For years CCI employees have been talking about lies, fraud, cooked books, schemes to take student money, vile treatment of employees, and numerous crimes. Now many are excited because there is a new name and new owners.
That's the penalty for all the above? Amazing all the brass got a free 'get out of jail card" with their fat bonuses.
235 - They bought the company to get Socle's client accounts?!? You OBVIOUSLY don't work at Socle! I've got to pass that "opinion" around the cafeteria today - it'll get a few good laughs!
Getting research for another article Dave?
DoE is very aware of the most common type of student at CCI schools: zero effort, where's my check? DoE has no interest in creating new places for this type of student to access student aid funds. ECMC wants Socle's client accounts; that is the new area that aligns with their current interests. It would be wise for people to be very skeptical about how much this sale is going to do for their future job security.
OP....it ain't over til its over.
Plus the cci employees have different mindset. Managers will want to do it the way they always did it. That is number one reason the conquering company gets rid of old wood Silent resistant to change
Actually, 205 pretty much nailed it. When Grand Canyon university first went for profit, they brought over teams of people from apollo group to manage the new company. Within 3 months, all management at all levels were gone, within 5, 80 percent of the old gcu staff was let go. New management brought in their people and that's just the way it works. The new people had no interest in retraining the leftovers when they could bring in their people and hire new people. ECMC is no different. Why do they want to keep all the bad habits from CCI? They don't, and they won't.
205 is an idiot and has no idea what the intentions are. ECMC will bring in their own executive team to manage at the corporate level. That will be the biggest change made and the most important one. There is more then likely a questionable risk at the divisional level. At the regional level the only changes made could be the result of condensing regions. RVPAs will be at risk due to the lack of focus on enrollments. There will be no changes at the campus level.
There will be additional changes made over a period of the first year. If you are not a value added employee ... you will not have a job.
Dang I could do some serious collection for$450,00 !!!
http://www.bloomberg.com/news/2014-11-20/corinthian-to-sell-half-its-schools-to-loan-servicer-ecmc.html
umm, yeah, that's why top collections rep at ECMC made $454,000 in bonus money in 2012
206 I am not 205 but 205 has it right!!!
205: please share your stock market tips with us. Surely your extensive knowledge can further benefit us all. Then, please stop posting the same thing over and over again.
The people who are excited about the new ownership are the CCI lifers. They are so entrenched in for profit education, they simply won't move past it. All the smart CCI employees bailed as soon as the problems became too numerous to hide. What remains is the core CCI employee: unethical enrollment reps, unemployable management, and others who simply can't get paid the same amount anywhere else. These people have no idea how a non profit operates, but they are going to get a harsh lesson. ECMC bought the campuses for literal pennies on the dollar. They in all likelihood didn't even want most of them, but had to take them as part of what hey wanted to buy. This is probably why the price per campus is so low. They probably only wanted 6-7 campuses, but couldn't get them unless they bought all of them. So, I am sure those campuses will be consolidated and or closed. Secondly, given the very cheap price paid, ECMC has no incentive to keep high paid enrollment reps from CCI. Those reps were only paid what they were paid because of the profit motive. So, the $50k and above enrollment rep will be gone and replaced by the $40k rep. finance and academics will be evaluated over the course of a year and right sized, but pay for them is already below market, so that won't change. All management is gone, to be replaced by ECMC people who have ben hired ever since the initial interest in CCI. These people are experienced, non profit administrators and won't need much time in implementing the ECMC way. ECMC didn't buy CCI to keep CCI. There is going to be big layoffs in the first few months of the transition. Non profits don't carry large overhead, and that is really all CCI is. At least with ECMC you will get severance. If ECMC is generous and slow to implement changes, they MAY keep about 30% of the CCI staff. This is just how distressed acquisitions operate.