Discussion for article #237249
Compared to the cost of an F-35, this is cheap. Iām all for erasing these student debts.
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So is there enough evidence to pierce the corporate veil? Who profited from all that fraud?
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Veiled profiteers, no doubt.
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Iād consider this a cheap education, and hopefully regulators will be more stringent in the future as far as these for-profit ācollegeā shysters are concerned.
The biggest question is not āwhat should happen to the debt incurred by students whose schools were soldā but is anybody going to go to jail at top levels of Corinthian, and how much money can we claw back from those blood suckers to cover some of that debt.
The President/CEO/Chairman et all should be thrown in jail and their pretty cars and houses and paintings and bank accounts should be sold to the highest bidders to pay for their crap.
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There is also a need to go after these for-profit āschoolsā that targeted veteranās education benifits ā¦ if any of those schools are still in business and guilty of similar crimes, the Feds need to take action to recoup those benefits paid on behalf of our vets.
One more point related to this:
The biggest question has been what should happen to the debt incurred by students whose schools were sold. The law already provides for debt relief for students of schools that close.
There needs to be a way to go after the schools sold ā¦ either through the buyer or seller. There is no way the buyer is innocent in this.
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āCorinthian schools charged exorbitant fees, lied about job prospects for its graduates and, in some cases, encouraged students to lie about their circumstances to get more federal aid.ā
Sounds like a perfect candidate for the Republican Wet-Dream of a āCharter Schoolā.
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I donāt see why taxpayers need to be holding the bag for a failed venture. Why not make the CEO, shareholders, and other officers of Corinthians pay the taxpayers back the $3.6 billions they actually stole from us?
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For the time being, since these were federally-guaranteed loans, the first order of business is to stop banks and collection agencies from harassing the people who were deceived into buying educational garbage. Remember that we have de facto debtorās prison in the US (where if you fail to meet a court-ordered payment plan you can go to jail for contempt, plus extra fees).
After the burden is lifted from the victims, we can go after the perps. Unless of course someone just happens to zero out an enforcement budget, yāknow, to make life easier for the job creators.
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It looks like Corinthian Colleges was incorporated. This, of course, intentionally shields the shareholders from liability, and is part of the problem with corporations. They canāt both have owners shielded from liability and at the same time have speech protections as persons (thereby allowing them unlimited ability to lobby for more protections against their own liability and regulation).
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So 0.3% of the defense budget?
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Nobody will go to jail. Once again, the fraudsters will profit and taxpayers will foot the bill.
Example of AP headline that sneaks in right wing economics: Government spending and transfers ācost taxpayers.ā
Really?
Will Congress enact a tax increase if this goes through?
And what about the ā47%ā who ādonāt pay taxes?ā Do they have a stake in what the government does?
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