Universities like the University of Pennsylvania’ Wharton School with its very prestigious financial school bears some responsibility for this crisis. One reason being that they produce so many graduates with illusory or marginal skills, but that feel entitled to so much compensation. Richard Herring
here, very calmly explains how things got “a little out of control.”
He is so calm and collected, but his ex-students have caused so much damage. The essential argument here is that its just part of the natural cycle of finance. Yes, and so is a $3.4 trillion bailout. Of course UPenn will continue to turn our exceptionally greedy graduates who want to be compensated for moving money around underneath different shells. UPenn could do the country a favor and close the Wharton School, it is not needed, creates massive negative externalities and its graduates are parasites on the rest of the economy. Wharton could be replaced by a school that actually adds some value to something other than the graduates. For its graduates and for its apologist finance professors who are doing as good a job as possible hiding under a rock right now, we give them the black mark of greed and incompetence. Like most institutions, Wharton will be very careful to not take responsibility and to chalk up the crisis to uncontrollable factors they had no part in, this way they don’t have to evaluate the baselessness of the courses and doctrine. That would be painful.
The Hand That Rocks the Cradle
Of course the broader question is who is pulling Wharton’s strings. Its not too difficult to figure out who. This quote explains how it is done. “And by gaining control of the leading business schools through endowments, rentiers mould the educational process so as to make all this appear quite natural.” – http://www.michael-hudson.com/articles/financial/9803FinanceCapitalism.html
References
How false and fraudulent methods of finance are still taught and will continue to be taught at business schools.
http://www.fooledbyrandomness.com/Ft-Bystanders.pdf
