MIT recently fired its admissions director, someone who had worked there successfully for 28 years, because she had falsely claimed when she first came to work that she had three degrees. James Taranto comments with his usual dry wit on that and the value generally of a college education.
For those interested in the Griggs vs. Duke Power Co. case that Toranto cites, you can find it here.
Toranto didn't finish high school, much less college.
Some of the dumbest people I know went to good schools, Some of the smartest either never went to college or didn't finish.