David Blanchflower, the Bruce V. Rauner professor of economics at the College, will be making frequent trips across the pond to carry out his new role as an external member of the Bank of England's Monetary Policy Committee. British taxpayers will pay approximately $145,000 to import the UK native for monthly meetings in England over 12-day periods. The figure, recently released to the public under the Freedom of Information Act, is raising questions about the necessity of an international appointment, which one member of the Treasury Select Committee called "bizarre," according to the British newspaper The Independent. Blanchflower will work three days a week externally for the MPC and will help to set interest rates.
The New England Journal of Medicine retracted part of a paper Monday about the drug Vioxx, the non-steroidal anti-inflammatory drug that pharmaceutical company Merck pulled off the shelves in September 2004. The journal originally stated in the paper, co-authored by Dartmouth Medical School Professor John Baron, that the drug's danger of causing heart damage did not pertain to patients taking the Vioxx for a period less than 18 months. In a compromise with the paper's authors, the journal removed the 18-month claim from the paper's abstract but not from its results section, according to the New York Times. That claim has been central to Vioxx's defense in the more than 11,000 lawsuits filed by those claiming that the drug caused them damage.
Henry "Hank" Paulson '68 discussed tax cuts and trade in his confirmation hearing as the White House nominee for Treasury secretary Tuesday. Paulson expressed support for President Bush's tax cuts, partially crediting them for Wall Street's rebound after September 11. According to the Los Angeles Times, no opposition to Paulson's appointment was evident among committee Democrats. Paulson's extensive experience in business dealings with China as former chairman and CEO of Goldman Sachs has led many to believe that he is equipped to deal with the trade deficit. Last year, the executive received $35.06 million from Goldman Sachs in compensation, after having been with the company for 32 years.
