Sunday, March 1, 2009

America's brain trust - not so trustworthy!

Ivy League Colleges are the problem!

Have you noticed that whenever (at least the last 10-20 years) a person is nominated for a position in our government such as Secretary of the Treasury or the Chairman of the Security and Exhange Commission the one thing that is touted is the degree's received from the prestigious Ivy League schools from Oxford, Havard, Yale, etc. How about our Presidents of the United States, at least the last four (including Obama) hail from these same schools. What about the captains of industries such as Chairman/CEO's of the Board of Fannie Mae or the President CEO of Enron or the Chairman of the New York Stock Exchange.

America is at a crossroads financially. From the Mortgage Crisis to Enron to Corporate scandals, the one constant is that the leaders of these governmental institutions and private company boardrooms is Ivy League Educated men. The most current scandal is Bernard Madoff and the ponzi type scheme that the SEC had multiple warnings and complaints over, yet did nothing to avert. It now appears that Mr. Maddoff's son was given a job at the SEC and may have done well to hide his families dealings from the inside.

Point being, that the ones who are entrusted with overisght of the supports of the American Economy are aiding and abetting the rapid downfall. Not even our elected officials are doing anything but taking more money from them to get elected. If you think I am kidding, just look at the following list to see what I am saying:


George Bush I - Yale Law SchoolWilliam Jefferson Clinton - Yale Law, Oxford
George Bush II - Yale Law, HarvardBarak Hussein Obama - Havard Law

US Secretary of the Treasury:
Henry Paulson - Current Secretary - Dartmouth, Havard - Past CEO
Goldman Sachs
Robert Summers - Harvard
Robert Rubin - Havard, Yale - Past CEO of Goldman Sachs
Nicolas Brady - Yale, Havard

Federal Reserve Chairman:
Ben Bernanke - Harvard

Security and Exchange Commission:
Christopher Cox - Havard Business School, Havard Law

William Donaldson - Yale, Havard Business School

New York Stock Exchange:
Richard Grasso, Chairman - Yale School of Management Advisory Board Member

Enron Corp:Jeffrey Skilling, Pres/CEO - Harvard

Fannie Mae:
Franklin D. Raines, Chairman/CEO - Havard, Oxford, Havard Law

JP Morgan Chase: Jamie Dimon, Chairman/Pres/CEO - Havard (Formerly of Citigroup)

We now have witnessed our SEC Chairman come out before the Fannie Mae issue to say that that industry was doing fine and that nothing to be woried about. Henry Paulson then (after the implosion) said that he was wrong. Now he has us embroiled in an $800 billion dollar bailout (after promising complete transparency and oversight) that has turned into over $3 trillion dollar one (and refuses to disclosed who has received the money). The bailout has now gone from the mortgage back industry to the insurance industry and now they are trying to get the US auto makers money. In addition, States are stepping forward to the money trough in hopes they too can get a handout.

We have socialized our businesses and America is going down the tubes. All of this came from our Ivy League educated friends. The one good thing is that as a result of their alumni the colleges are losing billions of dollars on their own bottom lines forcing them to cut back programs internally. These colleges, though once respected as bastions of success are now the harbingers of our doom.

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