[JadeNB]

> If you're primarily conducting business using your academic credentials, then relinquish your chair to someone else, and take up some "fluff" title and pay your grad students out of your own kitty.

This may be fair to ask of the professor, but it is perhaps reasonable to consider whether it is fair to ask of his or her graduate students (who are probably not to be blamed for their advisors' extracurricular habits). I work in math, where corporate sponsorship is (generally) not an issue, and so my opinion may be skewed; but it seems to me that a graduate student of someone with a 'fluff' title might be perceived less seriously than a graduate student of someone with a grander academic title, and so suffer even if his or her work is sterling. (On the other hand, perhaps driving students away from working with corporate consultants is a desireable side effect …?)