Political Quotes

“Last December I spoke about a news article that revealed another disturbing scam perpetuated by the for-profit college industry. The article reported that Corinthian Colleges, Incorporated, a publicly-traded corporation, that owns for-profit schools in the United States and Canada, has engaged in deceptive job placement practices in order to artificially boost job placement rates and avoid scrutiny by its creditors. It turns out Corinthian schools were paying employers what they called an onboarding fee of $2,000 per student so the companies would hire their graduates temporarily so that could be counted as an official permanent job placement. Corinthian college subsidiary schools have been criticized in the past for having high dropout rates, high tuition, and some of the highest loan default rates in the Nation. Nearly 40 percent of Corinthian college students who should have begun to pay their Federal student loans in 2008 were defaulting on their student loans. This is the highest rate of any publicly-traded company in that sector. Yet, over the last 10 years Corinthian Colleges has been rewarded for its poor performance with $10 billion in Federal student aid. On an annual basis American taxpayers fund more than 80 percent of Corinthian Colleges' total revenue. This includes the salary of Corinthian's CEO, Jack Massimino, who received compensation of $3.1 million in 2012, thanks to the taxpayers.…”