Here's a story for every NCAA football or basketball fan who wonders why the Ancient Eight (Harvard, Yale, Princeton, Penn, etc.) and other braniac schools bother with the time and expense of fielding Division I teams when they almost always get whipped by the big-name state schools and very few of their players go on to the pros:
It's not really about sports. It's about contacts, contracts, and jobs.
"Penn’s athletic board of overseers includes:
- George Weiss, founder of the George Weiss Associates Inc. hedge fund in Hartford, Connecticut;
- Robert Wolf, chairman and chief executive officer of UBS Group Americas in Stamford, Connecticut; and
- Mark Werner, the former JP Morgan Securities Inc. vice chairman who is co-founder and CEO of Pierpont Securities LLC, also in Stamford...
'We call them our alumni mafia,'” says Quaker football coach Al Bagnoli. These guys and other sports-oriented alumni provide internships, recommendations, jobs and "insights into a company's needs" as athletes use their Ivy League degrees to get real jobs. Bloomberg story here.