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

The Grace Groner Story


wealthymatters,com

Grace Groner was born in the year 1909, in a small farming community, in Lake County-Illinois.She had a twin sister, Gladys. They were orphaned at age 12.The twins were then taken in by George Anderson, one of the prominent members of the community,who later adopted them.He paid for both of them to attend boarding school and later the nearby Lake Forest College. They were always considered “family” by the Anderson family.

Grace  graduated in 1931.At the time, it meant a great deal more than it does today to be a lady and a college graduate.After graduation Grace took up a job nearby as a secretary,an accomplishment for working women of her generation.She stayed on at Abbott Laboratories for 43 years,till her retirement.For many years Grace lived with Ann Findlay, an elderly relative of George Anderson, in a small apartment in the building that housed the Lake Forest movie theater, which was owned by the Anderson family. Lake Forest,a town just north of Chicago, is one of its richest  suburbs. Read more of this post

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