To: MSI who wrote (15960 ) 10/23/2002 9:38:09 AM From: Thomas M. Respond to of 93284 Fortune magazine reports that officers and directors of the 1035 companies that have fallen the most from their recent bull-market peaks cashed in $66 billion worth of stock before the crash. Meanwhile those companies’ non-insider employees were watching as their children’s college funds and their retirement incomes were in free-fall. Before the crash executives from AOL Time Warner cashed in $1.79 billion. Enron executives hauled off $994 million. Global Crossing’s commissars netted $951 million. It’s clear that America’s corporate executives are, as a class, crooks. The percentage of "bad apples" runs at about 95 percent per barrel, honed to immoral conduct in costly business schools, forging grounds for a career in crime, the same way prisons are for the humbler classes. Here’s a writer I don’t often quote with approval: "…a great disaster has occurred. It is the establishment during the last decade or so of the MBA as the moral equivalent of the MD or the law degree, meaning a way of insuring a lucrative living by the mere fact of a diploma that is not the mark of scholarly achievement…the prebusiness economics major, who not only does not take an interest in sociology, anthropology or political science but is also persuaded that what he is learning can handle all that belongs to those studies. Moreover, he is not motivated by the love of the science of economics but by love of what it is concerned with–money." This is from Allan Bloom’s The Closing of the American Mind, which shot up the bestseller list in the 1980s. Bloom goes on to say that prospective MBA students have "blinders" put on them. Now, why is it that all of Bloom’s paranoid passages about the effects of 60s radicals and shallow multiculturalism on the university are quoted by William Bennett yet not the passage above? Bloom was right about the MBA student. Anyone who attended an American university in the 80s or 90s can remember those smug fellows who dreamed of the riches derived from a Wharton or Harvard MBA. (The role model was Donald Trump with his degree from the Wharton School of Finance.) Who can forget their superior attitude toward their fellow students who were wasting their time in the humanities department? By the way, George W. Bush is the first president with an MBA. nypress.com