Comments on: How do you like the gall of your fellow alums who have driven this economy into the ground with their greed? http://www.asktheharvardmba.com/2008/11/20/how-do-you-like-the-gall-of-your-fellow-alums-who-have-driven-this-economy-into-the-ground-with-their-greed/ My name is Chris Yeh. I'm a Harvard MBA, and you can ask me anything! Thu, 11 Mar 2010 08:41:20 +0000 http://wordpress.org/?v=2.3.3 By: Casey Walters http://www.asktheharvardmba.com/2008/11/20/how-do-you-like-the-gall-of-your-fellow-alums-who-have-driven-this-economy-into-the-ground-with-their-greed/#comment-829 Casey Walters Tue, 24 Nov 2009 03:27:20 +0000 http://www.asktheharvardmba.com/2008/11/20/how-do-you-like-the-gall-of-your-fellow-alums-who-have-driven-this-economy-into-the-ground-with-their-greed/#comment-829 I love this question and the answer. I think in such horrible times where so many people are in dire need it feels good to point the finger at someone or an institution and blame them for the whole mess. In every accredited MBA school you are taught ethics. Unfortunately, we are humans and inherently there are people are evil people. Greed can change a catholic to a devil worshiper in no time. Many M.B.A.'s, and dare I say the holiest of Gods the CFA's, brought down the economy but these people will pay eventually it's the law of the universe. Great answer and great site! I love this question and the answer. I think in such horrible times where so many people are in dire need it feels good to point the finger at someone or an institution and blame them for the whole mess. In every accredited MBA school you are taught ethics. Unfortunately, we are humans and inherently there are people are evil people. Greed can change a catholic to a devil worshiper in no time.

Many M.B.A.’s, and dare I say the holiest of Gods the CFA’s, brought down the economy but these people will pay eventually it’s the law of the universe. Great answer and great site!

]]> By: Ask the Harvard MBA » What good is an MBA? Isn’t a skill where you can build value a better idea? http://www.asktheharvardmba.com/2008/11/20/how-do-you-like-the-gall-of-your-fellow-alums-who-have-driven-this-economy-into-the-ground-with-their-greed/#comment-599 Ask the Harvard MBA » What good is an MBA? Isn’t a skill where you can build value a better idea? Sun, 28 Jun 2009 15:45:57 +0000 http://www.asktheharvardmba.com/2008/11/20/how-do-you-like-the-gall-of-your-fellow-alums-who-have-driven-this-economy-into-the-ground-with-their-greed/#comment-599 [...] I’ve already addressed the role of Harvard MBAs in financial crisis, I’ll focus instead on the second half of the question: Does business school teach you any [...] […] I’ve already addressed the role of Harvard MBAs in financial crisis, I’ll focus instead on the second half of the question: Does business school teach you any […]

]]> By: Ask the Harvard MBA » What do you wish someone had told you before starting HBS? http://www.asktheharvardmba.com/2008/11/20/how-do-you-like-the-gall-of-your-fellow-alums-who-have-driven-this-economy-into-the-ground-with-their-greed/#comment-567 Ask the Harvard MBA » What do you wish someone had told you before starting HBS? Sun, 12 Apr 2009 15:18:35 +0000 http://www.asktheharvardmba.com/2008/11/20/how-do-you-like-the-gall-of-your-fellow-alums-who-have-driven-this-economy-into-the-ground-with-their-greed/#comment-567 [...] times, it becomes even harder to get into HBS.  It also takes a strong constitution to ignore the (largely undeserved) flogging that our alma mater has been taking in the [...] […] times, it becomes even harder to get into HBS.  It also takes a strong constitution to ignore the (largely undeserved) flogging that our alma mater has been taking in the […]

]]> By: admin http://www.asktheharvardmba.com/2008/11/20/how-do-you-like-the-gall-of-your-fellow-alums-who-have-driven-this-economy-into-the-ground-with-their-greed/#comment-524 admin Mon, 12 Jan 2009 07:01:27 +0000 http://www.asktheharvardmba.com/2008/11/20/how-do-you-like-the-gall-of-your-fellow-alums-who-have-driven-this-economy-into-the-ground-with-their-greed/#comment-524 FN, The easiest way to move aggressively into cash is to approach silently, then break into a all-out sprint when you're within 10 yards. A fierce shout at the moment of impact is also recommended. FN,

The easiest way to move aggressively into cash is to approach silently, then break into a all-out sprint when you’re within 10 yards. A fierce shout at the moment of impact is also recommended.

]]> By: admin http://www.asktheharvardmba.com/2008/11/20/how-do-you-like-the-gall-of-your-fellow-alums-who-have-driven-this-economy-into-the-ground-with-their-greed/#comment-523 admin Mon, 12 Jan 2009 07:00:27 +0000 http://www.asktheharvardmba.com/2008/11/20/how-do-you-like-the-gall-of-your-fellow-alums-who-have-driven-this-economy-into-the-ground-with-their-greed/#comment-523 Michael J, The best solution for aligning incentives is to get executives to purchase stock. Unlike stock options, which offer only upside, execs who own actual stock suffer with the rest of the investors. Michael J,

The best solution for aligning incentives is to get executives to purchase stock. Unlike stock options, which offer only upside, execs who own actual stock suffer with the rest of the investors.

]]> By: FN http://www.asktheharvardmba.com/2008/11/20/how-do-you-like-the-gall-of-your-fellow-alums-who-have-driven-this-economy-into-the-ground-with-their-greed/#comment-522 FN Mon, 12 Jan 2009 00:59:13 +0000 http://www.asktheharvardmba.com/2008/11/20/how-do-you-like-the-gall-of-your-fellow-alums-who-have-driven-this-economy-into-the-ground-with-their-greed/#comment-522 How does one, "aggressively move into cash?" Do you strike the keys hard or just swear at your broker? ;-) How does one, “aggressively move into cash?” Do you strike the keys hard or just swear at your broker? ;-)

]]> By: Michael J http://www.asktheharvardmba.com/2008/11/20/how-do-you-like-the-gall-of-your-fellow-alums-who-have-driven-this-economy-into-the-ground-with-their-greed/#comment-457 Michael J Sat, 22 Nov 2008 16:41:35 +0000 http://www.asktheharvardmba.com/2008/11/20/how-do-you-like-the-gall-of-your-fellow-alums-who-have-driven-this-economy-into-the-ground-with-their-greed/#comment-457 The distribution of greed and smarts and ethics is probably defined by a normal distribution. Every industry, every profession, every community. It's about innovation, unanticipated consequences and proximate rewards. Financial innovation lead to easy ways to make money. People always do what's easiest. If you're making proximate rewards, where are the incentives for long term thinking. Maybe this will get uniformed people to stop betting on stock prices and focus on dividends instead...and then the hard part. Getting the C level to pay dividends, instead of hyping the stock price. Maybe exec comp should be tied to dividends? Or maybe it should just be dividends, like all the other owners? The distribution of greed and smarts and ethics is probably defined by a normal distribution. Every industry, every profession, every community.

It’s about innovation, unanticipated consequences and proximate rewards. Financial innovation lead to easy ways to make money. People always do what’s easiest. If you’re making proximate rewards, where are the incentives for long term thinking.

Maybe this will get uniformed people to stop betting on stock prices and focus on dividends instead…and then the hard part. Getting the C level to pay dividends, instead of hyping the stock price.

Maybe exec comp should be tied to dividends? Or maybe it should just be dividends, like all the other owners?

]]> By: admin http://www.asktheharvardmba.com/2008/11/20/how-do-you-like-the-gall-of-your-fellow-alums-who-have-driven-this-economy-into-the-ground-with-their-greed/#comment-456 admin Thu, 20 Nov 2008 14:00:49 +0000 http://www.asktheharvardmba.com/2008/11/20/how-do-you-like-the-gall-of-your-fellow-alums-who-have-driven-this-economy-into-the-ground-with-their-greed/#comment-456 Jim, 1) The folks who refused to accept responsibility are moral pygmies. But the fact is that they are not disproportionately from HBS; the problem is that the ranks of top management are disproportionately from HBS. Statistically, I'm pretty sure that HBS grads are no worse than any top-tier b-school. 2) I'm pretty sure it's true that HBS grads are more arrogant than Sloan or Anderson grads. But they don't hold a candle to the Stanford CS Department, and I don't hear a lot of complaining on that front. I disagree about the lack of business judgment and experience...if it was true that HBS grads rose to power simply because of politicking, nepotism, and backstabbery, why would so many of us still be in power? Logic dictates that companies that refused to hire Harvard MBAs would do better than those that succumbed to our deadly charms, and over time, only loser companies would hire Harvard MBAs. Much as I wish that I had magical powers of deception and influence, I'm afraid that you're giving us far too much credit. 3) The business schools have all beefed up their ethics programs considerably. But I don't think that's an effective course of action. Business schools don't shape ethics; childhoods shape ethics. Bad character isn't handed out at the door like an orientation booklet, it's built over many years. Jim,

1) The folks who refused to accept responsibility are moral pygmies. But the fact is that they are not disproportionately from HBS; the problem is that the ranks of top management are disproportionately from HBS.

Statistically, I’m pretty sure that HBS grads are no worse than any top-tier b-school.

2) I’m pretty sure it’s true that HBS grads are more arrogant than Sloan or Anderson grads. But they don’t hold a candle to the Stanford CS Department, and I don’t hear a lot of complaining on that front.

I disagree about the lack of business judgment and experience…if it was true that HBS grads rose to power simply because of politicking, nepotism, and backstabbery, why would so many of us still be in power?

Logic dictates that companies that refused to hire Harvard MBAs would do better than those that succumbed to our deadly charms, and over time, only loser companies would hire Harvard MBAs.

Much as I wish that I had magical powers of deception and influence, I’m afraid that you’re giving us far too much credit.

3) The business schools have all beefed up their ethics programs considerably. But I don’t think that’s an effective course of action.

Business schools don’t shape ethics; childhoods shape ethics. Bad character isn’t handed out at the door like an orientation booklet, it’s built over many years.

]]> By: Jim http://www.asktheharvardmba.com/2008/11/20/how-do-you-like-the-gall-of-your-fellow-alums-who-have-driven-this-economy-into-the-ground-with-their-greed/#comment-455 Jim Thu, 20 Nov 2008 04:43:17 +0000 http://www.asktheharvardmba.com/2008/11/20/how-do-you-like-the-gall-of-your-fellow-alums-who-have-driven-this-economy-into-the-ground-with-their-greed/#comment-455 All I see as a group is the lack of contrition or personal responsibility in these so-called "Stars". Never an admission of failure by any of them, including the CEO of GM, for what 7 years now? I have spent 20+ years consulting with Fortune 500 companies and have worked in Silicon Valley as an executive and manager. What I have seen is 1) a lack of business judgment and real experience in these graduates, 2) mastery of politics and the "graduate network", and 3) Extreme arrogance. For those planning to pursue and MBA and reading these comments, Personally, I have been much more impressed with the folks at MIT (and no, I didn't go there), Michigan, and UCLA. Much more grounded and willing to work hard to achieve a goal in a team environment. Corporate Responsibility and Ethics are dead today. The top Business School grads don't deserve the opportunities this country offers, because they don't hold up their end of the bargain. Greed has been extreme. Regulation is what will result. And our "higher" educational institutions remain silent to the Ethics and Morality issues. All I see as a group is the lack of contrition or personal responsibility in these so-called “Stars”. Never an admission of failure by any of them, including the CEO of GM, for what 7 years now?
I have spent 20+ years consulting with Fortune 500 companies and have worked in Silicon Valley as an executive and manager. What I have seen is 1) a lack of business judgment and real experience in these graduates, 2) mastery of politics and the “graduate network”, and 3) Extreme arrogance.

For those planning to pursue and MBA and reading these comments, Personally, I have been much more impressed with the folks at MIT (and no, I didn’t go there), Michigan, and UCLA. Much more grounded and willing to work hard to achieve a goal in a team environment.

Corporate Responsibility and Ethics are dead today. The top Business School grads don’t deserve the opportunities this country offers, because they don’t hold up their end of the bargain. Greed has been extreme. Regulation is what will result. And our “higher” educational institutions remain silent to the Ethics and Morality issues.

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