Wow. A Spectacular lapse by the Federal government. ITT profited for 17 years after the gov knew it was being defrauded. A textbook example of corporate defenders in our government.
Not everybody was a loser in this tale, of course. Going through ITT’s financial filings from 2000 to 2016, I found that the company generated over $12 billion in revenue, roughly 70 percent of it in government-backed student aid.
Beginning in 2001, with George W. Bush in the White House and Republicans ruling the House of Representatives, the winds were shifting in favor of for-profit colleges.
A Whistle Was Blown on ITT; 17 Years Later, It Collapsed http://nyti.ms/2esW0We