What is really sad is that the executives have had to have known for months the game was up. Yet, did nothing to prepare their employees, who also should have known the future of CCI was finite and short term. Jack and his crew simply milked every cent they could from title IV and left everyone else without a paddle.
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I just worked a 10 hr day on Wed and 12 hr day on Thurs to help produce the documents that ED has been asking for the last 5 months. That was the first we heard of it. We had to format every file the same way and upload everything to specific drives. This could have easily been done months ago if Jack wanted to comply but he probably just wanted to get every last dime out before they shut us down. I worked my tail off for them this past week and I'm guessing there's no paycheck for me this Friday cuz we'll be closed. Maybe I should send Jack the bill?
It is very clear they have LOTS to hide. Don't be shocked that right after CCI goes bust, the ED will raid the headquarters. Jack and his pals picked the wrong outfit to screw with, I am afraid. The ED won't simply be happy with Jack and his ilk throwing in the towel...they will still want answers.
I can copy my 2 TB of data that I've collected over the years on a single hard drive in about 8 hours with USB3.0. That's my entire NAS. I don't have 10,000 employees, but I could copy all of CCi's electronic data in a matter of hours with a larger NAS. If ED needs paper, then that's when I'll call on a few of my 10,000 employees to help out. Just copy the data and hand it over. What does CCi have to hide?
And CCI had over 5 months to produce them. The writing has been on the wall for CCI for at least 4 years. Jack and his pals should have instituted an efficient and accurate records keeping process with the knowledge that the ED was gunning for them. Instead, they thought they could continue to give them the finger. As I stated this was not the first time CCI has pulled this, but thank god it will be the last.
The govt was asking for almost a million documents from over the last 5yrs
The "complexity" was that the information requested incriminated them. Either it showed they were crooks or they did not have the information, which also showed they were crooks. As someone who has dealt with government, they can be surprising fair if you are timely with what they request (IRS the exception.). Don't be fooled that the current incident was the first time CCI pulled this with the ED. ED called the bluff,:game, set, match.
The reason provided was it was too complex. Why didn't CCi just copy the freaking data onto a hard drive and send them everything?
Exactly. When a regulator asks you for documentation and you refuse, there is only one logical explanation: The only reason to withhold information is because the consequences of compliance are more costly than ignoring the request and just hoping for the best. CCI effectively admitted they have been lying to ED all along and can't hide it any longer.