The man's point was that it is not suitable for a technical institution like that to be managed and administered by non-technical people. There are a number of reasons for that but the main one is that they lack the expertise needed to run such a place and can't fully appreciate the culture of hacking that many such institutes were built upon.
Same goes for companies. The most successful software companies out there are those run by engineers. Think Google. When "business people" take over, things often have a way of turning for worse. I've seen it time and again.
(the idea is probably a MIT undergrad or grad student who then goes to another school or business for some kind of management experience, then eventually returns to MIT, like some of the best administrators; or, a professor who also does admin functions. Professional administrators have grown in number dramatically faster than enrollment, which is part of why tuition is so high. We don't need ~50 deans.
Your arrogance is truly breathtaking. I can't believe people shit on other's majors and college choices like this.