For-Profit Colleges Facing Increased Scrutiny, Skepticism
BY MARY ELLEN FLANNERY
APRIL 16, 2015 • 7:36AM
for_profit_collegesBetween the falling profits and declining enrollments, not to mention the millions of dollars in federal penalties and hundreds of lawsuits filed, it’s been a rough year for the for-profit college industry.
Just within the past few weeks, the nation’s largest for-profit university, the University of Phoenix, has reported that its student enrollment is now half what it was five years ago; the New York City Department of Consumer Affairs has begun investigating four for-profit colleges over concerns around dropouts and student loan defaults; and, across the country, a group of former Corinthian College students is making headlines for their refusal to pay back the money they borrowed to fund their shoddy educations. Continue reading
Credit Suisse Analyst Who Touts DeVry Previously Touted Corinthian
02/08/2016 08:48 am ET
David Halperin, Attorney, advocate, writer at RepublicReport.org
Credit Suisse got the attention of Wall Street last week when it issued a report recommending that investors buy shares in one of the largest for-profit college companies, DeVry Education Group. The report came less than a week after the Federal Trade Commission sued DeVry for allegedly misleading students about job placement rates and salaries for the school’s graduates, with damages potentially reaching $8.6 billion. Continue reading
Corinthian College Bankruptcy Sheds Light on Student Loan Hypocrisy
THE SHERPA MAY 10, 2015
This week it was revealed that Corinthian College would be filing for Chapter 11 bankruptcy protection. This comes shortly after the announcement that Corinthian would be closing down its remaining 28 campuses.
For those not familiar with Corinthian, it is a for-profit company that operated numerous colleges. It recently became the subject of federal government scrutiny and was forced to sell off many of its schools, and close down others.
Control Fraud and For-Profit “Universities” (Et Tu, Bill Clinton?)
Posted on April 30, 2015 by Lambert Strether
By Lambert Strether of Corrente.
Corinthian University…. Sounds like Corinthian leather, doesn’t it? And Laureate… like “Poet Laureate.” The branding just reeks of class. In this post, I’ll take a look at the just-collapsed Corinthian University, and then at Laureate University, soon to issue its first successful IPO — one can only hope thatsecond time is the charm — through the lens of Willam R. Black’s concept of accounting control fraud, which he has used so successfully to explain the looting the big banks did during the subprime crisis that preceded the Great Financial Crash of 2007-2008. I should say at once that I can’t make an iron-clad case, partly because my finance skillz are so rudimentary, and partly because Laureate, for reasons we will see, would be a tough nut for any researcher to crack. But the fact set certainly is suggestive! Continue reading
Attorney General Kamala D. Harris Files Suit in Alleged For-Profit College Predatory Scheme 17/10/2013