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CREW: Letter to Chairman Harkin: Regarding Steve Eisman Testimony: 7/1/10

CREW: Letter to Chairman Harkin: Regarding Steve Eisman Testimony: 7/1/10

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Published by CREW
On July 1st, CREW sent a letter to Sen. Harkin criticizing the committee’s decision to allow Steven Eisman, a well-known short seller, to testify before the committee given that Mr. Eisman has made money by short-selling for-profit education companies’ stock. On July 2nd, Sen. Harkin responded, noting Mr. Eisman’s prescience in accurately predicting the subprime mortgage bubble and the parallels between that industry and the for-profit education industry. He explained that Mr. Eisman had an “important perspective to share” and that Mr. Eisman had admitted to having a financial stake in the success or failure of for-profit education companies.

Sloan stated, “The evidence suggests individuals who stand to gain financially are making a concerted effort to drive down the stock price of for-profit schools. They are trying to manipulate the federal regulatory process for personal financial gain.” She continued, “While the for-profit education industry certainly merits congressional scrutiny, Congress must also examine the tactics and motives of the industry’s critics. Americans need to have confidence that legislative and regulatory processes are not being manipulated for private financial gain.”
On July 1st, CREW sent a letter to Sen. Harkin criticizing the committee’s decision to allow Steven Eisman, a well-known short seller, to testify before the committee given that Mr. Eisman has made money by short-selling for-profit education companies’ stock. On July 2nd, Sen. Harkin responded, noting Mr. Eisman’s prescience in accurately predicting the subprime mortgage bubble and the parallels between that industry and the for-profit education industry. He explained that Mr. Eisman had an “important perspective to share” and that Mr. Eisman had admitted to having a financial stake in the success or failure of for-profit education companies.

Sloan stated, “The evidence suggests individuals who stand to gain financially are making a concerted effort to drive down the stock price of for-profit schools. They are trying to manipulate the federal regulatory process for personal financial gain.” She continued, “While the for-profit education industry certainly merits congressional scrutiny, Congress must also examine the tactics and motives of the industry’s critics. Americans need to have confidence that legislative and regulatory processes are not being manipulated for private financial gain.”

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Published by: CREW on Jan 21, 2011
Copyright:Public Domain

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04/06/2012

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