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ITT Tech Closes Nationwide After Student Loan Fraud Scandal, School Officials Blame Obama Administra

Posted: Sep 8, 2016

"The Securities and Exchange Commission on Tuesday filed fraud charges against the two top execs at for-profit college ITT Educational Services. The SEC fraud charges are the latest in a series of crackdowns on the industry, which Eisman exposed as preying on low-income students while saddling them with huge debt and worthless degrees.

When ITT’s low-income students could no longer get private loans, the company created two off-balance-sheet trust vehicles and raised $441 million from investors. That was used to make loans to ITT’s students. ITT guaranteed to make the payments if enough students defaulted.

But as student defaults rose, ITT secretly made payments on the loans into the trust, saving the company “tens of millions of dollars” in guarantees while papering over the real default rate, the SEC alleged. CEO Kevin Modany and CFO Daniel Fitzpatrick masterminded the fraud, the SEC charged."

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ITT getting screwed by the government. What a surprise. They are - no different than Harvard or any of the others.

[ In Reply To ..]
Part of the conscious federal effort to continue the dumbing down of America. Trained and skilled people are harder to control!

This is what happens when you don't donate to the - Clinton Foundation or teach your students

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political correctness.

We should stop all gvt money to ALL propaganda universities. - Obama is creating a need to import

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techies now.

ITT investors must be wishing they ponied up for political protection - like Laureate International, they paid

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Bill Clinton $17.6 million to serve as its “honorary chancellor.”

This is proof that federal financial aid is what's driving - skyrocketing tuition costs that

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everybody is complaining about. Look what happens to a college when financial aid options are removed. You are left with a college that is unable to compete with others that receive it.

Imagine if the financial aid was dramatically scaled back across the board. Imagine if every college and university had to contend with this. What would then happen to tuition costs across the board? Institutions would be forced to compete for students, thereby driving costs down.

Just like healthcare.

You're absolutely right. Federal money has driven college costs - to rise at rates far above inflation.

[ In Reply To ..]
Federal dollars have also driven healthcare cost increases. It also drives up costs in other domains, including defense, public education and infrastructure such as roads, bridges etc.

If we returned the Federal government to the role it was intended to have from the beginning - a very limited role - you'd see incredible realignment of costs.

But while Big Daddy has deep pockets (full of OUR money to hand out), this will never happen. In fact, one of the most reprehensible things is that there are those on the private side who take money from the public side and turn around and spend it on influence on the public side to get even more money sent to the private side.

The power-and-money structure in this country is so disgusting at this point that I doubt anything but a full-blown revolution by the citizens who are being exploited will set things straight.

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