CCi sought to keep the highest possible financial responsibility score, and then when ED imposes a 21 day delay in funds, it's the end of the world. Maybe CCi should have been a little more honest about its cash position? Who knows. Did ED review the financial statements on file at the SEC? I'm not sure. http://chronicle.com/article/Education-Department-Didn-t/147533/ In any event, 21 days appears to be an eternity to CCi.
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So the internal systems the DoE used missed stuff? So how does that jive with your post heading? Looks like the DoE has some explaining to do if thier numbers backed up what CCI was telling them
I guess you missed this part where the DoE admitted their systems sucked
The briefer acknowledged that the department’s gap in knowledge about Corinthian’s precarious financial situation "of course begs the question" of how well those systems for keeping tabs on finances are actually working. The department now plans to reassess its internal systems, the briefer said, to "see what we missed."