- Guaranty agency buys most of crumbling for-profit Corinthian Colleges in U.S.
- Feds and Corinthian agree to a plan for the for-profit's closure, but questions remain
- Education Department reviews its monitoring of large for-profits in wake of Corinthian collapse
- Corinthian's failure (and U.S. role in it) fuels for-profit critics
- U.S. attorney subpoenas Corinthian records on graduation rates, defaults
The U.S. Department of Education announced on Friday that Patrick Fitzgerald, a prominent former U.S. attorney from Illinois, will lead the team of outside monitors that will oversee the closure and sale of Corinthian Colleges' 107 campuses. An agreement the feds and Corinthian reached earlier this month required that a monitor have access to the for-profit's finances and other internal controls.
Fitzgerald previously led investigations of two former Illinois governors and into leaks relating to the Valerie Plame controversy. His monitoring team will report directly to the Education Department. The team is tasked with ensuring that students are protected during Corinthian's dismantling, the department said.
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