Why (Corinthian College) COCO is a Zombie University
Take a look at their stock! This corrupt institution is down to pennies in the stock market. Now, with the State of California going after them for illegal practices, what is their future and why are the teacher pension funds buying this stock? Especially CAL STRS?
1. 1. Corinthian Colleges continues to lose money, fire workers, and close campuses in the US and Canada.
Source: http://investors.cci.edu/secfiling.cfm?filingID=1104659-13-81799
2. 2. COCO stock has dropped 95% since 2004.
3. 3. It appears that COCO cannot even make enough money with its in-house predatory lending program, called “Genesis” loans to survive.
4. 4. Corinthian colleges continues to lose students they prey upon, even though they spend more money on targeting them.
Source: http://investors.cci.edu/releasedetail.cfm?ReleaseID=804355
5. 5. Corinthian Colleges’ three brand names are infamous. Their vocational brand, Wyotech, is called Wyocrap by people who work there.
Source: http://www.thelayoff.com/corinthian-colleges/post/4962549900509184
6. 6. Board member Leon Panetta resigned after being appointed there.
Source: http://www.huffingtonpost.com/davidhalperin/leon-panetta-quits-corint_b_3646152.html
7. 7. CALPERS has sold 80% of its stock in COCO. The only visible support is coming from Wells Fargo bank, which also has a deal with its Genesis lending program.
8. 8. Corinthian Colleges is under investigation by the Consumer Financial Protection Bureau, the Securities Exchange Commission, and five State Attorneys General. California and students from California are presently suing Corinthian Colleges in separate lawsuits.
9. 9. (Former) Heald employees are telling potential are telling potential students not to go there.
Source: http://www.thelayoff.com/corinthian-colleges
10. 10. Corinthian Colleges’ real default rate is unknown because of the huge number of “deferments” forced upon students. The actual default rate may be as high as 40%.
11. COCO continues to pay out millions in compensation each year to CEO/Thunderbird School of Management alumnus Jack D. Massimino, and there have been no rumors that he will be fired.
(Located in top centers for international business and trade, Thunderbird School of Global Management offers degree programs, professional development opportunities and corporate solutions to individuals and organizations around the world. Discover how a Thunderbird education can shape your career and put you, your company and your community on a path to sustainable economic growth and stability.
If you want to do business in any corner of the world, you need a school that knows every corner of the world. Check out the programs and services available at each of our global locations) http://www.thunderbird.edu/
Source: http://www.forbes.com/profile/jack-massimino
Source: http://investing.businessweek.com/research/stocks/people/person.asp?personId=702392&ticker=COCO
32 Responses to “Corinthian College is a criminal enterprise: Then why are teacher pension funds buying their stock?”
With Chris Kirkham's latest article, and David Halperin's series of articles about Corinthain Colleges, something has to give. Unfortunately, I Wells Fargo is unlikely to give up this lucrative business of preying upon veterans, people of color, and working class people, without a fight.
Readers should look up 'The Genesis Lending program' a sub prime loan sharking scam. It is being run out of the syndicate known as Wells Fargo Bank. 14.9% interest for students who cannot borrow federal monies or have to augment their tuition ($80,000 per year). This is debt purgatory and the vanquishing of youths to a criminal banking system tied into both the democat and republican parties.
Dahn is right: without a fight these criminals will continue to vamp students, people of color, the disabled and newly arriving immigrants.
Where is Eric Holder and the DOJ? Probably in the board rooms of Wells Fargo trying to figure out how they can protect the racket and still remain viable.
Meanwhile lives are lost, taxpayers are robbed and the future of America gets grimmer everyday.
In Chile the victory of Bachelet was accomplished with the help of students fighting the for-profit colleges in an effort to assure free access to higher education.
Read their stories and see how the fight can be done. You can google 'Chile and for-profit colleges' and you will find quite a bit about how the battle can be waged.
Holly, it does look like Chilean students are continuing to gain power against the for-profits. I wonder how long it will take for the CIA to undermine democracy again, if they haven't already… http://london-student.net/features/12/13/classroom-congress-student-leaders-chile-taking-power/
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