View Full Version : The Schools Behind The Economic Collapse. (Go Harvard!)

03-04-2009, 02:05 PM
The MBAs of the Meltdown – Where Did Those Bankers Go to Business School?
Harvard Business School, NYU Stern, Cornell … What are they teaching at these places?

By Deborah Barrow

Here’s a question, fellow 401K-robbed victims of the meltdown: Exactly where did this toxic batch of bankers and businesspeople — who engineered the economy into the ditch, the stock market into free fall and frittered away the fortunes of our country and maybe even the world — learn their craft? Which MBA, economics and law programs produced the perpetrators of the calamities that have befallen the great Wall Street institutions and, now, Main Street Americans as well? Which schools are the Academies of the Apocalypse, and who and how many went to each?

Winner: Harvard

Second Runner-up: New York University’s Stern School of Business

Third Place: Cornell

It’s well-known by everyone except those with an MBA that the rest of the world hates the average overeducated-in-the-wrong-way whiz kid who emerges from an elite graduate school of business. These soulless, humorless, real-world-experience-starved scammers descend upon Wall Street and corporate America by the truckload every May, typically making life miserable for the professional peasants who work at the unfortunate firms to which they flock, for those who must stand mutely by as their new bosses proceed to make Every Mistake in the Book. The craftiest and most mendacious of each generation invariably finds their way to the corner office, where for years now they’ve been shipping jobs overseas, changing the focus of their firms from making products to managing money and getting richer than Marie Antoinette could have ever imagined.

Much more at the link - read it all.

Educating Failure (http://www.wowowow.com/post/mbas-meltdown-which-schools-produced-economic-tsunami-224487?promo=news)

03-04-2009, 03:22 PM
Interesting article, albeit a tad thin, considering the sampling pool of 25. To really look into this you'd need the following data:

A breakdown by grad school of all upper management for failed/failing firms.
A breakdown by grad school of SEC and banking regulators.
A breakdown by grad school for banking and financial lobbyists.

And, to be thorough, the educational background of those who constantly voiced dissenting opinions and/or predicted the collapse to see if their backgrounds differed.

It would also be interesting to know their class standing and how many were legacies. (I read somewhere that Harvard is 40% at the undergrad level)

I believe, though have no empirical evidence , that Harvard or any top business school is just an entrance ticket or stamp of approval that validates someone for a mid-level position in a company. It is the culture/philosophy in a specific industry or sector of business that ultimately promotes a person to higher positions. How many of these people 'failed upwards'--despite bad performance and costly mistakes were promoted or offered higher positions at other companies?

The Peter Principle was written in 1968, a humorous treatise which also introduced the "salutary science of Hierarchiology"--the principle has real validity: "In a Hierarchy Every Employee Tends to Rise to His Level of Incompetence."

03-04-2009, 07:59 PM
Crimson in Congress

"Lookie,lookie at all the rats from Harvard in the house !"

"It Looks As If Harvard Has Positioned Their College To Be a Graduate School For Political Players Of The Far Left !"

Harvard Square erupted in historic fashion on November 4 when Senator Barack Obama, J.D. ’91, of Illinois, the first black president of the Harvard Law Review (see “Brevia”), was elected the forty-fourth president of the United States. In January, at least 38 other alumni (defined for this exercise as graduates of or matriculants in a degree program at the University) will be in Washington as members of the 111th Congress.

Democrats remain firmly in control of the Harvard contingent on Capitol Hill. Overall, the Crimson ranks will increase from the group of 35 who sat in the 110th Congress to a contingent of 38. This total includes 35 Democrats (up six from the tally in the last session), but only three Republicans (down three), including Representative Thomas E. Petri ’62, LL.B. ’65, of Wisconsin, who remains the sole Republican member of the House to have graduated from Harvard. The University’s eight new faces include Senate Democrat Mark R. Warner, J.D. ’80, of Virginia (see “We Need a Win,” September-October 2007, page 78), as well as House Democrats John Adler ’81, J.D. ’84, of New Jersey; Gerry Connolly, M.P.A. ’79, of Virginia; Bill Foster, Ph.D. ’83, of Illinois; Alan M. Grayson ’78, M.P.P.-J.D. ’83, G ’87, of Florida; Jim Himes ’88, of Connecticut; Dan Maffei, M.P.P. ’95, of New York; and Walter C. Minnick, M.B.A. ’66, J.D. ’69, of Idaho. (The Democrats’ total will rise by one if Al Franken ’73, of Minnesota, wins his race for the Senate against incumbent Norm Coleman; an automatic recount was incomplete at press time.)

Three of Harvard’s congressional losses came in Senate races that went against Republicans.
Elizabeth Dole, M.A. ’60, J.D. ’65, of North Carolina, lost her seat, as did John E. Sununu, M.B.A. ’91, of New Hampshire. (Sununu was defeated by Jeanne Shaheen, whom he beat in 2002; Shaheen, former director of the Harvard Kennedy School’s Institute of Politics, served three terms as her state’s first female governor and is its first elected female senator.)
And once the final ballots were counted on November 18, Ted Stevens, LL.B. ’50, of Alaska, the longest-serving Republican in the history of the Senate, had lost his seat.

(He was convicted on seven felony counts eight days before the election.) Elsewhere, Democrat Thomas H. Allen, J.D. ’74, of Maine, gave up his House seat to run for the Senate, but lost to incumbent Susan Collins;

in Louisiana, Democrat William Jefferson, J.D. ’72, who is under federal indictment, was beaten on December 6 in a storm-delayed contest.

The line-up at press time (asterisks mark newcomers):

Senate Republicans:

Michael D. Crapo, J.D. ’77 (Id.);
David Vitter ’83 (La.).

Senate Democrats:

Jeff Bingaman ’65 (N.M.);
Russ Feingold, J.D. ’79 (Wisc.);
Edward M. Kennedy ’54 (Mass.);
Herbert H. Kohl, M.B.A. ’58 (Wisc.);
Carl Levin, LL.B. ’59 (Mich.);
John F. (Jack) Reed, M.P.P. ’73, J.D. ’82 (R.I.);
John D. Rockefeller IV ’58 (W.Va.);
Charles E. Schumer ’71, J.D. ’74 (N.Y.);
*Mark R. Warner, J.D. ’80 (Va.).

House Republican:

Thomas E. Petri ’62, LL.B. ’65 (Wisc.).

House Democrats:

*John Adler ’81, J.D. ’84 (N.J.);
John Barrow, J.D. ’79 (Ga.);
*Gerry Connolly, M.P.A. ’79 (Va.);
James H. Cooper, J.D. ’80 (Tenn.);
Artur Davis ’90, J.D. ’93 (Ala.);
Chet Edwards, M.B.A. ’81 (Tex.);
*Bill Foster, Ph.D. ’83 (Ill.);
Barney Frank ’61, G ’62-’68, J.D. ’77 (Mass.);
*Alan M. Grayson ’78, M.P.P.-J.D. ’83, G ’87 (Fla.);
Jane Harman, J.D. ’69 (Calif.);
Brian Higgins, M.P.A. ’96 (N.Y.);
*Jim Himes ’88 (Conn.);...............
Ron Kind ’85 (Wisc.); ..................
James R. Langevin, M.P.A. ’94 (R.I.);
Sander M. Levin, LL.B. ’57 (Mich.);
Stephen F. Lynch, M.P.A. ’99 (Mass.);
*Dan Maffei, M.P.P. ’95 (N.Y.);
James D. Matheson ’82 (Utah);
*Walter C. Minnick, M.B.A. ’66, J.D. ’69 (Id.);
John P. Sarbanes, J.D. ’88 (Md.);
Adam B. Schiff, J.D. ’85 (Calif.);
Robert C. Scott ’69 (Va.); ..................
Joseph A. Sestak Jr., M.P.A. ’80, K ’82, Ph.D. ’84 (Pa.);
Bradley J. Sherman, J.D. ’79 (Calif.);
Christopher Van Hollen Jr., M.P.P ’85 (Md.);
David Wu, M ’81 (Ore.)................

Some Harvard definitions :

An MBA is a Master in Business Administration, and provides a general overview of business .
MPA is a Master in Public Adminstration, and provides students with a general overview of finance, management, planning, operations, etc. of government agencies (local, state, and federal) and not-for-profit organizations (i.e., associations, hospitals, grassroots, etc.).
Master of Public Policy, an academic degree
'K' School of Government (Kennedy School for scandals)

Through the MPP core, students sharpen their powers of analysis and their knowledge base. They build the confidence and judgment needed to weigh competing demands and choose the most appropriate action. They become skilled at shaping effective and practical solutions and building consensus and ownership in support of those solutions. They learn to marshal resources within and outside of an organization, monitor and fine tune innovative policy solutions, and provide the transformational leadership that generates success.

Master in Public Policy/Urban Planning

The Master in Public Policy and Urban Planning (MPP/UP), offered in cooperation with Harvard University Graduate School of Design (GSD), combines a public policy background with skills in urban planning and design.

In addition to the MPP core requirements, MPP/UP candidates complete a two-week, preparatory module on basic concepts and techniques of urban design, take GSD courses in urban planning and design, and focus on HKS courses that deal with urban policy issues. All of this culminates in a Policy Analysis Exercise on an urban planning topic.
What is the difference between JD and Phd?

JD is a juris doctor The JD/PhD Program is open to a small number of students who intend to pursue an academic career and whose teaching and research will be enriched by both the JD and PhD degrees. . Coursework requirements for both degrees typically take five years to complete. Additional time is usually required to complete the doctoral dissertation. Consult the specific degree requirements of the Law School and their graduate programs.

An abbreviation denoting the degree of bachelor of laws, which was the basic degree awarded to an individual upon completion of law school until the late 1960s.The degree has been largely replaced by the J.D., Juris Doctor (or doctor of Jurisprudence) degree.
What is the difference between a MPP and a MPA?

My (limited) understanding is that it varies between schools. Most MPA's are more business/management oriented, while MPP programs emphasize the statistics/economics/analysis end of things. That being said, I believe that the curriculum is often virtually the same between MPA and MPP programs, with slight differences running along the lines mentioned above. People with MPAs can still be analysts, and MPPs may find themselves in management.


Water Closet
03-05-2009, 11:26 PM
While we're compiling lists, let's not forget the only POTUS who graduated with a Harvard MBA. :D

03-05-2009, 11:42 PM
While we're compiling lists, let's not forget the only POTUS who graduated with a Harvard MBA. :D

And let's not forget the many Ivy League grads who tried for that office and failed. Worse yet, let's not forget the numerous parents scheming to get their precious snowflakes into those very programs even today.

03-06-2009, 02:00 AM
And let's not forget the many Ivy League grads who tried for that office and failed. Worse yet, let's not forget the numerous parents scheming to get their precious snowflakes into those very programs even today.

Sorry, but I'm aiming the girls at West Point or Annapolis. Less indoctrination.

03-06-2009, 02:20 AM
Lest not forget Robert Rubin, another whizz kid from Harvard, who ran CITI into the ground then bailed out like the loser that he is. Between Bernanke, Summers and Geithner, these investment bankers do not have a clue of how to fix the economy.