How much do you bet that the corrupt department of education is using more federal dollars to hand this 'fine organization' to some third party debt collector or shell company like Corinthian? Their management is terrible and with the dozens of lawsuits they face it is unlikely they will emerge without going bust - seems like the DOE is willing to do whatever it takes these days to keep their little con game going.
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Oh, Camden Kid. Talking to yourself yet again? Hee hee.
The sooner the DOE sells this piece of s*** , the better for all of us tax payers who pay for their students to go to school. Shame on the government who allows crap schools like this to go on and on.
ITT is no different from Corinthian. The people who run the company are all about their money and specifically their annual bonuses. They couldn't care less about any student or any of their people for that matter. Is all about how much money goes in their pocket, and they don't allow anybody get in between them and their money. They all talk about acting in the "best interest of the student" but in reality they always act in the best interest of their pocket. Where is the government to close this nastiness down and get the executives to pay back money to the students from their own pockets? Why do we still allow them to stay in business? We are paying their salaries with our tax money. Such a tragic situation!
I expect the '50 red flag schools' to hit about 100 as more time gets factored in, I would expect the vast majority of students during the last 10 years are doing their damn best to defer or delay payments, the 50 already showing up are only the tip of the iceberg. The fundamental way this place does business has not improved in those years since, and their degrees are still viewed by most companies as little better than a dirty piece of toilet paper. They are circling the drain, but as the corrupt department of education proved with Corinthian, nothing is too low for them to stoop to keep students stuck with mountains of unserviceable debt. I wouldn't be surprised to see another underhanded sneaky deal that wipes out liability and debts and uses taxpayer money to hand this steaming pile off to someone else just like Corinthian.
No one has been arrested yet. Corinthian Colleges is being criminally investigated, but it's hard to imagine (at this point)educational criminals on trial in the US. In a just world, Kevin Modany would be a target, but he's out of the picture. The most immoral person in this whole ESI fiasco is probably Richard Blum (Democrat) who got the capital to make ITT Tech a predatory operation (from a somewhat legitimate school once owned by ITT). And he has too much pull to be prosecuted..............http://www.dailycensored.com/more-on-for-profit-college-sludge-and-richard-blum-who-funds-the-brookings-institute/
The DOE needs to stop bitting around the bush and close this travesty down. The sooner the better. Did anybody check into the placement rates of their so called multimedia program? In the school I use to work it was as close to zero as anybody could get. The students were lied to that they would get jobs in the gaming or movie industry. Their executives are low level management material trying to run the company. They are doing a terrible job. Jail time?
Who would buy a company that has a potential $11B liability? To review, look at the ITT Tech news from 2014-2015:
•CEO Kevin Modany resigned (effective February 7, 2015).....
•PWC quit its $6 million auditing deal (effective January 1, 2015).....
•Deloitte replaced PWC. Board member Jerry Cohen (on the audit committee) is a former executive at Deloitte and worked there 40 years......
•ESI faces fraud charges with the US Consumer Financial Protection Bureau (CFPB) in Indianapolis US District Court. Although Judge Barker is business friendly, there is a mountain of evidence against ITT Tech's business practices.......
•ITT Tech's near-predatory PEAKS Loans were remarkably similar to Corinthian Colleges' Genesis Loans.....
•More than 50 of ITT Tech's 140+ campuses are "red flag" schools, meaning that they have student default rates that are higher than their graduation rates......
•Blum Capital Partners, a powerful investment firm, headed by California Regent Richard Blum (he's also Dianne Feinstein's husband), is slowly divesting despite a long-standing relationship with the company.....
•ESI is officially late on their Quarterly Report. No full annual report has been posted on ESI's website since 2013.