https://firstlook.org/theintercept/2015/05/04/bankruptcy-filing-shows-corinthian-colleges-secretly-funded-d-c-think-tanks-dark-money-election-efforts/
6 replies (most recent on top)
If CCI isn't careful the DOE will shut them down..
After that quote I have no faith in this Ted guy, he is just as much a crony as anybody else for the status quo of no-risk no limits lending in a shitty economy that just plain isn't creating enough or quality jobs that would be needed to pay back even a fraction of this debt. The more I read about this mess and the sheer scale of it the more pessimistic I get about any good resolution - the department of education simply is not going to wipe 500 billion fraudulently lent dollars off of its balance sheets, and that is the only action that would make this debt manageable for the public.
“At this point the department is primarily a debt collector, but it’s supposed to protect students from predatory colleges while simultaneously making money as a mass issuer of loans,” said Luke Herrine, a member of the Debt Collective, a volunteer group that organized students like Ms. Prock in their debt strike.
“So the department first makes the loans that lets students go to these fraudulent for-profit colleges,” he continued, “and then when the students can’t pay back the loans, the department goes after them.”
Ted Mitchell, under secretary of education, said in a recent interview that he saw no conflict in the department’s role. “We actually think the convergence of these responsibilities allows us to focus on student welfare,” he said.
http://www.nytimes.com/2015/05/04/education/for-profit-colleges-face-a-loan-strike-by-thousands-claiming-trickery.html?_r=0
My dear friends......every President....no matter what party they are with are in the pockets of someone. It's always been like that and always will be like that. Get use to it or move to another country
@Anonymous99169, hiring Ted Mitchell signaled that Obama was going to back down to transparency and accountability. And APSCU has been on the offensive after getting gainful employment rules shot down.
Not really news to anyone, even Obama is basically blowing these f***ers.