You know where else 50% of ceos are Ivy League MBAs, thats right the wall street. We all know how that turned out to be. Using engineering theories to make money on every single up and down by coining fancy terms like CDO and credit default swaps while forgetting the basics of money making. Replacing one form of elitist system(nepotism,cronyism,family ties) with another form of elitist system(IIT,IIM, brand name) wont do well for the society.
