Financial Armageddon has a post about Gary Gorton, who teaches at Yale.
"Mr. Gorton, who teaches at Yale School of Management, is best known for his influential academic papers, which have been cited in speeches by Federal Reserve Chairman Ben Bernanke. But he also has a lucrative part-time gig: devising computer models used by the giant insurer to gauge risk in more than $400 billion of devilishly complicated deals called credit-default swaps."
Well, Aristotle put scientific beliefs backwards for thousands of years due to his popularity and mistaken beliefs that were popularly adopted.
There needs to accountability and the prestige needs to be replaced with disgrace.