Knowledge Doesn’t Mean Skill


wealthymattersDo you remember the story of Grace Groner?If you don’t or are coming in late,here’s the story:Link.

Now compare her story with that of Richard Fuscone. He attended Dartmouth and earned an MBA from the University of Chicago. Rising through the ranks of high finance, Fuscone became Executive Chairman of the Americas at Merrill Lynch. Crain’s once included Fuscone in a “40 under 40” list of successful businesspeople. He retired in 2000 to “pursue personal, charitable interests.” Former Merrill CEO David Komansky praised Fuscone’s “business savvy, leadership skills, sound judgment and personal integrity.”But Fuscone filed for bankruptcy in 2010 — the same year Groner’s fortune was revealed — fighting to prevent foreclosure of his 18,471-square-foot, 11-bathroom, two-pool, two-elevator, seven-car-garage New York mansion. This was after selling another home in Palm Beach following a separate foreclosure. “My background is in the financial-services industry and I have been personally devastated by the financial crisis,” Fuscone’s bankruptcy filing allegedly stated. “I currently have no income.” Read more of this post

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