[tsotha]

The reason you hire from elite schools has nothing to do with the schools themselves. MIT and Harvard don't have substantially different curricula than anywhere else, and for undergrads it really doesn't matter if you have N Nobel Prize winners. But you want to hire someone who was smart enough to get in to MIT or Harvard.

In terms of hiring people because they went to the same school you went to... I've never seen it, though I wouldn't be surprised if that happens with Ivy Leaguers.