Consider my father, who in 1937 began on the bottom rung of the ladder as a messenger in a small-town bank in New Jersey. In 1963 he became president, chairman of the board and CEO after having been promoted through the ranks as a teller, bookkeeper, loan officer and executive vice president. He understood every facet of banking by the time he took the helm of the company. Contrast this with the preparation many banking executives get today: an M.B.A. with specialization in finance and a penchant for high-risk derivatives. If these bankers had gone out on hundreds of mortgage appraisals like my dad, seeing the actual houses for which they were lending money and meeting real, live borrowers, would the 2008 banking crisis have happened?
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