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Responsive Document - CREW: Department of Education: Regarding For-Profit Education: 8/16/2011 - 11-00026-F (Ginns Redactions2) (PART 2)

Responsive Document - CREW: Department of Education: Regarding For-Profit Education: 8/16/2011 - 11-00026-F (Ginns Redactions2) (PART 2)

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Published by CREW
On July 23, 2010, CREW filed a Freedom of Information Act (FOIA) request with the Department of Education seeking records of communications between Education officials and individuals and entities prominent in the for-profit education industry and individuals who may have publically criticized the industry for personal financial gain. Recent news reports document the efforts of several individuals to garner support for tighter regulation of the for-profit education industry by the Department of Education while at the same time concealing that they stand to reap personal financial gain from more restrictive regulations. Education just proposed new regulations for the industry and CREW seeks to learn, in part, to what extent Education may have been influenced by the efforts of individuals and entities with undisclosed financial conflicts of interest. On September 30, 2010, CREW sent a Freedom of Information Act Request to the Department of Education seeking documents pertaining to four for-profit education companies in light of Education's decision to postpone issuance of new regulations to seek more outside input. CREW seeks to learn the extent to which Education's proposed regulations and policies in this area have been influenced by either the for-profit or non-profit industries
On July 23, 2010, CREW filed a Freedom of Information Act (FOIA) request with the Department of Education seeking records of communications between Education officials and individuals and entities prominent in the for-profit education industry and individuals who may have publically criticized the industry for personal financial gain. Recent news reports document the efforts of several individuals to garner support for tighter regulation of the for-profit education industry by the Department of Education while at the same time concealing that they stand to reap personal financial gain from more restrictive regulations. Education just proposed new regulations for the industry and CREW seeks to learn, in part, to what extent Education may have been influenced by the efforts of individuals and entities with undisclosed financial conflicts of interest. On September 30, 2010, CREW sent a Freedom of Information Act Request to the Department of Education seeking documents pertaining to four for-profit education companies in light of Education's decision to postpone issuance of new regulations to seek more outside input. CREW seeks to learn the extent to which Education's proposed regulations and policies in this area have been influenced by either the for-profit or non-profit industries

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Published by: CREW on Aug 17, 2011
Copyright:Public Domain

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04/06/2012

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original

 
FYI
From:
Miller,
Tony
To:Rogers,Margot
Sent:
Tue Apr
27
10
:03:022010
Subject:
Fw:
More
on
the Department
of
Education's
Gainful
employment
r e g
~
, _
(
_
b
)_(__ 
__
,
Fyi
Sentusing
Black:BenyFrom:
Gordon,RobertM.
To:
Miller,
Tony
;
Shireman
,
Bob
Cc:
Sunstei
n,Cass
R.
Sent:
Tue Apr
27 09:59:26 2010
Subject:
FW
:More onthe Department
of
Education's
Gainful
employmentreg-
,_l
b
-
)(
-S)
____
,
Tony
and
Bob,
I
amsure
you agree that
this
is
astonishing
and
unacceptable.
HastheDepartment'sleadershipsignaled to
all
thatthis
is
agravematter,
and
are
you
taking stepstofigure out who
is
responsible?
Thanks,
Robert
APRa
26,2010,10:57 A.M.
ETDebt,
Job
Rule Uncertainty HitsShares
OfF
or-Profit Colleges
NEW
YORK
(Dow Jones)-Agovernment
proposal
to
hold
colleges accountable for graduating students
with high
debtloads
and low
incomelevelscamefront
and
center,again,after Credit Suisse analysts
reversed
theirassumptionthat theDepartmentofEducation
had
softeneditsstance
on
the
subject.
Monday
morning,
CreditSuisse
issued
a
note
sayingthe DepartmentofEducation
hasreturned
to
a stiffer set
of
ules
on
post-graduation
debt andgainful
employmentlevelsthat collegesmust
meet.
Thenews hitshare
prices
of
for-profit
 
universities
that
had
rallied on
expected
softer
rules
.Credit Suisse downgraded
IIT
Educational Services Inc.(ESI)
and
DeVty Inc.
(DV)
to
neutral
from
outperform
andslashed
their
price
targets
,
citing
the
potential
fallout
from
their
new take
on
gainful
employment
as well as
concerns
of
countercyclicality.ITT recently
was
off2.9%
to
$108.
53
,while DeVry
was
down
6.5%
to
$64
.
96
.Credit Suisse
had
upgradedtheschools two weeks ago. Otherfor-profit schools,including Strayer Education
Inc.
(STRA),Career Education
Corp.
(CECO),CorinthianColleges Inc.(COCO)
and
Apollo GroupInc.(APOL),were also trading
down.
TheDepartment
of
Education
originally said schools could face
scrutiny
that could
put
federal
assistance--often
the
primary
revenue
stream
for for-profit colleges--at risk
if
hey
did
not have atleasta 70% graduation
rate
and
70% job
placement
in
field
of
study.
Two
weeks
ago,Credit
Suisse
,
and others
,sent out
notes
saying
they
believe theDepartmentofEducation
had
softened
the
graduation
levelto
50%
,
sending
shares higher,
with
some hitting
52-week
highs.
"Oddly
,
we
suspect
the
big upward move
the stocks
had
when the investment
community
found
out about the
500/o
exemption
may
haveled
to
pressure on theDOEto
remove
the
50%
exemption,"
thefirm
wrote
Monday
.
Some educationinsiders have
had
mixed
feelings
on
predicting
the
gainful-employment
measure
,
arguing
that
it's
improper
to
say
what
the Department
of
Education
will put
forth
and
it'sbest
to
waituntil
the
officialproposal
is
released
for
public
comment.
That
will
happen
by
mid-June
.
"I'm
not sure who
thinks
they
have
what
access
to
what's
in
thisdraft,"
said
one
for-profit
school
official
,but
"I
would
really
not
be
jumping to
any
conclusions just
yet."
Hesaid
there's
noway
of
knowing "whether
it'sbeen
hardened
,softened,pureed,whatever." Representatives
from
theDepartment
of
Education weren't
immediately available for
comment.
http://online.wsj.
com
/article/BT-C0-201
00426-71
0339.html?mod=
rss
_Hot_StocksSharon Mar
PolicyAnalyst
I
nformation
Policy
OMB
I
Office
oflnfmmation
and
RegulatoryAffairs
Tel
:202.395.
64661
Fax:202.
395
.51671 smar@omb.eop.gov
 
From:
Finley
Steve
To:
Yum
Georgia
CC:
Date:
5/4/2010
12:01: 10
PM
Subject:
FW
:NewBloomberg article
today
:Obama PlansNewRules
as
For-Profit Colleges
Mob
i
lize
(b)(5)
"Thespeech
was
"
highly
negative
"
andwas
"
drawinginappropriate
and
unwarranted
parallels
between
developments
in
higher education
and
the causes
of
he
recentfmancialcrisis
,"Harris Miller,
president
of
the Career CollegeAssociationwrote
inan
April
29
letter to Duncan."-----Original Message----
From:
Woodward,Jennifer
Sent:
Tuesday,
May
04,2010
11:55
AM
To:
Yuan
,
Georgia
;
Marinucci
,
Fred
;
Siegel
,Brian;
Wolff, Russell
;Finley,
Steve
;
Sann
,
Ronald
;
Wanner
,
Sarah
Subject:
NewBloomberg article
today
:Obama PlansNewRules as For-Profit Colleges Mobilize
(b)(5)
"[T]he
new
regulations wouldshut300
,
000
studentsout
of
classes
and
eliminate2,000educational
programs
,according
to
a
study
commissioned
by
theWashington-based Career CollegeAssociation,whichrepresents more
than
1,400for
profitcotleges.
The
proposalwo
uld
reduce opportunities
for women
and racial
minoritieswhowant
togo
to
co
llege,the groupsaid.
*********************************************************************