Thursday, January 14, 2010

Harvard and the Nation

The role of Harvard graduates in the history of America is the stuff of legend. There have always been more of them in running the State than alumni of any other single university by a long shot.

However, lately Harvard's reputation has been stained by the action of a small number of them. Their role in the creation and then the bursting of the financial bubble is, frankly, shameful.

In that process you see the role of many Harvard graduates from either the College or from some parts of the university: Hank Paulson is a Harvard Business School alumnus, who used taxpayers money to save some of his Wall Street pals principally his old firm without putting in appropriate checks and accountability. Bob Rubin made himself a fortune on the board of Citicorp while the bank itself went to pot. Larry Summers, Lloyd blankfein, Jamie Dimon each played a significant role in the continuing drama of how Wall Street is unduly influencing Washington policy at the expense of taxpayers on Main Street.

This report here penned by Harry Lewis, former Dean of Harvard College is not about the financial crisis but on a small number of Harvard graduates who have been managing, or to many, mismanaging Harvard itself.

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