Given the combination of things that the DOE has done yesterday -- HCM2, doubling the LOC and no new enrollments -- The only option for management is going to be a closure of all the schools. They will first tell you all that it is unfair and that they are suing to keep things going. Do not be fooled, you all will be closing your doors for ever very soon. Please do not think I am one of the haters, just the opposite. But I am a realist. Also, know that the DOE will NOT allow ITT to pay any meaningful severance, so it is everyone for themselves. I would start spending all your time looking for a new job starting today. I am sorry for all the students, staff and vendors that will get hurt so bad. You can send your complaints to Obama -- he is the driver of this and the Camden Kid is the cheerleader.
38 replies (most recent on top)
1 there were already binding severance packages for employees at at least about 10 campus locations.
2 Quarter does not officially end for all schools on Monday. Legacy schools in states such as PA that will still have another week of finals so there may not be the huge response.
3 Likely the only chances are a judges order for an in--nction it seems... and that is likely not going to happen unless they get the "right one"
I doubt this stops here. Any of the other for profits are fair game if this goes the way DoE wants.. Acics will not be out of the firing line either.
Food for thought ... who is buying up the stock ? Yude Zhang? Volume was incredible .. but there are tons of buys ... Guess we will have to wait and see the SEC filings if any.
I 100% agree with what you said. Nothing really stopped ITT from doing a good job. I'm an IT adjunct, love teaching at ITT. But man the dumb things that ACICS made us do. The emphasis on retention and attendance. The horrid conflicting curriculum, tests that had questions in them that did not match the course, weren't relevant, or asking a question that wasn't taught and not in any book. Don't get me wrong, nice to have some predone stuff, but if you do, it has to be reviewed. I just taught a course where the slides didn't match, the final was like for another course all together, the instructors guide was 4 bullet points to cover two weeks worth of lecture. Did ACICS review this? No, their focus as elsewhere. See the reason why ACICS was shutdown? ALL MY COURSES were this way. Labs with click here, type that. No problem solving, ugh. I could go on. This is really about ACICS not understanding and doing their job. All the for profit schools that were ACICS were like this. ITT was a little better because of the courses taught, but curriculum. Ugh.
ACICS did not do the job properly, but that is no excuse for what ITT Tech management did to ensure that academic standards were secondary to revenue.
My advice to employees is ---- don't take "advice" from people ranting on this thread. It's getting toxic here.
Please start a new thread if you have something useful to say.
HQ is taking a few days to responds so they have time to figure out which band is playing at the costume party. Reps are calling everyone to attend. Modany is coming as the joker.
ACICS actually put ITT Tech under the bus hoping to save themselves ... They killed the biggest dog to save themselves....The truth is they were horrible and never did the job correctly.... They were in it also for the money....A lot of you know this is true...
You show a complete lack of understanding of what was going on at ITT Tech. Innocent people were already being lured into high-priced poorly-delivered education the worth of which simply did not live up to the billing.
You show a complete lack of understanding of what was going on at ITT Tech. Innocent people were already being lured into high-priced poorly-delivered the worth of which simply did not live up to the billing.
You do know that our accreditation was about to be yanked and survival of that was going to be highly unlikely as well? Which is why the DoE put the hammer down. So whether it was now or 18 months from now, it was gonna happen.
Just so you all know...I was there during the fall of Corinthian...ITT will file bankruptcy Monday or Tuesday. That said, your job will end...prior to the next payroll. You will be paid for the time you worked and nothing else. No severance, no vacation time, nothing. Sorry. Once they file bankruptcy they are protected, not the employees....
Even if somebody buys the stock cheap how would that help? The administrative way in which ITT Tech has been run for years is rotten. The teaching staff have known this for some time and it was a topic of regular conversation when the academic affairs area doors were closed!
Even if somebody bought the shares for some perceived assets. they would be mad to use the existing administrative structures and expect to gain accreditation.
Thank you DOE you for contributing to a higher unemployment rate and to an even larger pool of uneducated Americans with this decision. It is all politicized and all about the money... Innocent people always pay the price..... And that is the student.... SAD BEYOND WORDS...
"Maybe HQ will trickle out the news, over the next couple weeks."
According to my DM, an official statement from HQ is expected on Monday or Tuesday. Waiting a couple weeks to respond to these new sanctions wouldn't be great for HQ.
"If anyone reads all the comments, everyone is upset and in crisis. Monday 8/29/16 is the last day for June 2016 Term Final Exams; grades have to be posted and exported; therefore do not expect an official press release from HQ until Monday."
At my campus, final exam make-up is being held on TUESDAY, 8/30/16! Grades due Wednesday, by noon. Maybe HQ will trickle out the news, over the next couple weeks.
"What are you talking about "don't sign a teach out"? If a school goes into a teach out students have two options, transfer to another school that will accept the credits or finish their education through the teach out. There's not an option of quitting and having your loans discharged. You need to research the rules and regulations before you start ADVISING students on what to do."
Where are you getting your info? Provide some links, please! You say, quote "You need to research the rules and regulations before you start ADVISING students on what to do. " True. But it is hard to say who has done what research if they don't provide references for legitimate source of information.
Department of Ed blog ( http://blog.ed.gov/2016/08/increased-oversight-of-itt-and-the-impact-on-students/) does not even have word "teach-out" in it. Based on that blog alone, it seems really premature to say exactly what effect "teach-out" has on student loan discharges. But if you have additional information, please share.
If anyone reads all the comments, everyone is upset and in crisis. Monday 8/29/16 is the last day for June 2016 Term Final Exams; grades have to be posted and exported; therefore do not expect an official press release from HQ until Monday. Fall 2016 is supposed to start on Monday 9/12, let's see after the hit and not miss from DoE. Can Mr. Zhang come to the rescue and buy very cheap the stock?, this maybe a potential fact. Can the anticipated HQ press release will say..."from this point on, only continuing students will continue until they finish"...; what about re-entries?, what about the HQ instructions to the field to prepare to close no in September 2016 but in December 2016 under the ITT ESI name?, can the remaining campuses (no more than 32) be open under a new name, all of this these incidents to happen in December 2016 and January 2017?; If only 32 campuses shall remain, what about the DM's, when all of them will be terminated and the 32 campuses reporting to Simich or Feichner?, what is real?. When HQ will be notifying all the students, employees, vendors,?
All are a bunch of crooks.So sad,all the managers are a jokes and very deceptive. Never in my mind I would believe this to happen. Rene Champagne is probably sick as a Dog.
Obama just saved us,imagine this still going on. It had to stop somewhere...IJS,
After working for ITT tech for almost a year they laid me off on budget cuts. Looking at all the people they laid off with me it was only the ones who fought for their students, fought for material, and fought for improvements that were laid off. Tried to file unemployment found out ITT never reported the taxes withheld from out checks so it became a pay stub versus a corporate lawyer who claimed I never worked for them. (in other words they are keeping the tax withholdings) I would not be surprised to see itt start closing down at a rapid pace. I am still a student as well as paid by itt for a lawsuit. But they can't even pay the agreed amount sometime they don't pay. (Lost in the mail, wrong address, system error.) If ITT closes it will be a blessing and curse not too any schools accept itt credits so start over for them. Not all teachers are bad stigma of itt on them. Those who remember the good years who are proud to have been taught by experienced programmers, networkers, security analysts, engineers, lawyers, accountants, take what we learned and apply it we can still get our certs.
What are you talking about "don't sign a teach out"? If a school goes into a teach out students have two options, transfer to another school that will accept the credits or finish their education through the teach out. There's not an option of quitting and having your loans discharged. You need to research the rules and regulations before you start ADVISING students on what to do.
ITT has been committing fraud since the 70s. The very idea that this is the result of specifically Obama is just plain f---ing stupid. Obama's just taking out the trash that is worthless predatory for-profit colleges. If there are any worthwhile teachers and staff here don't let students sign a teachout, let them get their loans discharged.
The HR VP Erica Bisch is a former DM and former campus director thus most likely out of her depth in the current situation. Employees should bale ASAP.
this problem started with unchecked greed and avarice in Carmel
---don't set a billion dollar pot (yearly!) of "free money" next to any company, it will slowly justify taking more & more. Money for repainting old buildings? Starts out fine, next thing you know repainting decrepit shacks, then repainting condemned buildings, next up-painting cardboard box homeless shanties. All for the free money . The Fed should not be in business of giving away money.
Obama and Camden kid? Seriously? I don't think much of Obama, but I firmly believe the Kid has a heart for students-- who are the true victims, here. We faculty have suffered an awful work environment, but the students have been tricked into trading their dreams for a life of servitude to debt.
Nay, this problem started with unchecked greed and avarice in Carmel. It has now run it's course.
Waiting patiently for a democratic attack, unfounded, unsubstantiated, unconstitutional response from Bagdad Bob/Nicole Elam.
STAR Bonus---
I remember hearing the term, but didn't know what it was--I assumed it was an 'attaboy certificate or reserved parking or something like that
School directors and their managers if their campus did well, at the end a year, they would receive restricted stock, which you could not touch for three years. It was a joke and it really will be when you sell it for $.50!
There used to be a STAR Bonus for program chairs & deans until about 6 years ago. ITt eliminated it - but Mostly, online Pres, etc got their $1 million bonus every year
@wqk, clearly you are not in corporate governance! Read the ESI website to find out more about executive compensation packages, but be prepared to be sick!
Hey ladies! Nicole Elam and Kevin Modany are happy to help empower you .... fulfilling your suit and accessories needs, when you go on interviews for your next job .......
From ITT Educational Services very latest press release:
Aug 23, 2016
CARMEL, Ind. (August 23, 2016) — ITT Educational Services, Inc. employees volunteered their time to help Dress for Success Indianapolis prepare for its annual fundraiser Stepping Out in Style and hosted a women’s suit and accessory drive to support the organization this month.
“We’re always grateful that we can participate with such a great cause,” said Kevin M. Modany, CEO of ITT Educational Services, Inc. “To help empower local women is particularly rewarding. Many of our non-traditional students are seeking to better themselves through education and community service.”
When has there ever been any bonus of any sort for anyone at ITT? I have never even heard of one from anyone over the last 5 years & have worked in several different depts. We got a free lunch cheese/meat tray a few times.
Maybe a free t-shirt counts?
On, severance, try this search:
https://www.google.com/?q=corinthian+%22no+severance%22+site:thelayoff.com
Don't YOU forget that when bonuses for recruiters and FA were banned a few years ago ITT LIED and said it applied to academics as well. It didn't and DOE was very clear the ban did not include academics. Now isn't REALLY not the time to believe anything from ITT
Your comment about severance is woefully incorrect and misleading. You said: "Also, know that the DOE will NOT allow ITT to pay any meaningful severance, so it is everyone for themselves."
Actually, DOE directs its statement about severance specifically to Modany, Feichtner, and other individuals in corporate governance. The letter tries to make it as clear as possible that "everyone" is NOT subject to the restriction. Are complaining because Modany isn't going to get a few million more dollars when he is fired?
I quote from the letter from DOE to ITT-Tech: "ITT will not pay, or agree to pay, any bonuses, severance payments, raises, or retention payments to any of its Management or Directors, as so listed in the Corporate Governance section of the ITT Technical Institute website, at ITTESI.com, as of August 23, 2016..."
Read it yourself at https://studentaid.ed.gov/sa/sites/default/files/itt-notification-aug-25.pdf
It was a much better company under the leadership of Rene Champagne when ITT did what it did best, teach drafting and electronics.
Greed and deceit are the founding principals Lil Kevin lives by, and while he will go on living comfortable off the $7m he's made yearly, he has to live with the fallout of who and what he brought down. For those of us who are former employees, we can tell story after story about how students never mattered to Modany and his numbers crew, only the bottom line. Maybe they'll find a way to charge him criminally or sue him personally. Karma's a b--ch Lil Kev.
So here we have a statement "Please do not think I am one of the haters" followed by "You can send your complaints to Obama -- he is the driver of this and the Camden Kid is the cheerleader."
Not a composition teacher, but isn't this a classic non sequiter? Thanks for the Friday afternoon funny!
By trying to point this at the administration and "Obama" you already show that you are indeed a hater. The blame for ITT Tech's woes lie firmly at the door of Kevin Modany and his motley crew who have driven a once proud and educational establishment into the ground and brought the shame of diploma mill status upon it.
You can also thank the board who had the opportunity to turn this around some time ago when Modany resigned but instead they chose to reappoint the clown.
There are plenty of real republicans who are perfectly happy to see the back of ITT Tech because they actually care about this country's future.
No need to blame Obama for ITT Tech's demise, the company been operating since the 60's.