This is the most thorough report on just how badly Modany and Co ran ITT Tech.
https://www.republicreport.org/wp-content/uploads/2016/09/ESI_close_out_final.pdf
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Even with an internal promotion, excellent employees either had to wait to receive their raise/increase OR be forced to accept a limit of wage advancement. Makes me sick that I wasted a good portion of my career there.
---After big bonuses for top dogs, there simply was no money left for promotions of the little people.
Certainly, please understand, if they could have given more, they would. It just wouldn't be sound fiscal planning to do otherwise.
Someone should send this report to Kevin and see what he says . . . .
It was a good report. However, he can't spell Wonderlic.
As a former employee at the campus level I am sick to read that executives in 2015 received a 'bonus' of 50 - 100% of their annual salary, while campus level employees ONLY received a cost of living yearly increase that in some cases did not even meet 1% of their annual salary (even with a positive excellent annual review) OR never received any increase (not even cost of living) because they had achieved the highest level in their positions. Even with an internal promotion, excellent employees either had to wait to receive their raise/increase OR be forced to accept a limit of wage advancement. Makes me sick that I wasted a good portion of my career there.
ESI has no one to blame but themselves...
---they soon won't be able to do that, since ESI won't exist any more
---they are planning on you taking the blame, this was mentioned during their last executive retreat
One of the best reports written. Excellent analysis and ESI has no one to blame but themselves.
Excellent article.
....and changed the credit hour structure of some of its programs to improve compliance with the Dept. of Education’s Gainful Employment rule----I see, this is talked about later in te mentioned document....interesting reading
We would argue that ESI was on the pathway to bankruptcy the second the company started to bear direct financial exposure to the ability of ITT Tech students to pay their student loan obligations...WOW, a company that can't stand on its own 2 feet.
does somebody know what this comment is about/means? Never heard mention of this
....and changed the credit hour structure of some of its programs to improve compliance with the Dept. of Education’s Gainful Employment rule
All of this a bit ironic. Walden (Clinton) U. Trump U. Sad situation and pointedly expresses the way Washington and politics operate. He who has the gold and showers politicians with it rules.......
Republicans up in arms over government waste are apparently upset that Obama did something about government waste. A little ironic?
Nice to see a detailed and objective report coming from the investment community. It is tiring to see the online comments blaming the ED / Administration and claiming that this was all a politically biased decision. There are plenty of republican voting, free-market loving capitalists who know fine well that ITT Tech had to go.
Great article, spot on! Management takes the easy out and blames Feds; however, Mgmt's incessant focus on profits/stock price led to this fiasco.
Well worth the read.