This blog even has a category for it.
Beware the B-School Boys.
This is the third story along these lines that UD has covered. A business school professor offers his students an investment opportunity. The fools give him their their money, which he is now accused of having stolen.
“Being a college professor, I know it’s stupid now, but I didn’t even think about it being a scam. I thought, ‘This is just incredible,’” said Turnage.
Aaron Turnage, a Clayton State student, got taken by Stephen Williams, his business school professor. Williams also reportedly stole from his students when he taught at Georgia State.
Williams discovered something that Bernard Madoff and countless others have also discovered: A university affiliation (Madoff was a Yeshiva University trustee) is the most powerful character-colonic known to humankind.
Beware.
August 23rd, 2010 at 8:24AM
One question is: Why do the Business School boys act this way?
Bob Sutton, of “No Assholes” fame, and perhaps Jeffrey Pfeffer, both of Stanford, came up with the idea that it was taking too many Economics classes. Apparently the classes addle the brain, making you believe that people act rationally, in their own personal interest.
Their theory prompted a response from Peter Klein: http://organizationsandmarkets.com/?s=Bob+Sutton.
August 23rd, 2010 at 8:32AM
No need for a complicated explanatory model, it’s just thievery. Thief sees money, thief takes it.