I have a funny feeling this school will lay everyone off before they even find this site and talk about it.
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My point is the adjuncts don't really even work for ITT, most of them work somewhere else full time and only do the ITT for a pittance and generally it shows in the curriculum and student outcomes down the road. This school wastes 90% of the money on advertising, legal, and bonuses.. Even the teachers get hardly anything and probably couldn't care less if this place shut down, which is why few bother to comment on there.
@Anonymous95355, if you know of any adjuncts or students, pass them this information.......
https://www.linkedin.com/pulse/itt-techesi-faces-monumental-troubles-dahn-shaulis?trk=mp-author-card................................
ITT Tech (ESI)'s path is eerily similar to Corinthian Colleges and Education Management Corporation, two companies that have become penny stocks and are deemed part of the for-profit zombie college crash:
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 late on yet another Quarterly Report. No full annual report has been posted on ESI's website since 2013.
(Update 3-30-2015)
There have been three recent developments in the meltdown of ITT Tech.
1.The Chronicle of Higher Education (3-26-2015) reported that ITT Tech (ESI) was manipulating student loan default rates by using temporary forbearance. Their official default rate of 27%, therefore, may significantly underestimate the percentage of student loan defaults.
2.According to Inside Higher Education (3-30-2015), the US Department of Education will be publicly listing the most "risky" schools that are under DoED "intensive cash monitoring." ITT Tech is likely to be on this list.
3.Insider Monkey reported that California Regent Richard Blum (Senator Dianne Feinstein's husband) had reduced his stake in ESI from 1.63 million shares to 1.16 million shares.
(Update 4-20-2015)
1.At least two ITT Tech campuses are on "heightened cash monitoring" by the US Department of Education.
2.ESI has publicly stated that the Quarterly Report that should have been published in January will be presented in May. They are currently in a late filing status ("LF") with the NY Stock Exchange.
Its actually not all that surprising.. 90% of their employees are part time adjuncts that get $15/hr and the rest are corrupt but if ITT closes up they will probably be the last to know. Their staff is not really the sort to ask questions or report blatant fraud.
That's one thing I couldn't figure out. Corinthian Colleges and Education Management Corporation employees have been talking for months, even years. ITT Tech looks like the most likely candidate for third place on the 4profit zombie college crash, ahead of Career Education Corporation, Bridgepoint, Lincoln Education, UTI