“We learned how most people trusted us, how quickly we could lose their trust and how long it took to get it back,” says Haaga. “We (also) learned that 20 people can ruin things for 200,000 people (who work in the industry).”

Jim Riepe, W’65, WG’67, former vice chairman of T. Rowe Price and chairman of Penn’s Board of Trustees, preceded Haaga as ICI chairman. He says Haaga handled the mutual funds crisis with aplomb and professionalism, did a good job explaining the business to regulators and managed to keep the industry from splintering. And he expects his pragmatism to translate well to Penn Law’s board.

“He has good interpersonal skills, and I think Paul will be very effective, as Paul Levy has been,” said Riepe. Thanks to a chance encounter on a rugby field more than thirty years ago, Paul Haaga has risen to the top of his profession. Now he gets his turn to shape the future of Penn Law School.