(Business) School of Hard Knocks

Today's a hard day for students, faculty, and staff of Drake Business School, a 131-year-old institution in New York that closed yesterday. Some students were shocked -- shocked! -- that the school would close, but by most accounts, the closure was a long time coming.

A new CFO came on board earlier this spring to help the school navigate its way out of its financial woes. A relatively new CEO was shot in a subway station just a week-plus ago. And a former employee embezzled more than $40,000 from the school.

That's all very sad -- and the school's closure is understandable. But, oh, the irony! A business school closes because it was a badly run business. That's a harsh lesson to students everywhere.