[g_sch]

Matt Levine had a funny similar take recently:

"You could have a model of Harvard Business School that is like:

    1. Harvard Business School teaches you skills that would make you good at running a company.
    2. There are lots of companies that could use those skills.
    3. But you don’t want to run those companies, because they make, like, ball bearings.
    4. You want to run a fancy company; you want to run a hedge fund or a tech startup or something.
    5. Meanwhile, the people currently running the ball bearings company would not be all that excited about you, a fresh-faced business school graduate who has never run anything, coming in to run their company, even if you did learn a lot of useful skills at Harvard.
    6. Therefore various industries exist whose principal business is laundering ball bearings companies into opportunities that appeal to Harvard Business School graduates. You wrap the ball bearings company in a name like “private equity” and suddenly it is legible to the Harvard students, so they flock to it.
    7. Those industries are also in the business of getting the ball bearings companies to accept the Harvard Business School graduates, which in practice means not so much “make the ball bearings company excited about its new Harvard CEO” but rather “buy the ball bearings company and install new management.”

Source: https://archive.is/8IUCA#selection-1795.0-1869.303