ITT is nothing but a monster eating tax payers money to pay their executives high $ salaries and bonuses. Rest assure that these executives don't give a s*** about their employees or their students. All about their money.
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ITT is being managed by crooks. These crooks are all about profits and they don't give a crap about the studenrs. Their directives to the field is to make profit in each scool and if that is not happening, they replace all of their managers and they start over again. Revolving door is how they are described. Their students is not important to them.
097- What we see is that the department of education is just as corrupt and greedy as the for profits.. I'm kind of wondering what will happen now that several senators and even the president have had to come to grips with that fact and have supposedly been considering ousting the entire department from any kind of oversight due to how bad they have screwed things up.
I went to ITT, I got saddled with 100k of debt and I'm making hardly anything right now. I don't pay and I can't pay without losing everything I have and most likely not even working at all. ITT knowingly created a system where their students will be trapped against the federal government the rest of their lives unless something changes, just as much as the Corinthian students were. They have nothing to lose in most cases, and just like the Corinthian students they have already had their credit trashed and been punished in every way the government can do, they will fight to get this place closed down and bring the ones who ruined their lives to justice.
Good article here - http://www.nytimes.com/2015/03/22/upshot/were-frighteningly-in-the-dark-about-student-debt.html
Unfortunately, regardless of the pressure they are getting, they are still in business and their nasty executives continue to get wealthier and wealthier. Even if they close this piece of crap down, the only ones who will pay for it is the employees and the students. Given what we have seen with the CCI crooks, that nobody spent any jail time, ITT executives don't care if they close it now or later. They will get their millions and disappear in thin air and laugh at all of us.
Correction: The $11B EDMC case is in Pittsburgh. ITT Tech's case, which I didn't mention, is in Indianapolis.
ITT Tech (ESI) has gotten a reprieve by delaying its Quarterly Report (until late May?) and refinancing with Cerberus (related to its extremely toxic PEAKS loan program) . The report should have come out in January. Clearly, ESI is part of the "4profit zombie college crash." Corinthian College (COCO) stock is down to 1 penny and they are under criminal investigation. Education Management Corporation (EDMC) stock is down to about 27 cents a share and has been delisted from the NYSE. They also are the defendents in a federal $11B "false claims" lawsuit that's ongoing in Indianapolis. ESI may be next in line, although it has several companies that are also struggling financially and legally (e.g. LINC, CECO, BPI). To survive ESI in its current form, will have to do major reorganizing and I imagine they will have to shut down a number of campuses (either voluntarily, or by pressure from DoED.) If Deloitte (its external auditor) and ESI are withholding information, look out for lots of shareholder lawsuits (BPI is experiencing this now). Richard Blum and Vin Weber can help a lot from the political/legal side, but consumer awareness has been growing (see myittexperience, for example).