I am not forgetting about Tulane. If you want to stay in New Orleans, especially if you want anything to do with politics or policy, LSU is the favored son.
The assumption is that Tulane kids will not be staying, since they come from all over. The LSU alumni network here is ginormous, and favors its own.
Not to say you can't get a job in NOLA coming from Tulane, you just have to overcome the perception that you aren't intending to stay.
And, the bottom of every class at Tulane struggles. I believe the guy you are referring to was at the bottom of his class. If not, mea culpa.