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Harvard narcissists with MBAs killed Wall Street
by This email address is being protected from spam bots, you need Javascript enabled to view it on Sunday, 22 February 2009
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Results 1 to 14 of 14
Posted on Tuesday, 24 February 2009
MBA - Right or Wrong
Posted by angelo at 15:21 UAE time
I have worked with and admired some persons with MBA's - These are the ones who have had a reasonably successful career prior to taking on the MBA and started in their mid to late thirties . The main reason they took the Post grad Qualification was to get promoted since it was the requirement for the position or, to make themselves a more marketable source when they applied for a new position. Entrepreneurial skill is nothing to do with any degree or qualification - It is a gift
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Posted on Monday, 23 February 2009
Dodgy bridge analagy
Posted by Mart at 19:03 UAE time
An interesting article but the logic of his Roman bridge argument is very flawed.
I'd wager that the Romans built quite a few dodgy bridges 2000 years ago. But 2000 years later they've all long since collapsed, and only the most hard wearing and decent survive.
Sure you don't see any dodgy Roman bridges - but that doesn't mean there weren't any. It just means they've done what modern dodgy bridges have done - collapsed!!!
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MBA or not
Posted by Coomon sense at 11:45 UAE time
I can't understand why MBA's should be an issue. Blaming someone who has taken the effort to get a superior education is not really the point. What I would add to the equation and is addressed in some way by others is that there is no replacement for real life experience and the ability to use a little of that sense that people have the audcity to call common. What Wall street and just about every other financial market in the developed world had was a bunch of people with fancy titles, no experience and a hierarchy chasing them for ever larger returns. The result was financial products that you needed a degree to understand, sold by people who had no idea what they were, but promised massive returns bought by people who had even less of an idea what they were buying, but liked the idea of the returns.....all of this regulated by .....?? Greed ultimately is the problem, but greed has been amplified by expectations. For the last 30 years, profit has been the biggest buzz word. making a 5 or even 10 percent return on investment is no longer acceptable, and I believe that Wall street and it's celebrity bankers created unrealistic expectations within the parameters of greed. Greed is a natural human characteristic, we can not avoid that, but we can manage it's expectations, that would be the first step in the right direction. Making a 100% return can not be the norm, it should be like that huge fish you catch once in a lifetime, we need to find a little balance in Greed's expectations.
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MBAs brought the wall street down
Posted by lakshman Dalpadado at 08:32 UAE time
Steve Forbes, in his lectures, used to mention that getting a first class in the university is like a curse hanging around one's neck because many failed to make the grade in real life( some failed miserably) and that the twenty most successful persons in USA, in innovation, and financially, has got only one degree between them! He was, of course, referring to the top twenty billionaires.
I often quoted Steve's quotes in my lectures to college and university students - I believed him then and certainly believe him now.
Ability to pass exams with flying colours does not correlate with later achievements. Some of the most outstanding and innovative people in the world have been misfits in college. At the same time, corridors of failure in real life are littered with first class degree holders.
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Really?
Posted by Luis at 08:11 UAE time
I am with Kosta here. It is always nice to find a scapegoat, and MBAs now make a nice one. truth is that they (we actually) just respond to market signals. it was the repeal of Glass-Steagall that created the conditions for Wall Street to become what it is, so we may question the wisdom of that act. Of course that would mean bringing to light a Government act, from the times of Bill Clinton, for those with little memories.
And the bubble was fueled by the extremely low interest rates brought by the Fed to inflate economy after the dotcom bust.
Finally, the people in Wall Street they just acted upon self-interest, well, like everybody else. There was a massive corporate governance failure in these companies. I have been reading about the perils of the compensation schemes since I did my own MBA (in 1999). You may want to call the shareholders of the banks on this one, and their boards
So while, blaming a specific group may make for a good narrative, this story is as flawed as his previous one. And I think it is no coincidence the author was an economic advisor under the two administrations that I have mentioned... Can I smell some self-serving in writing this?
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Posted on Sunday, 22 February 2009
Greed
Posted by R. Keville at 19:50 UAE time
Greed and ego go hand in hand. Whenever there are young turks of business running amok without adult supervision this is what happens. The decade of the 90's was the real decade of greed and growth but for the wrong reasons. We experienced growth, not for the betterment of our society as a whole but rather for the betterment of self.
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Well said Kosta!
Posted by SR at 19:03 UAE time
Very well put Kosta, this is a problem of greed. I don't think it is fair to belittle the effort one has to put in to get a proper MBA.
Hythem, I think you are losing yourself here. I myself am an MBA, but I take pride in my MBA, what I have learnt and what it has made me.
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Harvard narcissists with MBAs killed Wall Street
Posted by sam at 18:43 UAE time
I agree with Kosta. It wasnt MBA's that killed Wall Street it was Greed!! And it will happen again in another 15 years ..... people have very short-term memories.
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Why dint we have the brightest of the lower income segments at Harvard??
Posted by Leves at 17:26 UAE time
I believe we never required bright people from the Top Echelons of society, which is exactly what the Harvard's and other premium institutes targetted by commanding high fees and tailor made education for such segments. In a rapidly eveolving global economy the brightest from all segments and cultures need to be involved so that they understand the pulse of all and take their decisions accordingly. Finally Greed did it as also inequality and indifference for the poor!! God Bless The Poor and Needy Bright Students!!
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misdirection
Posted by Press at 15:32 UAE time
This article does not cover the full truth about the subject. It can be one of many reasons. The main would be greed. It is a general fact that society, govt all play a big role in this downward turmoil. From my point of view real estate was exploited to such an extent that the revenue that was generated was huge and they sometimes over exposed their lending dur to greed and did not take precautionary measures. Its like the saying goes do not put all your eggs in one basket. They should be diversifing their funding schemes. Keeping the balance with other sectors of the economy is critical.
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mba
Posted by hytham at 15:22 UAE time
as an mba holder, i think that the article is right, i always thaught that what i taught was ok but does not help a lot in real business exept for multinationals
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Removeth the plank...
Posted by dave at 14:14 UAE time
This article is written by guy that wrote in 1999, before the dotcom bubble burst: "the single most important fact about stocks at the dawn of the twenty-first century: They are cheap....If you are worried about missing the market's big move upward, you will discover that it is not too late. Stocks are now in the midst of a one-time-only rise to much higher ground–to the neighborhood of 36,000 on the Dow Jones industrial average" THEY NEVER REACHED HALF THAT TO DATE!!!
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MBA's brought Wall Street down
Posted by Kosta at 11:20 UAE time
There is nothing wrong with the education of a top class MBA program or the mentality it instills in MBA Graduates....I am one myself.
What I also am, was, and always will be, is a very conservative, risk averse banker...my MBA did not teach me that, my first employer in Banking taught me that, in fact 6 months of Credit Risk & Market Risk practical training before I was sent out into the world of deal making....
Where Wall Street, London and other markets failed was that their young, highly ambitious MBA graduates where groomed to be Sales Man chasing fees, rather than Bankers' who are supposed to manage risk!
MBA's did not kill Wall Street, Greed Did!
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great article
Posted by Sam at 09:51 UAE time
Great article . Provides yuou with an idea abt how far arrogance and ignorance can take you..... Wall street is only place where men riding limousine go to take advice from men riding on subways. These ppl dont care abt long term growth....... greed is wide spread and the work culture is pathetic
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