The following is a compilation of the recent spate of news on the for-profit college front.  The scurrilous organizations continue their parasitic activity unabated.  However the built in contradictions of their business plan to deliver little if any education while maximizing profits are coming home to roost.

More and more of the public are waking up to the fact that these for-profit debt cancer colleges are really semi-criminal syndicates.

What you will read below are blog statements from students and employees of many of these crooked colleges.  Thus, if there are spelling issues it is with apologies.  However, this is how the posts were posted and in the interest of truthfulness in journalism I changed nothing.

 

More news from the University of Phoenix, a subsidiary of the Apollo Investment Group, partially owned by the Carlyle Group

How can these investment groups, like Apollo and others, claim to provide an education when they look only to maximize profits?

The latest entries at the University of Phoenix layoff site are fascinating.  There seem to be major layoffs in IT (Information Technology).  Sound like Enron before the crash?

This week from the layoff site for the government subsidized University of Phoenix:

http://www.thelayoff.com/university-phoenix

Anonymous , Wednesday 10/16/13 12:39:55

Rumors of layoff today and next week. Please remember to post if anything happens at your campus, or if you know of any events that transpire. Godspeed all.

Anonymous , Wednesday 10/16/13 12:11:12

Employee admitted they had not enrolled 5 students in 3 years and just waiting to get unemployment… So sad. She stated she could get welfare too. Must be nice.

Anonymous , Wednesday 10/16/13 12:08:58

New leadership has made this place worse instead of better. Tons of people stealing and proud of it. Everyone turns a blind eye cause they really don’t care. The ones that do are being worked to death.

Chuck (I.T.), Wednesday 10/16/13 05:36:56

This place sucks, get out if you can.
Project Future , Wednesday 10/16/13 04:16:00

Apollo technology, your “leaders” are selling you out but not before they fire a dozen or so, ask your manager, they know. You are about to see how they really view your worth to the org. Then the ones that are left will be sold to the lowest bidder, thanks to the three D’s for nothing.
CTown , Wednesday 10/16/13 03:00:32

You R correct! We do collect a free paycheck around her. Ain’t do bo-T workin?! Shhhii… enrollments down, students bustin out to other skolz, staff tired as hell. I ain’t doin a goddamn thing all day. Believe dat.

Anonymous , Wednesday 10/16/13 02:58:26

Get ready Apollo IT, you have been sold out.

Anonymous , Wednesday 10/16/13 02:11:08

@Chair at Tampa Campus: hats off!!!

Chair at Tampa Campus , Tuesday 10/15/13 23:38:14

resigned

Anonymous , Tuesday 10/15/13 23:18:26

you should have heard the bullshlt coming from the worthless director team pushing referrals today. what a load of shlt. pay everyone an honest fu<king wage, say 80k and you will actually see changes and people actually giving a shlt. this pos will erode into the abyss because mgt has no fu<king clue.

Barbie’s team , Tuesday 10/15/13 23:13:33

you are getting hit again while she collects bonus check. she abuses you then throws you out.

Murthy Adari (IT Director), Tuesday 10/15/13 21:08:39

Apollo group is a shitty company. They do layoffs all the time. Have no respect for employees. I think it is one of the worst company to work for. The upper management is piece of crap. Everyone is tired of shitty organization. IT department sucks.

And here is some important news from a former Enrollment Advisor at University of Phoenix:

“I worked for the University for a few years as an enrollment advisor and wanted to give you my opinion.  I quit recently and found a job outside of the for-profit education sector.  I only took the job originally because I needed work…I would never do that type of work again!

 

I will tell you that there is a great deal of brainwashing going on.  Enrollment is expected to convert students at a very high number, if you don’t, your job is on the line.  Have you heard their motto, “if it’s right for the student, it’s right for us?”  Well enrollment counselors are constantly being brainwashed so that they believe everyone can benefit from having a degree from UOP, regardless of the student’s concerns.  Phone calls are recorded and played back for training purposes.  All of the feed back is negative criticism.  If a student does NOT enroll it is something YOU did wrong.  I was harassed by my manager for a week straight due to my numbers dropping and me not trying to pressure students to enroll. 

 

I’ll tell you this, very few students make it though the program.  Most fail and are sent to collections, the others just signed up to get their hands on excess funds. Students are just a number feeding the corrupt system.  For the few who do make it, the reputation of the school has already hurt their chances.  The associate degree program is bringing the whole school down.  

 

I wanted to send you this message because there are good people who work for the company.  Unfortunately they are stuck and cannot leave for whatever reason…I was fortunate enough to find a new job and quit on my own terms.  It really is a corrupt system and I feel bad for anyone involved, student or employee.”

 

The former University of Phoenix employee stated later:
“Here’s a good example for you.  A few weeks ago I got a call from a guy who wanted to finish his associates degree to be a paramedic.  It sounded like he was four classes away and already enrolled for the fall.  He stated he was just shopping for prices and would consider a bachelors degree once he was finished.  I knew we didn’t have anything that could help him so I told him to contact me about the bachelors degree down the road.  That call was recorded and reviewed by my manager, who made me feel terrible… like I did something wrong since I didn’t push this guy to enroll.  I knew I was weeks away from quitting so I didn’t care, but that is how it is there.  You must try to enroll everyone you speak to.  One of the main problems is how UOP markets themselves.  I was in the health care department and would get calls from people who wanted to be a nurse, or paramedic, or whatever.  We had to try to push them into an associates degree in health care administration.  

 

How can the public continue to subsidize this rancid and illegal activity on behalf of one of the most insidious institutions in the world?  We need to follow the lead of the Chilean students who stood up to this criminal enterprise in
Chile (http://www.dailycensored.com/chilean-students-force-profit-colleges-universities-coffin/).

More news on for-profit drive-by colleges:  The Corinthian College Criminal Cartel

Ispot.tv is a good place to see how for-profit schools are targeting particular demographics.  These schools typically target working class people, with limited information, who cannot afford to complete college and then who get hoodwinked and driven into the arms of these for-profit predators.  This is why the public commons is being deconstructed.  Competition by public entities is not what for-profit colleges want.  They only win when students have no other options but for-profit education.  The government, much like with Social Security, is far more efficient and at far less the cost in disbursing services.

Alas, ‘services’ are not what for-profit colleges want.  In fact, they must assure that costs for services, education, are low.  And this means less service not more and worse service, not better.

The for-profit colleges have been successful due to the fact public education is being dismantled.   They have managed to use a great deal of government largess in the form of title IV monies and the like to invest heavily in advertising.

 

For the for-profit colleges it’s all about selling a ‘dream’ (that is more than often unfulfilled) and it is accomplished through hefty spending for advertising to make these for-profit dungeons of despair ‘household’ names (http://www.dailycensored.com/profit-college-news-corinthian/),  (http://www.dailycensored.com/profit-college-news-corinthian-everest-wyotech/).
So, for example an example of ‘services’ take a look at the websites and the comments below when it comes to Wyotech, a not well-known for-profit educational syndicate that has the wink and the nod from the government to steal.  They are owned by Corinthian College, a very shady organization indeed:
http://www.ispot.tv/commercial-search/?path=&term=wyotech.

 

http://www.laramieboomerang.com/articles/2013/10/06/opinion/letters_to_the_editor/doc5250c938daa20314906087.txt#comment-1072816375

 

Wells Fargo owns almost 1/4 of Corinthians (COCO).  And most of the other big stockholders are big banks or hedge funds.  I suppose that even if COCO’s stock drops, these banks will have to protect their racket.  Sound like the mortgage lending fraud and financial irregularities and illegalities in the home mortgage scandal that broke the back of the American economy?

Public teacher pension funds back for-profit colleges by investing in their stocks

But the haunting question remains: why does CALPERS (CA State retirees) own more than 1,000,000 shares of Corinthian Colleges?  And why does TIAA-CREF own more than 300,000 shares?  Why does the NY State Teachers Retirement Fund own more than 150,000 shares in Corinthian Colleges?  Why does the NY State Common Retirement Fund own stock in COCO? And we can add the Canadian Public Sector Pension Investment Board? Or the CA Teachers Retirement System (STRS), the Florida Retirement System, The Texas Permanent School Fund? The Teachers Retirement System? Arizona State Retirement System?  Colorado PERS?, to name just a few!!!

Public employee institutions, pension fund managers, have saddled up their portfolios knowing that the pension funds are broke and that without huge returns they cannot expect to pay future of present retirees.  I wrote about this at:   (http://www.projectcensored.org/financial-capitalism-and-the-us-teachers-pension-fund-fraud/).

When the for-profit college stocks go down this is bad for public pension funds.  So, the public pension fund managers must protect the for-profits so their stock doesn’t tumble.  Of course this is impossible.  The unconscionable investment of public pension funds into the coffers of for-profit colleges seeking to impress students into debt for life with no education to show for it is not only immoral, it is unsustainable for the very pension funds involved.

The actions of these pension fund managers, who are now little more than hedge fund executives looking for a high rate of return, are investing their member’s funds in some of the worst rackets in the market: for-profit debt cancer schools.  In doing so they are underminingg the very public institutions their members hail from.

This is how capitalism works.  And as anyone can see, it only works for the one percent or less.  The rest of the population becomes peasant debtors to the government or private parties while the criminal colleges walk.  The icing on the cake is that as taxpayer funds are funneled into these for-profit syndicates there is less monies left for the public commons and thus less investment in the public sector.

This is all part of the reactionary plan to “starve the beast”, as Grover Norquist once stated about the government.  And the plan has and is working like a charm.  American exceptionalism can be found in the complex schemes within which austerity is imposed on an already deracinated population.

http://www.nasdaq.com/symbol/coco/institutional-holdings?page=2
http://www.nasdaq.com/symbol/coco/institutional-holdings?page=4
http://www.nasdaq.com/symbol/coco/institutional-holdings?page=5
http://www.nasdaq.com/symbol/coco/institutional-holdings?page=6

 

The scourge that is Wyotech College

Here are some comments regarding Wyotech, another parasitic business enterprise operating under the rubric of ‘education’:

OCTOBER 11, 2013 1:30 P.M.
Chalton wrote:

“Private for profit colleges are not in the education business; they are in the student loan arbitrage business. How can true conservatives defend a business that would collapse tomorrow if there was no government subsidized loans? Nobody would lend to students going to Corinthian on an arm’s length basis.”

http://blogs.barrons.com/stockstowatchtoday/2013/10/11/corinthian-colleges-plunges-4-as-california-ag-files-suit/?mod=yahoobarrons&ru=yahoo

Now, from the layoff.com

Brett Glass

Wyotech is, alas, owned by an out-of-state corporation which has been accused repeatedly of deceptive marketing, misleading its investors, and encouraging students to falsify financial aid forms. (This board won’t let me post links, so search “Corinthian Colleges deceptive” in your favorite search engine to learn more.) Many residents, including me, have been the victims of crimes committed by its trainees. It’s also a major player in LEDC, which in turn has shown disregard for our community’s welfare.

In my opinion, Wyotech should be called to account for the negative impacts it has had on our community, but only a few leaders have had the backbone to do so.

 

 

Miznitic

  • I absolutely agree. I have the misfortune of living in West Laramie, and find myself dealing with these idiots frequently. I’ve woke up to find Tech students passed out drunk on my lawn on more than one occasion. I’ve also nearly been involved in multiple accidents because of these idiots drag racing next to the school. The police haven’t done a damned thing to fix this problem.

Dahn Shaulis

 

Don’t working class people have an alternative to Wyotech, something much cheaper, so that students do not have to remain in debt bondage?

Yes, it’s called entry level positions in shops as shop sweepers, apprentices, lube techs. It’s called filling out applications and turning them in, and proving you have a work ethic and ability to learn. It’s better in the long run…actual real world shop experience, much more education, and no debt. As opposed to racking up a bunch of debt and false confidence whether you have the ethic and intelligence or not…while simultaneously trashing and pissing off the town you did so in.

Top of Form

 

Bottom of Form

Having worked in the auto business for over twenty years, here and in different states I can say without any reservation that Wyo Tech attendees and graduates are no more qualified or ready to enter the work place after phasing out, than they were upon entering that “school”. They are pathetically under trained, and truly the only thing they get for their tuition money is an inflated sense of worth in a competative work place. In all my years in the business I have hired and fired many tech kids. One in ten is qualified to work on the vehicles. two out of the remaining nine have enough work ethic to learn something while on the job, the remaining seven have neither the skill, drive or ethics to even sweep the floors of the shop. The worst part of all of this is that while these immature idiots are free to roam our streets and treat our city , businesses and people with complete disregard. The “Tech” is a for profit business, and tuition dollars do not discriminate. The same statement could be made about UW except that for the most part UW students are at least goal directed. Wyo Tech promises a high salary return for the tuition dollar spent. Which would be true, if they truly trained and prepared these kids for the competative world of a commission driven salary. As for the way these kids behave in our businesses and neighborhoods as well as city streets, I would hope that Wyo Tech would be open to some way to hold these kids accountable for their actions while in public. However they will not do this as it would for sure impact already low enrollment. So unfortunately we as the public have to put up with this B.S So corinthean college can collect some money and pass false hope on to future drive thru attendants

Matthew Brammer

 

Yes, it’s called entry level positions in shops as shop sweepers, apprentices, lube techs. It’s called filling out applications and turning them in, and proving you have a work ethic and ability to learn. It’s better in the long run…actual real world shop experience, much more education, and no debt. As opposed to racking up a bunch of debt and false confidence whether you have the ethic and intelligence or not…while simultaneously trashing and pissing off the town you did so in.

Additions I’ve made to Wyotech’s Wikipedia page:

http://en.wikipedia.org/wiki/WyoTech#External_links

“In 2013, Wyotech schools faced downsizing and site closings as Corinthian Colleges, its parent company, receives greater government scrutiny for its business and trading practices.”
“Tuition is typically more expensive than programs at community colleges.
The campus in Florida has been for sale, but no buyer has been located. [10]The campus in Sacramento was closed in 2013.[11]


California Attorney General files lawsuit against criminal Cornthian College, Inc.

On October 10, 2013 KTVU news reported that California’s attorney general filed a lawsuit Thursday accusing a for-profit college company of misrepresenting job placement rates, false advertising and other deceptive practices to lure low-income residents to take out student loans to attend its schools.

 

The lawsuit against Corinthian Colleges Inc. was part of a larger investigation of the entire for-profit college industry, state Attorney General Kamala Harris said in San Francisco.

Santa Ana-based Corinthian operates Everest, Heald and WyoTech colleges, which have a combined 81,000 students nationwide and 27,000 students in California.

 

Harris said the majority of those students are minorities in their mid-20s with annual incomes of about $20,000. Many are single mothers, Harris said.

 

“Corinthian College was serving not as an educator but as a predator of some of the most vulnerable people in our community,” Harris said (http://www.ktvu.com/ap/ap/california/calif-ag-sues-for-profit-college-company/nbLFj/).

 

Loan sharking and the Genesis loans

 

Corinthian also owns Heald College, another household name like Hostess Twinkies that has received little if any critical scrutiny.  Heald College is actually pulling students out of class to get them to take out what is known as a Genesis loan.

 

A former Heald employee wrote this message at http://www.thelayoff.com/corinthian-colleges.
former heald employee  wrote, Thursday 10/10/13 19:23:58

At Camden Kid & lt;dahnshaulis@gmail.com> (@USinjustice) about the Genesis loans that are forced on students:

Genesis were forced upon all heald students with balances. Students are pulled out of class to sign those contracts. The fa rep will say that the minimum balance is $25 a month, but does not give the student the overall balance with the interest rate. I don’t believe it is ethical to do this, but it is being done at all Heald Campuses.”

Anonymous , Wednesday 10/09/13 4:22 PM

Kudos to the last several posts!!! Everything that everyone has said so far is true when it comes to the Genesis Loans. I was in class at Everest back in 2012 and they Dam sure did come find me while I was taking a test talking about making some dam arrangements on my loan otherwise I couldn’t get my books for my other classes. I can’t believe I was duped into thinking I would have a good quality education and now i’m stuck paying for a worthless Degree still can’t get over it!

Anonymous , Wednesday 10/09/13 2:32 PM

Yes I agree with the comment below. As an instructor at the blairsville wyotech if you miss an email or don’t send a student ASAP down to the business office or financial aid office then your put on the “possible soon to be riff” list. Even if the student is in the middle of a test. And yes if they do not make arrangements to pay whatever then we have to kick them out of class. It’s hard enough to keep up with the rules because they change every five minutes and we get no support from our supervisors or upper management! …….and haven’t for a very long time since the current upper management team has been in place. They might have jumped around but it the same people.

Watcher (CSC), Wednesday 10/09/13 2:10 PM

This company is just trying to survive and it is not looking to invest in improving existing programs. Then they get people to do a genesis loan probably telling people, that they will already have a job waiting for them when they graduate and there will be no problem paying off the loan. But with the job market the way it is and the lack of quality education these people are not getting any jobs. Seriously, this is one instance where you dont get what you pay for.

Anonymous , Wednesday 10/09/13 1:50 PM

Camden Kid would know- but these “in-house” loans they promote is it legal? And is it legal to follow students and pull them from class? It’s so obvious what the primary focus is on. 14.9!!!!! Crazy. And these financial reps are just as bad as the Admissions Reps- they are all favoring and representing one thing THE SCHOOL, not students. As someone said this debt will affect a student more than they realize, and with little jobs and worthless paper they call a degree, you got a far less chance of paying. Even if you are that community college kid that is struggling to pay it off I am sure its not at a 14.9% rate nor was the education valueless.

Anonymous , Wednesday 10/09/13 1:17 PM

It doesn’t take long as an instructor to realize that when you receive an email from the Financial Aid Department requesting to see a student, you better jump. God help you if you don’t send them down to straighten out the money problem. Even if they miss key instruction or a test. Got to keep that money river flowing!
Anonymous , Wednesday 10/09/13 9:50 AM

The Genesis loan deal gets even better, when a student falls behind on their lone the Instructors are told to remove that student from class until they return with a slip stating they have fulfilled their “obligation”. What a bunch of crap, all about the money, don’t give a damn about the education…sad situation…

Anonymous , Wednesday 10/09/13 6:49 AM

To the below comment posted, I too had to take out a Genesis Loan because before my mother’s passing I reduced my classes from full-time to part-time. Once I returned back F/T the financial aid dept. claimed I made too much money at the end of the year and needed to take out a Genesis Loan in order to start back going to school full-time what a bunch of B.S.!! Anyway long story short, I finally graduated got two stipend checks totaling $600 in my 27 months of attending Everest only to still not have a job in my Degree of Criminal Justice. I’m seriously talking about a waste of time and $$$$

Anonymous , Wednesday 10/09/13 12:24 AM

No one MADE me sign, but let’s put it this way they were amazingly persuasive and claimed I could not find one outside of school- more convenient and easier to obtain when I was there signing up…. I think I can blame me and them for my mistake. CCI should not be encouraging these in-house loans in the first place - and at 14.9%.53

Anonymous , Tuesday 10/08/13 9:35 PM

It’s a shame for someone to take out a genesis at that rate. No one makes you sign on the dotted line. Most of EUO students are seeking a stipend check.

Anonymous (Genesis Loans), Tuesday 10/08/13 9:14 PM

How many are stuck with Genesis loans- mine is at an interest of 14.9!!!! Crazy. I am the stupid one I let my fast takin finance rep convince me

Anonymous , Tuesday 10/08/13 8:46 PM

Default and being delinquent on these loans will destroy your credit, you will never be able to take another loan out- so think seriously about what you are getting yourself into and how much you will need to make to pay them off at high interest rates. They push that the government will pay for your education B.S.- you and me are paying for everyone’s education especially when no one is bothering to make loan payments. You will get charged as well as the government for an education loan- nothing is FREE in life!!!!! And if you think so you have been had.

Anonymous , Tuesday 10/08/13 8:41 PM

Yes I agree- INFORM BE AN ADVOCATE AGAINST THESE TYPES OF SCHOOLS, its the only way to stop this from happening. If the government refuses to stop funding them well we can at least avoid going to these schools. Remember these loans will FOLLOW you forever, can’t even claim bankruptcy on them, eventually you will need to pay with or without a job! So again, if the paper is worth something its not as bad and it will still hold credibility and honor. You are far better off than taking loans out for these ridiculously outrageous overloaded loans. Shop around you will then realize!!!!

Anonymous (BE PROACTIVE AND SPREAD THE WORD!), Tuesday 10/08/13 8:35 PM

Well the due just would be for all of us- Everest/Wyotech and whatever else they consider to be “a school”, to let us do the EDUCATING and inform/convince those who think about these types of school to leave- and those who are in them to get out hopefully sooner than later without getting stuck with these $30-60,000 loans. You can’t even transfer these credits so why are you there!!!!! Promote community colleges- FOR PROFIT is FOR PROFIT, their very name tells you what it is all about PROFIT! Greed. Tell people about this site and all others - go on face book, review websites and spread the word. At least if you are not reporting unethical procedures and tactics the least one can do is educate all those around you.

Anonymous , Tuesday 10/08/13 4:59 PM

I wouldn’t let wyotech wash my car let alone work on it.

Anonymous , Tuesday 10/08/13 3:30 PM

Wyotech is a ripoff!!!! Nine months and your a basic mechanic and that’s really questionable as you can fail the classroom part have 24 hours absent and a shit load of tardy’s and still pass. And all for the bargain of 30,000 dollars. What a deal!! NOT!!!! This place blows to work at!

 

This is just another example of the sub-prime college’s attempt to maximize profits through parasitic debt predation.

You can read more about Genesis loans at (https://genesislendingonline.com/main/uhome.aspx#144).  The rap of these predator organizations and loan sharks is always the same.  At the Genesis website it states that:

“Genesis Student Lending helps students like you realize their dreams every day. We strive to make the process as simple and straightforward as possible, and it’s never been easier to manage your account online. Register your account online today to get started!” (ibid).

Right, just like JP Morgan Bank of the criminal Bank of America is committed to help the American citizens achieve their dreams.  The only problem is that what they get from these cannibalistic institutions are nightmares.

It seems that high interest loan sharks have entered the business of ‘higher education’.

I wrote about such loan sharking for Counterpunch back in 2009.  The issue then, was the illegal practices of Alta College, another scams for-profit college.  The little shop of horrors was peddling loan shark type loans out of their back office.

As I wrote then:

You can go to the brief filed by the law firm representing the students and see the attached exhibit of the corporate organizational chart that is Alta Colleges, Inc.

The diagram included with the brief looks like an organizational chart straight out of the criminal division of the Department of Justice, or an episode of the HBO special, the Wire.  On September 21, 2009 the law firm reported on their website that an arbitrator had been finally appointed to hear the suit.

Allegations against Alta Colleges, Inc.

According to the class action binding arbitration suit filed by the law firm on behalf of the four claimants against Alta Colleges, Inc. and their subsidiaries:

‘There’s two main parts to this suit.  The first is for “deceptive and unfair trade practices” which is the legal way of saying “they lied to and misled students.”  The main issues we address are failure to properly disclose costs, misrepresentation of accreditation status, misrepresentation of transferability of credits, misrepresentation of job placement opportunities, and misrepresentation of sales people as admissions representatives.  The second part is about a specific program at Westwood College called “the Apex loan program.”  This is a loan that is created by the school if there is a balance between the traditional federal and private student loans and the cost of the college.  Any amount remaining unpaid at the end of school is loaned to the student so the student account is zeroed out.  The balance is moved to an Apex loan that carries an 18 per cent interest rate for the life of the loan.’ (http://www.counterpunch.org/weil10152009.html).

Although Alta lost the suit filed against it, it is still in business eating at the trough of the American taxpayers.  And as to the ‘Apex Loan”, some ‘wise’ entrepreneur saw an opportunity in misery and launched Genesis loans which actually institutionalized the ‘Apex Loan’ practices.

Culture Jamming

What with AFT and other organizations not showing concern about for-profit higher education, and politicians (and their families) having vested interests in this area, there must be other strategies to organize against the threats these Wall Street run colleges use to maximize profits.

One journalist and researcher I know is in the process of recruiting a few of his students to be involved in culture jamming the University of Phoenix.  He wrote me and told me that he thinks that creating ones’ own artwork and stories on the su8bject is is good (there are some good ones on Youtube), but that we also need to interrupt the Internet corporate narrative (often presented in Wikipedia, Youtube, Facebook, Twitter).

Take a look at the articles on culture jamming as political strategy.

https://depts.washington.edu/ccce/polcommcampaigns/CultureJamming.htm

http://www.youtube.com/watch?v=2lzzm_ikoFc

http://www.youtube.com/watch?v=A3QvdXwSD4o

This researcher, like others one reads in this post, is slowly adding entries about University of Phoenix on Wikipedia.  He resoundingly believes and rationally argues that it would be great if we could get more people to do this culture jamming.

 

http://en.wikipedia.org/wiki/University_of_Phoenix

 

Now that he has posted on Wikpedia, he is waiting to see if anyone on the Apollo Group side notices (“I’ve already been banned from the UoP’s Youtube and the Apollo Group message board on Yahoo Finance.”).

Here are the additions:

USA Today has listed University of Phoenix as a “red flag” institution for posting a default rate (26%) that surpassed its graduation rate (17%).[3]

 

Apollo Group, University of Phoenix’s parent company, spends between $376 million and $655 million per year on advertising and marketing, which includes the University of Phoenix brand. Much of this advertising is Internet advertising. [44] [45]

 

In 2013, the US Department of Defense ended its contract with University of Phoenix for military bases in Europe.[75]

 

News on Student Loan Asset Backed Securities and how they are the next explosion in the student loan debt racket

 

For a few years now, investigative journalists, business and economic experts have been talking about a student loan bubble.  The debt is now over one trillion and will never be paid.  But do you see any reference to this when you hear about the so-called debt ceiling or the $16.7 trillion the US owes as a nation?  No, of course not.  Wall St. doesn’t like bad news so the can gets kicked down the road.

There have also been assumptions and predictions that if the student loan lending bubbles were to burst, that it would be in about 10 years (not sooner).  This is to calm down Wall St. investor fears.  But it is another investor lie.

In fact, there are signs that the bubble may burst sooner than one thinks.

JP Morgan is getting out the student loan business, following US Bank

http://www.dailykos.com/story/2013/09/08/1237174/-Student-loan-bubble-ready-to-burst#

The student loan business can be extremely complex, much like the housing mortgage crisis.  Here’s a primer to the opaque business, including information on SLABS (Student Loan Asset Backed Securities)

http://www.nera.com/extImage/PUB_ARS_Student_Loan_0609.pdf

You can also read more at: http://www.dailycensored.com/student-loan-asset-backed-securities-and-the-1-trillion-dollar-student-loan-debt/, http://www.dailycensored.com/student-loans-the-financialized-economy-of-indentured-servitude/, http://stuartbramhall.aegauthorblogs.com/2013/04/12/combatting-educations-shock-doctrineers/.

Now how can we connect the students and workers at these for-profit colleges to lawyers?

Even though the lawyers who are able to represent students and whistleblowers are few and far between and operate for fat percentages off any settlement and then acquiesce to their student-whistleblower-clients signing a non-disclosure agreement whereby they cannot speak of their allegations or the any of the issues involved in a lawsuit (http://truth-out.org/news/item/8579-unless-courts-use-power-to-block-nondisclosure-agreements-companies-like-the-washington-post-will-continue-to-silence-whistleblowers),  there are some interesting articles about how lawyers are attacking the for-profit sludge.

http://www.law360.com/securities/articles/479812/calif-ag-hits-corinthian-colleges-with-false-ad-fraud-suit

http://legalnewsline.com/news/244777-calif-ag-files-lawsuit-against-for-profit-college

http://www.courthousenews.com/2013/10/15/62032.htm

http://blogs.lawyers.com/2013/10/california-sues-corinthian-schools-again/

http://www.insurancejournal.com/news/west/2013/10/15/308039.htm

Summary

That’s the news posted today.  As the locusts of privatization use every trick in the book to break the back of public colleges and universities, Dante’s Thieves continue their for-profit dance while students suffer and taxpayers subsidize the criminal corporations involved.  This is truly socialism for the rich!  Neo-feudalism is the order of the day.