One of the key findings of Color and Money is that selective colleges serve as a sorting machine, playing a key role in determining who rises to positions of leadership and makes big bucks in places such as Wall Street. In examining the inefficiencies of that sorting machine, Color and Money cites a wealth of research showing how selective colleges lower the bar for students who have cash or connections or can play a sport well. Left largely unexplored by the book is the question of what mayhem can result when elite college degrees are conferred upon people who really are not very bright, helping them go on to land jobs where they can do things like, well, make decisions that will profoundly effect our economy and help determine whether our retirement funds will grow or disappear.
With our economy being described as teetering on disaster, it is instructive, therefore, to read this Wall Street Journal article, passed along by an appreciative and alert Color and Money reader. It describes how many major Wall Street investment firms, including Bear Sterns and Lehman Brothers, maintain their own lacrosse teams and are happy to recruit young men skilled in the sport. It cites the old joke "the only way to get a job on Wall Street is to have high test scores or play lacrosse," suggesting that skill in the sport not only opens the doors of selective colleges, but the doors of firms that recruit employees from them.
Given how much investment bankers make, one suspects that Wall Street lacrosse players have plenty of cash on hand should they choose to hire strippers for their team parties.
What people say about Color and Money-
"Anyone interested in the inequities of the selective college admissions process will find Color and Money clear-eyed, hard-hitting, enlightening, and informative."--Rachel Toor, author of Admissions Confidential: An Insider's Account of the Elite College Selection Process.
"For those concerned about why the march toward social justice in America has faltered badly for nearly forty years, Peter Schmidt's Color and Money is a highly instructive--and greatly disturbing--guidepost." --Richard Kluger, author of Simple Justice: The History of Brown v. Board of Education and Black America's Struggle for Equality.
"An indispensible guide to the debate over affirmative action in the United States."--Michael Lind, author of The Next American Nation.
"This book is a must read for anyone concerned with access to higher education, especially to the nation’s elite universities, as well as with larger questions of social policy and social justice."--Terry MacTaggart, Former Chancellor, University of Maine System
"Books on the highly-charged issue of affirmative action are usually one-sided and inflammatory. Peter Schmidt's Color and Money is a wonderful exception. It provides an honest and fair examination that is also passionate and illuminating."--Richard D. Kahlenberg, Senior Fellow, The Century Foundation, and author of The Remedy: Class, Race, and Affirmative Action
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Peter Schmidt is available as a speaker
Peter Schmidt is available to speak at colleges, bookstores, schools, churches, and at gatherings of education associations. His past speaking engagements are listed at the bottom of this Web site. If interested in having him appear, e-mail him at schmidt_peter@msn.com. He also is available as an expert source for journalists covering affirmative action. Those on a tight deadline should email him at peter.schmidt@chronicle.com.
Hear interviews with Peter Schmidt
Jack Lessenberry of Michigan Public Radio talked to Peter Schmidt about Color and Money in August. You can hear the interview here. Reading the book inspired Jack to write an essay on it, which you can read here. You also can hear Peter Schmidt talk about his book on the NPR program Justice Talking and in a Chronicle of Higher Education podcast.
Color and Money Is a College Course!
Many college professors are now using Color and Money in their classes, but Jack Dougherty, the director of the educational studies program at Trinity College in Connecticut, has gone a big step beyond. He has decided to name a freshman seminar "Color and Money" and to structure the class around the book. He has graciously agreed to share his syllabus, available here, for faculty members at other colleges who may have the same idea.
THE COLOR AND MONEY BLOG:
Saturday, September 27, 2008
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