Posted on 09/07/2016 7:54:13 PM PDT by MtnClimber
Tyrants throughout history have known that beheading their enemies and placing the heads on pikes at the gates of their capitals sends a powerful message to everyone else. Behave yourself as we dictate, and you may survive. Cross the king, and you are a dead man.
Something very similar, but updated and taken to a vast financial level, happened to ITT Tech, the privately owned trade school/university. As the Wall Street Journal explains, it crossed the king (in this case, the Obama Department of Education):
ITT Technical Institute folded on cue Tuesday after the Obama Administration issued a regulatory death warrant last month. ITT investors must be wishing they had ponied up for political protection like Laureate International Universities, the for-profit college that paid Bill Clinton $17.6 million to serve as its “honorary chancellor.”
ITT’s decision to close all of its 130 some campuses—stranding 40,000 students and 8,000 employees—comes after the Education Department barred new enrollees from tapping federal aid, delayed loan reimbursements and raised its collateral by $153 million. ITT had a mere $78 million on hand at the end of June and no way of meeting the Administration’s cash demand.
(Excerpt) Read more at americanthinker.com ...
What difference, at this point, does it make?
Gee! Now we need to bring in some foreign workers to do jobs Americans don’t know how to do.
Ignore all regulations. They are not constitutional.
I thought Trump University was the bad guy.
Fed loans for edumacation are slavery.
On the bright side, I'll bet a majority of the 8,000 employees and 40,000 students will be voting TRUMP!
Seems the citizens should hold our tax-payer funded government to a much higher and more penalized standard.
Don’t count on it. The Dems will tell the students that Trump and the republicans are responsible.
Bttt.
They actually taught things that were useful.
Not much politics to Fuel Injector “Studies”
Indications are that this is the extraordinarily rare instance where the Obama Administration may have done something right. The organization seems to have primarily excelled at creating lots of student loan debt, and failed miserably at providing useful education.
Anybody in the San Diego area can check with KUSI TV, they did a story on the local ITT schools, and I learned that another local school is honoring the classes, and will help the students get the courses they need and they can still graduate .. and the school will also help them seek a job.
Let anybody you know who got caught in Obama’s tantrum realize that there is some help out there.
A few months ago Obama did this to Heald College as well, right before graduation and many students here got screwed out of their tuition and diplomas. And the reason Heald got shut down had nothing to do with financial soundness, etc. The Department of Education made the decision it was not engaging in enough outreach to potential employers, and thus somehow was evil and had to be shut down.
ITT has the option to stay open, as all they would need to do is exted Student Loans to they own students and liberate their students from being in debt to the federal government.
It seems odd that ITT would not simply loan money to their students.
Perhaps, but competition in this sector would put them out of business if they failed to deliver. Maybe they were trying to cash in on the travesty of public school debt. Who knows how much a degree in women's studies will set a student back at Harvard.
I’m no big fan of these vastly overpriced tech schools, but at least they do teach people marketable skills,... produce people who can actually do something useful.... unlike the well accredited colleges and universities with their “Liberal Arts” degrees.
Damn Feds once again stick their noses into things that is the province of the individual states.
Obama, Hillary and the Democrat Party do not want the poor to be employed, so they shut down these centers that can teach them a skill. Of course, there is a high failure rate because the students have come from our very poor government schools and can’t read or write, or they are illegal aliens who are virtually illiterate.
But Obama thinks ITT should have the same failure rate as Haaaavahd. Too bad for those who were trying to better their lot in life. The Democrats won’t allow it.
Stop ALL gubmint money to ALL propaganda institution, which includes ALL publik universities. If it is useful, the market will self guide.
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