SEC charges ITT and top two executives with fraud, alleging they misled investors about huge losses in lending programs. Embattled company asks regulators not to run with fraud allegations until the court rules on them.
The Policy Debate
As Corinthian files for bankruptcy, Education Department officials race to head off the political firestorm over debt forgiveness sparked by unprecedented collapse of the for-profit college.
Education Department and community colleges try to help Corinthian students transfer, but Senate Democrats and consumer groups complain about for-profits as a transfer option.
The implosion of Corinthian Colleges came to an end Monday as the for-profit chain closed its doors for good -- but the political fallout for the Education Department remains.
Education Department turns up heat on for-profits with job-placement-rate scrutiny, three months before gainful-employment rules kick in. But lack of federal standards for placement rates causes confusion.
The final gainful employment rules have plenty of critics, but it's undeniable that the Obama administration has made a difference with its five-year crackdown on for-profits.
The Education Department releases its long-awaited gainful employment rules, making one key change and drawing complaints from both for-profits and their critics.
A reference to a veteran's student debt goes from a group's press release to a Democratic Senate report, showing both the power and peril of using anecdotes about students.
The messy failure of Corinthian Colleges raises questions about limitations of the Education Department's oversight of for-profit chains, and how it might tighten as other companies teeter.
For-profits are under fire, and a few have made the jump to become nonprofits. But the process is tricky and offers a mixed bag on regulatory benefits.
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