Tuesday, May 17, 2005

From the May 16th Philly Inquirer, reporting on Fed's Mr. Greenspan giving commencement speech at Wharton School of Business (emphasis is mine),

"Alan Greenspan asked the Class of 2005 at the University of Pennsylvania's Wharton School yesterday to find success "without leaving a trail of casualties in your wake."

Making his case with economics, history and his trademark circumlocution, the Federal Reserve Board chairman also asked the freshly minted MBAs seated at Franklin Field to put their educations to work immediately.

"Of necessity, therefore, in virtually all our transactions, whether with customers or with colleagues, with friends or with strangers, we rely on the word of those with whom we do business," he said at one point in his commencement speech.

Greenspan won applause in the end.

"Material success is possible in this world, and far more satisfying, when it comes without exploiting others," he said.

Laura Moolenaar of Sydney, Australia, whose daughter graduated, said, "His commentary on integrity is what this generation needs, what we all need."...

Mr. Greenspan, his wife, and posse soon repaired themsleves to a local restaurant, where thrills, spills, & fun was had by all.

Well, almost all.

The gratuity that was deemed sufficient by the wealthy Mr. Greenspan amounted to an exploitive 15%. Luckily for the dinner guests, no employees of the restaurant had a chance to attend Mr. Greenspan's speech and point out the disconnect between the speechifying and the tipifying.

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