Everyone knows that we filed an 8K with the SEC last Friday, September 19. Employees are drawing conclusions based on the delay in communication of my memo on September 25. For those of you who whined about the information vacuum: too bad. I am The Man, which means I don’t have to communicate with you at all. The following information is intended to make you stop asking questions and abandon those ridiculous discussion boards.
The bottom line is that there was a delay in securing and disclosing lender agreements described in our 8K. We waited long enough to scare the shit out of DoE, who doesn’t want responsibility for the steaming pile that would be left if they put me out of business. DoE and others helped us convince banks (some that the feds bailed out in 2008) to bail us out of the immediate student loan refund problem. Of course, that’s only fair because it is our turn :)
If your little minds are concerned about the latest U.S. Attorneys’ request for documents about naughty behavior in the areas of career placement and financial aid, here’s the deal: We are cooperating and hope this investigation turns up nothing new. The ACCSC warning status is something we can worm our way out of, this business being incestuous and what not, so don’t worry about accreditation. And CFPB still knows we f***ed up, but (even if they can prove it) CFPB is a tired little weakling compared to the army of support I have garnered with others in positions of power.
We are still in deep poo. That’s why I furloughed you and that’s why some of you won’t see this memo until days after I sign it. I really do appreciate your patience and bovine obedience to your management. Please continue to do every nonsensical thing they ask. In particular, keep harassing students who want to drop out. They don’t know about the hellish loan repayment schedule that will begin if they drop, so be sure to take every opportunity to tell them about it. This works especially well with single mothers and older students. Loan repayment is one of those legendary pain points we need to hit in every call. Now shut up and get busy.