Thread regarding Corinthian Colleges Inc. layoffs

And fines?!? Hee, hee. Any fines that were handed out amounted to one or two days profit max. At CCi that would amount to around $1K, if that. I too hope the Dept of Ed shows some balls and holds at least JM accountable, but it looks like they won't. Don't compare them to the SEC, though. That just makes you sound like a dolt.

"If this was the financial services industry and the SEC were involved, they would all be facing the possibility of jail time." Ha ha ha! Has the OP been living under a rock for 15 years?!? If this were the financial services industry, the feds wouldn't be cutting off our money. They'd be throwing billions at us and not batting an eye when JackMass gave most of it away as executive bonuses.

Anonymous54551: I believe the proper term is "genetic echelon."

547 - 380's just an angry, overweight, middle aged male who wants to blame someone for his personal failure. Why not Obama? Sure, when you become overtly racist and/or sexist 90% of people will start to see you as subhuman, but the other 10% become your best buddies. Or is the proper term "clan"?

Anonymous54380: Stop talking about things that you know nothing about, you profound ignoramus! When we had FFELP loans, the terms of approval and repayment were the EXACT SAME for the student. The only difference was that Boehner's buddies at Sallie Mae got a huge take from it, even if the student defaulted. I was a financial aid director back then, and had student after student come in saying that they were faxing Sallie Mae deferment forms and being told they were never received. They even tried doing that when I faxed the forms myself. It turned out they made more money (from who? from taxpayers of course you moron!) when the student defaulted. Just blatant corruption! So just stop it with your "if we had no laws we wouldn't need any" nonsense, go get yourself a little plot of land somewhere very, very remote, and just calm down about the world progressing too fast for you.

When the government adds regulation upon regulation everyone loses. For-profit education is no different than other for-profit businesses, they all try to work around the regulations. If the government would have stayed out of the student loan business it wouldn't be in such bad shape. When the student loans were handled by private and local banks you had to show the ability to pay it back or you were denied. Since Obama and his cronies took it over all you need is a pulse to get a student loan.

54332, thank you for introducing me to the concept of regulatory capture. I'm a psych professor and was not familiar with this concept. I read the Wikipedia article on it which I highly recommend. I am now less optimistic that the American education and loan system can be improved.

The poster below is exactly right. It's called "regulatory capture" and it's what happens when rules and regulations are made and enforced by the same people they are supposed to regulate, otherwise known as "corruption" by anybody with common sense. Thank God there are at least a few people at DOE who are looking out for taxpayers' interests. CCI is the AIG of education; privatize profits and let sucker taxpayers eat all your losses, but at least CCI is being shut down.

Sure. As if any single person went to jail for the rampant fraud in the financial industry from 2004-2009 era. The government bailed out the worst of the worst and the people that caused the mess in the first place were never held accountable.

The mess with CCI is partly due to the billions of dollars that are wasted by the government each year funding educations for people that may or may not benefit from their education. Some do and others see it for the racket it is and just play along to get the stipends. God knows the number of veterans that just sit in classes because they get paid to do so. Is that really the fault of CCI. No, it's a much bigger problem but CCI (and its shareholders) happily facilitates this wast of taxpayer dollars. Of course, if CCI didn't do it- many other schools would.

Well said. I wish the Department of Education grows some b... and put them all in jail and remove them from the education business for ever.

The SEC is involved