great article from Chris Kirk Hammett Kevin short on the Huffington Post about
how for-profit colleges
are basically a stamp so there's a bunch of our for-profit colleges called
Corinthian schools
Inc more than 30 percent of students who go there
default on their loans their job placement rate is horrific leawo
in fact by any standard they've been an abject failure and should lose their
credit
accreditation but they haven't and in fact
they get more than 10 min billion dollars
in federal aid which is over eighty percent of their revenue
so let's pause here cuz there's so many things to break down
okay euro for-profit school
week eighty percent of your money is public
you know I'm not the brightest guy but if
eighty percent on your money is public maybe we should just be fuck in public
and maybe with should be allowed to have the profit motive
your neighbors are your money is public that's like me opening up
are a deli right and up
eighty percent probably should I sell is the government coming in and saying well
just
will charge is going to give you 80 percent your revenue right now okay
that's not a
private business anymore that's ok government industry it's all government
money
or I'll have a better example I open up a deli in the government just comes and
takes it over and says no real
work everything and I you know i'll make eighty percent of your total revenue you
only come in 20 percent on a new ariane
that's not that should be for-profit that's not how this works washing the
taxpayers up to fund your punk ass cool
now again by any standard
they've been a failure so keep in mind if you are a public school
or if you just ut not-for-profit school
you have to have certain standards right and you have to meet them are also you
lose your accreditation
and you lose %uh a certain amount of money in in grants you might get for
example
for these that's not the case and I'm gonna tell you exactly how the system is
down so fucked up
so from the article quotes accrediting agencies receive their funding
from fees paid by the very colleges they monitor our
know that sound familiar can I say some prime mortgage crisis
you know what happened with that you had the credit rating agencies right out
however many there were three four five maybe
a you know movies in a resident but then what
other Wall Street financial firms would do is go to movies with their
or whichever rating agency with their toxic I
assets there some prime mortgage guy you need to rate this for us but it would be
the
company that pays Moody's to get the reigning so
they would look at it just say AAA even know what the actual substance of the
packages
or you know where you're a German the worst fucking great possible
and if they actually stood up and said you know what we're not going to give
this AAA
because if not for play know they know the financial firm
which is more over to the next R rating agency and pay them to give them a AAA
so no matter what everything with triple-a so see others were to skim
same thing is going on right now with the for-profit colleges
the accrediting body that oversee for-profit colleges
or start with executives from the same companies whose programs they monitor
in fact a Corinthian executive vice president
for marketing William Buchanan serves on the board of the Accrediting Commission
for career schools and colleges
the ACC SC a and that's the body that certifies nearly half of the company
schools
gee I wonder why they keep getting accreditation even know
you're a horrible job I and
they don't meet the standards could it be because the people approve them
work at the school fault I'm not sure but now
most a bit smaller schools are accredited by the accrediting Council
for Independent Colleges and Schools the a CICS
I love is really long acronyms are whose board includes another Corinthian senior
executive David Luce
so no matter where they go to get their certification there's people with
financial conflicts of interests so all these
scam colleges do this trick
and all other types Atrix from the article again quote
managers at Career Education Corporation
one of the nation's largest for-profit college corporations
falsified job placement rates over the course of at least three years
from 2008 through 2011 in some cases
asserting that students working at a single day job fair
have been successfully placed in the job market
and I was according to an investigation by the New York Attorney
attorney general's office and based on
that false data the company was able to avoid greater scrutiny from one of its
primary creditors
the a CICS which require job placement rates
of at least sixty-five percent
so to review the school's
have the worst default rates
on loans worst job placement rates
they are literally the worst schools in the country when it comes to
colleges but they were repeatedly get accreditation
and over $100 billion dollars in total
from the government from us
and it's all because the corruption look at this massive scam they're running on
this man
you not gonna be surprised to find out you know gets
a lot of money from these for-profit
college corporations our politicians