The Summer Pennsylvanian
Federal Reserve Chairman Alan Greenspan has at least one thing in common with the Wharton Master of Business Administration graduates, he told them. He will also soon be looking for work ? his term as Chairman of the Federal Reserve Board ends in early 2006, and he has indicated he intends to step down at that point.
Greenspan, who addressed more than 1,000 graduates and their families Sunday afternoon, began his speech on this light note, but throughout the rest of his address he focused heavily on the importance of ethical behavior in business.
Alluding to the highly publicized corporate scandals
of the past few years, Greenspan emphasized that "it is decidedly not true that 'nice guys finish last.'"
Urging students to act ethically, Greenspan said, "In the years going forward, it will be your reputation ? for integrity, judgment, and other qualities of character ? that will determine your success in life and in business."
Greenspan defended the
Sarbanes-Oxley Act of 2002, which gives chief executives greater accountability regarding their company's financial records.
The address was well-received by the audience, as Greenspan was interrupted by applause several times and received a standing ovation.
Many of those who attended the ceremony were impressed by the speech.
"I thought Alan Greenspan was great. I thought what he had to say was pretty insightful," said Nish Patel, a spectator and relative of a graduate.
Greenspan's wife, NBC chief Foreign Affairs Correspondent Andrea Mitchell was also in attendance. Mitchell is a Trustee of the University of Pennsylvania.
The tone of Greenspan's remarks was echoed by other speakers at the graduation ceremony, including Wharton Dean Patrick Harker.
Harker's opening statements focused on the need for leadership and morality in business.
Harker discussed Joseph Wharton's goal in founding the Wharton School ? creating leaders. He challenged the graduating class to be "men and women who use the privilege of [their] education" in productive and principled ways.
Duane Bernt, one of the two student speakers, followed in the same vein, calling upon his peers to be "champions of integrity."
Another highlight of the ceremony was the presentation of the graduates' class gift to their school of $883,284. The donation was a record-breaker, tieing the Class of 2003 for the the largest participation rate for a Wharton class gift ? 98 percent.
Students and Harker lauded the donation as "the largest gift in higher education."
