#5 A top Wall Street analyst lied about studying at MIT when he actually attended Boston University

In 1977, Jack Grubman started work at AT&T. In 1985, he moved to PaineWebber. By 1994, he was making a million dollars a year and moved to Salomon which then became Salomon Smith Barney. During this period, he was the most important analyst of the telecommunications industry during a time of great upward activity in the sector. In 1998 when Salomon Brothers became Salomon Smith Barney, he was the managing director and was Head of Global Telecommunications Research.

Then it was uncovered that he never attended MIT like he told his employers. In an interview with BusinessWeek, Grubman said that he lied because he "probably felt insecure." He is now the founder of Magee Group, which provides strategic advice to telecom and technology companies.

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