Dick Durbin: “it has been nearly 1 year since Corinthian Colleges, Inc., began its death spiral--falling under the weight of its own…”

“it has been nearly 1 year since Corinthian Colleges, Inc., began its death spiral--falling under the weight of its own wrongdoing. Corinthian Colleges defrauded students, defrauded taxpayers, lied to accreditors, lied to the Federal Government, and on Sunday, this for-profit college, Corinthian Colleges, announced it would close its remaining 28 campuses--campuses in California, Oregon, Hawaii, Arizona, and New York. So, finally, Corinthian has collapsed. We reflect on this disaster and ask a basic critical question: Why did it take this long given the long litany of violations to finally stop the flow of hundreds of millions of dollars--Federal tax dollars-- to Corinthian Colleges, and equally important, how many Corinthian disasters lie ahead in the for-profit college and university industry? There are certainly more questions we need to ask of the Department of Education about how it handled this case and how it must be more aggressive in the future to stop violations earlier, especially to prevent the students at these for-profit education companies from suffering an experience similar to Corinthian. There will be more to come on that in the weeks and months ahead, but today I wish to focus on what is next for the students who attended these Corinthian campuses. We know this for-profit college and university industry pretty well.…”