Smartest guy in the room

There has been quite a bit of debate in the past few weeks about the various attributes of the wall street types that are generally believed to be responsible for the current economic crisis. Are they really smart or really dumb? Do they have any sense of shame or decency? Where is the patriotism?

I don't know a lot of them, but a few. And here is my impression of the commonalities. They went to Ivy or near ivy schools. They got their job based on a few discussions over cocktails (whether that be with a recruiter or friend/family who already works in a firm). They are willing to work long hours (I qualify that, because to them it includes drinks and dinner with clients and colleagues). Few have much if any education in finance or business (tons of philosophy, psych, and government majors). They are convinced that they are 'the smartest person in the room.'

The other thing I would say is that I think it would be healthy for the industry to be forced to diversify geographically. The NYC/western Connecticut, London City, and other big hubs create a bubble where everyone is dependent on finance. This creates a really unhealthy culture that sucks everyone in (and drives away smart people who come mid career).