Elizabeth Warren conceived the Consumer Financial Protection Bureau and President Obama got it enacted into law. This is one of the results:
Today, we announced a lawsuit against for-profit college chain Corinthian Colleges, Inc. We allege that the company lured in tens of thousands of students to take out private loans to cover expensive tuition costs by advertising bogus job prospects and career services. Our lawsuit also alleges that Corinthian used illegal debt collection tactics to strong-arm students into paying back those loans while still in school.
Corinthian Colleges, Inc. is one of the largest for-profit college companies in the United States, operating more than 100 school campuses under the names Everest, Heald, and WyoTech.
Of course, as Daniel Luzer explained back in July, the Washington Monthly played a huge role in this, too.
It started with a piece that Stephen Burd wrote for the November/December 2009 issue of the Monthly. Senator Tom Harkin saw the article shortly after becoming chairman of the HELP committee, and that led to a lot of hearings that exposed Corinthian colleges and the whole for-profit industry. It’s been a long road, but now the hammer is coming down.
I just wanted you to know who you should thank.
