Thread regarding Corinthian Colleges Inc. layoffs

The Plans

This was posted as a comment in a thread below, but it's an interesting rumor.

From the rumors I've heard, here are the plans: a group of CCi execs "purchase" Socle for a few bucks, taking a lot of CCi's proprietary software with it. The group also purchases QuickStart Intelligence for cheap in some rumors. Once purchased, Socle becomes the new branding for a full-service proprietary education consulting company (I imagine presentations like "How to Fleece Taxpayers in Three Easy Steps"). The execs, still in charge of CCi, sell the more valuable properties (such as Heald) at way below market price, with the provision that the new owners must use Socle services for a set number of years. Therefore they, in effect, transfer what would have been part of the purchase price into their greedy little hands. I've heard that was the same trick that Global pulled, that it was started by the owner of several schools that CCi wanted to buy so an agreement was made that CCi had to use Global services for 15 years or something. We started SFS immediately when the contract was up. Even though SFS/Socle hasn't been that great, I think we can all agree it was 100% better than Global FAS. That's because Global didn't have to provide good service, since we had no choice but to use them. Jack & Co remember that deal and are incorporating it into their own sleazy plan. They really expect to make out like bandits while the rest of us are screwed. I've heard other rumors that Fitzgerald does nothing and has no clue what's going on, so they may get away with it.

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Post ID: @OP+xE5iF2D

4 replies (most recent on top)

Wow, Socle are like the cockroaches that survive the nuclear blast. What sleazy, sneaky little snakes you are! I'm hoping and praying you don't get away with it.

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Post ID: @1OFm+xE5iF2D

Anonymous38614: I need to correct you on one thing, since I'm a financial analyst and know the inside scoop. Only SOME Socle staff had the 10% paycut. Higher level staff did not. And you are correct about promotions. Since these "troubles" started in June the upper management at Socle have gotten more and bigger raises than ever before. It's stomach-turning.

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Post ID: @1B4M+xE5iF2D

Socle had the temporary 10% paycut, but has not had reductions in office supplies (lots of coffee and toner here) or furloughs. We are hiring like crazy and our managers fly all over the country. We have pizza and ice cream parties regularly, and our managers keep getting promotions. No tightening of the belt for Socle at all. CCi thinks Socle is their sneaky way out of the mess they caused, and we get anything we want. When people have come on here saying "Socle is golden" and "Socle is special" it should have made you wonder "why?"

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Post ID: @1EDK+xE5iF2D

So fitz has no clue they have been and are using title iv funds to get thos Socle piece of crap off the ground? Someone needs to talk to the media quick.

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Post ID: @OAg+xE5iF2D

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