Everest still getting bad press, which is not likely to change soon. It would take a miracle to clean up this mess. The best thing, as one poster said, would be get rid of Corinthian College management and replace with ethical people. My sense is that ECMC may not be bold enough to do that. People on the Corinthian Colleges site even referred to one ECMC Board member as part of the problem.
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Not to mention the Not For Profit status on all incoming money...sweet Jesus this deal worked out well for us!
794 is correct - Forecast the future money and get your answer. Even with the $480mm write down on the private loans, a good businessman would assume the debt (debt collectors with harsh tactics), and they have negotiated very little risk, for a huge portfolio boost. The feds are either blind, or are in on the deal!
I think that 794 may be on to something here. The declining market for career colleges makes one question why any sane business person would want to jump in right now. Th whle debt collection angle changes the game, and may be the only logical explanation for ECMC's move. That does not bode well long term for the education side of the business......
Not that bold of a move...they really just bought all of CCi's outstanding student loan debt that they will collect on. We all know that eventually outstanding students loans will be collected on. Would be interesting to know what dollar amount had been added to their collection portfolio. Magic 8 ball is telling me that this is just a plan to limit the amount of student loans that are dismissed. ECMC will get them through the program so the DOE does not have to dismiss the loans.
How is buying a struggling business with a history of regulatory issues not a bold move? If it fails, it will be a colossal money loser. If it works, it may be the new model for private education. Love it or hate it, it could possibly be a bet the business move, which by definition makes it bold.
ECMC bold? Like as a typeface or laundry detergent? You can't possibly be talking about bold action. There hasn't been any.
ECMC is very bold Camden