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A Return to Reality by Tricia Bisoux quent collapse of the global markets has led Garten to change his mind about a number of issues—including the role of business in the world. "In the past, I was guilty E of having exaggerated what business can do," he says. "As strong a case as there is for a broader business education, there is a much bigger case for better education of public service officials, because they are the ones who must set the framework." Garten has had a front row seat to the global economy, where he has watched just how much business and public policy interact. He has worked with government, serving on the White House Council on International Economic Policy under President Rich- ard Nixon and as Under Secretary of Commerce for International Trade under President Bill Clinton. In the 1980s, he worked on Wall Street as managing director of first Lehman Brothers and then the Blackstone Group. In 1995, he was named dean of the Yale School of Management in New Haven, Connecticut, a posi- tion he held until 2005. 16 BizEd MAY/JUNE 2009 ven with his years of experience in investment, finance, and public policy, Jeffrey Garten got it wrong—and he isn't afraid to admit it. But then, so did just about every- body. In fact, the fall of Lehman Brothers and the subse- Jeffrey Garten discusses the lessons of Lehman Brothers, the importance of public policy, and the need for a three-year MBA.