A recent panel discussion at Columbia Business School launched a critical report evaluating conflicts of interest in the financial services industry. The event attracted industry leaders, alumni, students and media. The report, Conflicts of Interest in the Financial Services Industry: What Should We Do about Them?, provides an in-depth examination of four areas that have high potential for exploitation of conflicts of interest: underwriting and research in investment banking; auditing and consulting in accounting firms; credit assessment and consulting in rating agencies; and universal banking. It also examines how effectively the market and various proposed regulations control conflicts of interest and goes on to offer a framework for evaluating current and proposed policies. The report was authored, in collaboration with the Centre for Economic Policy Research, by Sir Andrew Crockett of JP Morgan Chase International; Trevor Harris of Morgan Stanley and Columbia Business School, where he was formerly on the faculty; Frederic Mishkin of Columbia Business School and the Federal Reserve Bank of New York, where he was formerly executive vice president and director of research; and Eugene White of Rutgers University.