from the Law School, the Stern School, and the College of Arts and Sciences, as well as Academy members from New York and Boston.

Day 1
Panel 1: The Role of Regulators
Topic: The effectiveness of the legal regulatory bodies, especially the Securities and Exchange Commission and courts
Chair: Donald C. Langevoort, Professor of Law and Director of the Sloan Project, Georgetown University Law Center

Other Panelists:

James L. Cochrane, Senior Vice President, Strategy and Planning, New York Stock Exchange, Inc.
Leo Strine, Vice Chancellor of the Delaware Court of Chancery

Panel 2: The Role of Auditors: The Auditor as Gatekeeper
Topic: The auditing profession's obligations to the public interest and its past performance in restraining corporate misconduct and presented alternatives for reform.

Chair: William Kinney, Chalres & Elixabeth Prothro Regents Chair in Business at the McCombs School of Business, University of Texas at Austin.

Other Panelists:

John H. Biggs, Former Chairman and Chief Executive Office, TIAA-CREF
J. Michael Cook, Former Chairman and Chief Executive Officer, Deloitte & Touche, LLP
Damon A. Silvers, Associate General Counsel, AFL-CIO

Panel 3: The Role of Journalists: What Happened to the Watchdog?
Topic: The role of the media in encouraging and criticizing business behavior
Chair: Geneva Overholser, Curtis B. Hurley Chair in Public Affairs Reporting, University of Missouri School of Journalism

Other Panelists:

Steven Lipin, Senior Partner of The Brunswick Group

Day 2
Panel 4: The Role of Lawyers: Professional Independence and the Role of Business Lawyers
Topic: The role of the business lawyer, in particular to what extent business lawyers should act as independent advisors, costs associated with independence, and steps that can be taken to improve the professional independence of business lawyers
Chairs: William T. Allen, Nusbaum Professor and Director of the Center for Law & Business, and Geoffrey Millier, William T. and Stuyvesant P. Comfort Professor of Law, NYU School of Law

Other Panelists:

Conrad Harper, Esq., Simpson, Thacher & Bartlett

Richard W. Painter, Guy Raymond and Mildred Van Voorhis Jones Professor of Law, University of Illinois College of Law

Panel 5: The Role of Investment Bankers
Topic: The corporate responsibility of investment bankers and the historic and economic forces at work in the delivery of investment banking services
Chair: Felix Rohatyn, former Ambassador to the Republic of France, former senior partner of Lazard Freres and presently of Rohatyn Associates LLC

Other Panelists:

Samuel L. Hayes, Emeritus Professor, Harvard Business School
Dr. Gerald Rosenfeld, CEO of Rothschild, N.A. and a mamber of the Center for Law & Business' Board of Advisors

Panel 6: The Role of Corporate Directors: The Professionalization of Corporate Directors
Topic: Whether the position of the corporate director should be "professionalized"
Chairw: Martin Lipton, Esq., Senior Partner, Wachtell, Lipton, Rosen & Katz and chair of NYU Board of Trustees, and Dr. Jay Lorsch, Louis E. Kirstein Professor of Human Relations, Harvard Business School

Other Panelists:

Margaret Blair, Research Director of the Sloan Project, Georgetown University Law Center
Kenneth Roman, former Chairman and CEO, The Ogilvy Group
Walter V. Shipley, former Chairman and CEO, Chase Manhattan Corporation