Thread regarding ITT Educational Services Inc. layoffs

KMM - Kevin "Madness" Modany

A whiny-mouthed bean counter who destroyed a company with a proud heritage in technical education.

Probably just an all-American guy that puts he pants on one leg at a time, buys his cappuccino at Starbucks and cheats on his wife like the rest of us...

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!

Yeah.

This man profited on the debt burden of hundreds of thousands of students. He had a custom Corvette delivered to this parking space at headwaters. The entire senior leadership is to blame.

"Say what you will about the guy. How he's crashed the stock, ruined the curriculum etc. But everything he's done is what an average CEO would have done. The problem was he was more focused on the stockholders than the students, but again that's his job as CEO. "

What utter nonsense. He was a well below average CEO who couldn't see further than column Z in his spreadsheet. A CEO should also be concerned with business sustainability. How did that work out?

There is a reason that he is being called Kevin "Madness" Modany.

Both the DOE and ACICS share the blame - the abuses coming from HQ started as soon as Modany took the helm. His "performance management" crap that turned Academic Affairs upside down - where was the oversight? Where? They were all looking the other way or were asleep at the switch just like the SEC did nothing to prevent the widespread fraud perpetrated by Wall Street. This entire system is rigged - just take a look what non-profit schools charge out-of-state students for many totally worthless degrees. Take the Laureat with the Waldon schools in the US that hired Bill Clinton for Millions of Dollars - it saddles their students with hundreds of thousand of Dollars in debt. What is happening to ITT is an exact repeat performance of what was done to Corinthian Colleges - some Obama or Clinton friends will pick the company up for a song and then force the students into a teachout. The last thing the DOE wants to do is to saddle the public with the debt of discharged student loans. That is the true reason why the bankruptcy laws were changed in 2005 to not allow the discharge of student loans.

All American companies cheat. This one got caught.

No bait. Just my opinion.

Speaking of Gainful Employment, why not apply it to all colleges? Because liberal arts degrees are significantly worse than anything offered at for-profit schools. State and private schools could never hold to those standards.

There is plenty of blame to go around. As noted by Ted Mitchell, Under Secretary of Education in a speech given in June:

"To be clear: The push for accountability isn’t just for accreditors – it’s for all of us, including the Department and NACIQI, states and Congress. Just as we hold institutions accountable, we have to hold ourselves accountable. That is why we continue to sharpen our efforts to create information, like the College Scorecard, why we built rules like Gainful Employment to protect students from programs that do not provide true access to middle class jobs, and that is why we have created our new Student Aid Enforcement Unit to complement the work done by our program compliance teams in rooting out bad actors."

http://www.ed.gov/news/press-releases/under-secretary-education-ted-mitchell%E2%80%99s-remarks-national-advisory-committee-institutional-quality-and-integrity-june-22-2016

Bait. But I'll bite on part of it. No one ever said ACICS is innocent here. Far from it. They carry most of the blame.

Obvious bait. I'm not buying.