On the recordNovember 4, 2015
I thank Senator Warren, and before we recognize the Senator from Connecticut, I would like to make a point about executive compensation, which is something we should not overlook. We take a look at the actual amount of money that is being paid to executives of these for-profit colleges and universities. It is dramatically larger than what is being paid to presidents of public universities. I will put this information in the Record at a later point. The average pay for college presidents is less than $500,000 a year. There is an executive at the University of Phoenix who was paid over $8 million in 1 year. When we wrote to the Department of Justice recently, we asked how many of these people are going to be held personally accountable. They left the students holding the bag with student loans and worthless diplomas or dropouts. They left the taxpayers holding the bag because the students can't pay back their loans, and now they are going to go away scot-free after taking billions of Federal dollars? If there is any justice, they need to be held accountable. I yield to my colleague Senator Murphy.
