I'm planning my life as if I'm not going to have a job anymore very soon. Are others doing the same? I'd like to hear from you.
Is there any new movement out in Phx at The Center? Still lots of new hires?
Let's get a convo started here.
10 replies (most recent on top)
I'm tweaking my own resume to underscore the large amount of experience I have acquired here. I can spin it so my strengths and knowledge are promoted and the idea of for profit discussed and analyzed but not embraced. Similar to Greg Smith's "Why I left Goldman Sachs"
I looked into unemployment details, other assistance programs, and am on mailing lists for several job categories.
I'm budgeting for crisis. By the way, if you qualify an equity loan, get it now while you are employed. You can fall back on that in emergencies.
I'm trying to find alternative money. If you own a home like I do walling off and renting a room can bring in a substantial portion of the mortgage.
This is also a good time to explore alternative careers and browse community college catalogs, read, and figure out what's next.
You know why there are so many lawsuits? Because people feel ripped off. Goldman is not the only one with skin in the game. Imaging if a few years ago your financial advisory told you to put 100,000 in EDMC at 27.00 a share. You know what that would be worth today? About 4,000. That is a phenomenal loss. Everyone knows the stock market is a gamble, but it looks like quite a bit of bad and possibly illegal activities were going on. So much so the US gov had to take notice and get involved.
Zombie College, that's a brilliant description. Its alive is some way, feeding off the brain trust of its instructors, and yet it's dead inside.
FYI: At least one of the latest lawsuits alleges insider trading--something I've been wondering about for years. Is Goldman Sachs propping up EDMC so it can make its last dollars on micro-trading? To outsiders, EDMC stock appears to have negligible value after the KKR deal (they hold almost all the assets). EDMC stock cannot have any more value than a few pennies. And with the mounting lawsuits, it has even greater liabilities to the large investors, particularly Goldman Sachs. People could eventually go to jail. EDMC is now a dead corporation, a "zombie college" acting as if it's still alive.....http://money.cnn.com/news/newsfeeds/articles/prnewswire/DC15534.htm
@TRUTH, you sound like someone from EDMC management--or someone from Goldman Sachs. You can try to kill the messenger (as you have done with many others who questioned the ethics of the company), but EDMC has profound issues with ethics that have taken it down the wrong road for years. If there is someone to blame, it's Goldman Sachs and the long list of executives who were complicit in making the short-term bottom line the only measurement of success.
Cammy has prayed for months, even years that EDMC goes under. But much to his dismay it hasn't happened. Somewhere in his GED mind he believes that if he talks enough shit, it will happen. Sadly, though, he has zero impact on anything, even in his own, pathetic life. Give it up, Cammy. You suck and noone likes you.
@Anonymous40037, I've noticed that there can be a long lag in developments followed by a punctuated period where lots of things happen. That's what happened to Anthem (a private owned company)and Corinthian Colleges (partially owned by Wells Fargo). Executives at Goldman Sachs probably have a better idea of a timeline, but they're not about to let others know. GS executives make their profits by taking money from the US government and using the ignorance of others to make a profit. For workers, the best thing to do is to prepare for a worst case scenario.
Camden, what's killing me is the timeframe question. How soon do you think we will see any of this?
I meant to say, that would be good advice.
Anonymous40028, that would be good advise for almost anyone at EDMC. After the debt deal with KKR, EDMC's stock is worth pennies to stockholders, and that's a conservative estimate. Corinthian Colleges (COCO) was on a similar path after their stock value went below $1. Will EDMC follow the same exact path? Probably not, but the path to failure appears to be similar. EDMC might not lose its Title IV funding the way COCO did, not because EDMC is a much better value to students, but because Arne Duncan may not want the for-profit crash to be big news. On the other hand, it doesn't seem like Goldman Sachs will do much more to bail this company out; there are too many downsides, especially the lawsuits. In the long run, will there be Art Institutes and a Western State College of Law? Possibly. But the structure could look much smaller.