I know everyone is stressed out by the lack of information and all of the fear being spread on these posts. All posts on here are just speculations and opinions from employees and trolls. The trolls love to spread fear and get off reading the responses. I'm sure the executive board are busy making contingency plans for different scenarios depending on the ruling that comes back from the DOE. Until that ruling comes back they cannot do much more than preparation for what plan to enact. By releasing the paychecks early they are being prepared for a WORST CASE scenario of immediate shut down. We don't know if a ruling by the DOE has been made and won't know what decision the company has made until the company files a SEC report. If ITT decides to file for bankruptcy the papers will be filed at the same time the SEC report is filed and the employees will be notified immediately after. It is in violation for a publically traded company to inform anyone, including employees, of a pending shutdown before filing with the Security Exchange Commission. The company is not purposely keeping the employees and students in the dark, they are not releasing information under the law.
21 replies (most recent on top)
"are ok with Obama putting Americans in major debt and doesn't mind golfing when Louisiana folks are drowning"
Do you really want to go there? OKAY, here goes! Its ignorant people like you, who want to pretend climate change evidence is all part of a hoax dreamed up by Obama and Chelsea Clinton, and have refused to consider that spewing fossil fuel exhaust into the atmosphere in the past 200 years has anything to do with flooding coastlines, that are dooming this world.
So F__K you. Read the middle school level text that ITT-Tech chose to use for its bachelor level environmental science these past couple years -- thats the SC4730 class. You will be able to understand it -- its written by National Geographic, magazine style, for probably 9th grade reading level. It is a good read though, I highly recommend it. Visualizing Environmental Science is the name. Maybe if your hubby is high enough up he can tap into the e-books from your house. Until you read this book, you should shut your mouth.
Seriously, depositing money into employee accounts with no communication AT ALL?
Payroll is an easy lawsuit. When my startup company folded, employees didn't know until they tried their security badges. But they got paid.
Still waiting to be "educated" on law saying ITT-Tech cannot provide ANY information to employees and students, about the various contingencies being considered. Those who claim to be authority on your word alone clearly don't have a clue.
Why not just send out your own press releases & contact all the news outlets that you firmly believe ITT is closing? HQ is apparently so very busy, this would be a great help, Be sure to copy HQ so everyone is on the same page. Or just wait for the official word
Question:
Let me put it this way -- as a "California community college faculty member" in the know with California higher education, how many times have you recommended ITT-Tech to your loved ones? Do you wish it stayed open so your kids can go there?
Response:
Never. At a per unit cost of $46/unit versus what IIT Tech would charge, the response I have is obvious. For those students who cannot afford the $46/unit cost, fee waivers are available (with around 80% of students in our colleges not paying the unit cost. As faculty we are constantly reminded to do what we can to reduce the costs of books (See http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520160AB798 ).
There simply isn't a better buy for your first two years of higher education than the California community college system. This is particularly true in the career and technical education field, where the system is focused on producing quality taxpayers. You don't load students down with a large monetary amount of student debt and provide unrealistic expectations of the wages they will make after graduation.
Yes, please post law saying a company can't disclose its plans for different likely scenarios? Posting a "teach-out" PLAN is not the same as saying "we are teaching out!"
Really, employees and students can distinguish the difference between a plan and an action.
"You truly think the company is holding back information from you."
This is a totally ridiculous statement. How do you know so much, since you are clearly implying you are not an ITT-Tech employee? Friggin' Troll!
What law is stopping ITT-Tech from posting it's "teach-out" plan already submitted to ACICS?
What law is stopping ITT-Tech from posting it's "teach-out" plan that it had to submit to Dept of Ed as part of its response to AUG 25th letter from ED to ITT?
IF these laws exist, please explain what they are and give reference for them. Facts, please!
I can see by all the stupidity on here why ITT is failing. You truly think the company is holding back information from you. Most of you don't understand or want to understand what the laws are. Everyone will know in due time what is going on. ITT sure employees a bunch of idiots.
So maybe all this chaos, all this past week is planned downsizing? ITT is using "trial by fire" method to see which employees and students are willing to put up with anything? Wait for the smoke to clear and see what is left on Sept 12 for new quarter? Any campus with the doors unlocked and lights on and a few students in seats gets to stay open ?
Seriously, there is only one scenario here. ITT headquarters has completely abandoned ship.
If ITT was just preparing for some remote "worst case scenario" then why would they act like such unprofessional jerks?
A quarter is starting in just over a week -- and headquarters is leaving a totally confused staff and student body to fester and fret over an extended long week-- and ITT wants to lock the doors on Tuesday?
Why doesn't ITT TELL US AND TELL THE STUDENTS what all the different contingency plans are?
If ITT was hoping to maintain any kind of viable business after this week-end, they have blown it. They are squashing any likelihood of that, by driving away the few remaining loyal staff and students by their unethical behavior. Seriously, depositing money into employee accounts with no communication AT ALL?
This kind of crap is why most of us left already and post stuff like this!
http://www.ittesi.com/index.php?s=127 Refresh this for a few days, this is where ITT MUST post their information before any court or media person see it. Of course they're going to fold. They owe money to employees, students, Cerebus, Chubb and the DOE. Only one way here, and it's down.
Employees are being "given" Tuesday off to allow ITT execs time to get their SEC filings submitted. Remember the market is closed Monday. Then the email will follow...saying they are shut down. The end!!
Ha!!!! Don't hold your breath that lil Kevin and his posse will ever release any information. Informed customers and employees have always been seen as a threat to the greedy empire. They don't give two sh--s about giving anyone info as they care about no one/ nothing but the bottom line. They will move on with life, placing blame on the gov't, while counting their monies and having no regrets for how they have negatively affected so many individuals.
@gra, nice post. Except, the last part is misinformed. You said "My sense unfortunately is the company will fold due to the heavily weighted power of governmental regulators."
Actually, the company was already folding under the weight of its dishonesty, mismanagement, poor outcomes, non-compliance with even its weak national accreditation agency. ITT's enrollment has been tanking since 2010, to the point the company was financially unstable -- and their reaction was first to lay off almost all full time academic people.
Really, the regulations finally caught up with a predatory company. A reputable company, if faced with dropping enrollment, would have not taken the path ITT has these past few years. ITT maintained the same high tuition cost and marketing budget, and huge sales staff, while gutting academics and lowering academic standards. ITT has been intent on getting as much money as possible from as many people as possible, while providing the cheapest possible product.
Let me put it this way -- as a "California community college faculty member" in the know with California higher education, how many times have you recommended ITT-Tech to your loved ones? Do you wish it stayed open so your kids can go there?
This isn't a single governmental agency issue (e.g. DOE). Let me pointedly express facts that relate to California where there are fourteen campuses (see http://programinfo.itt-tech.edu/consumerinfo/state.cfm?state=CA ).
The California Department of Consumer Affairs’ Bureau for Private Postsecondary Education banned ITT Tech from enrolling new students at the California campuses effective September 1st (see http://www.latimes.com/business/la-fi-itt-tech-aid-20160826-snap-story.html ).
Veterans enrolled at ITT in California will not have tuition covered or receive a monthly housing allowance for classes starting after Sept. 1, according to a message posted to VA's GI Bill Facebook page on Friday. (see http://www.military.com/daily-news/2016/09/03/california-revokes-gi-bill-approval-for-itt-tech.html ).
From the perspective of a California community college faculty member, having witnessed the same sort of scenario relative to the closing of the Corinthian Colleges in April of last year, I'm comfortable at least here in California, with suggesting that ITT Tech is facing an almost impossible task of continuing to operate in this State.
I understand your desire to bolster a belief that existing management at the "C" level know what they are doing. But remember the "C" level group is likely part of the problem that got ITT Tech into the current situation. My sense unfortunately is the company will fold due to the heavily weighted power of governmental regulators. Do not loose site of the fact that we are in an election year with one of the presidential candidates close tie to a failed "for profit" university. Another failed "for profit" school brings that issue up for voter consideration.
If it was business as usual, Fall Qtr starts the 12th, and no one's job was in danger ITT wouldn't have to file ANYTHING with "the SEC". Is everyone working on Meridian as stupid as you to think we're buying that load of nonsense?
"facts". Not a "fact" in all your BS Carmel-boy.
Since when did itt start following laws
Not Kool-Aid, just the facts. Now go away troll.
Wow. Didn't know there were gallon-sized jugs of Kool-Aid.
On point.