Anchor ads are not supported on this page.

4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs

For-Profit College Stocks Whacked Again

Stocks of for-profit colleges got slaughtered again today (Aug. 6) as the federal government appeared to be making bold steps to do something about the huge default rates at such schools. San Diego's Bridgepoint Education plunged 5.25% to $14.98. It was $27.22 on April 20. Washington Post stock plummeted $31.05 or 7.6% to $377.56. The Post's Kaplan for-profit education operation accounts for two-thirds of the company's revenue and operating income. The U.S. Senate heard testimony about a General Accounting Office investigation finding dubious recruiting tactics, high default rates and low graduation and job placement rates at Kaplan and 14 other institutions, according to Yahoo! Post Chief Executive Officer saw video shot by undercover investigators of misrepresentations by Kaplan's admissions representatives. Graham found them "sickening" and vowed reform.

A Congressional committee headed by Sen. Tom Harkin asked 30 for-profits for information. Bridgepoint said it was among them. It has been investigated by the Department of Education's Office of Inspector General. There has been no final report on that probe.

Former San Diegan Charles Jajdelski is suing Kaplan in Nevada federal court. He began working at Kaplan-owned Maric College in San Diego, then transferred to Vegas when Kaplan bought an institution there. Among many things, Jajdelski says that he saw Kaplan officials destroying diplomas "because the students were phantom," says San Diego attorney Mike Aguirre, one of three lawyers representing Jajdelski. He reported findings of massive irregularities to Kaplan officials and was fired. He also turned over his findings to the federal government. He is suing on employment-related claims.

Here's something you might be interested in.
Submit a free classified
or view all

Previous article

Domestic disturbance at the home of Mayor Gloria and partner

Home Sweet Homeless?

Stocks of for-profit colleges got slaughtered again today (Aug. 6) as the federal government appeared to be making bold steps to do something about the huge default rates at such schools. San Diego's Bridgepoint Education plunged 5.25% to $14.98. It was $27.22 on April 20. Washington Post stock plummeted $31.05 or 7.6% to $377.56. The Post's Kaplan for-profit education operation accounts for two-thirds of the company's revenue and operating income. The U.S. Senate heard testimony about a General Accounting Office investigation finding dubious recruiting tactics, high default rates and low graduation and job placement rates at Kaplan and 14 other institutions, according to Yahoo! Post Chief Executive Officer saw video shot by undercover investigators of misrepresentations by Kaplan's admissions representatives. Graham found them "sickening" and vowed reform.

A Congressional committee headed by Sen. Tom Harkin asked 30 for-profits for information. Bridgepoint said it was among them. It has been investigated by the Department of Education's Office of Inspector General. There has been no final report on that probe.

Former San Diegan Charles Jajdelski is suing Kaplan in Nevada federal court. He began working at Kaplan-owned Maric College in San Diego, then transferred to Vegas when Kaplan bought an institution there. Among many things, Jajdelski says that he saw Kaplan officials destroying diplomas "because the students were phantom," says San Diego attorney Mike Aguirre, one of three lawyers representing Jajdelski. He reported findings of massive irregularities to Kaplan officials and was fired. He also turned over his findings to the federal government. He is suing on employment-related claims.

Sponsored
Here's something you might be interested in.
Submit a free classified
or view all
Previous article

State investigating Bridgepoint

Next Article

How For-Profit College Lobbyists Bought Congress

Ask a Hipster — Advice you didn't know you needed Big Screen — Movie commentary Blurt — Music's inside track Booze News — San Diego spirits Classical Music — Immortal beauty Classifieds — Free and easy Cover Stories — Front-page features Drinks All Around — Bartenders' drink recipes Excerpts — Literary and spiritual excerpts Feast! — Food & drink reviews Feature Stories — Local news & stories Fishing Report — What’s getting hooked from ship and shore From the Archives — Spotlight on the past Golden Dreams — Talk of the town The Gonzo Report — Making the musical scene, or at least reporting from it Letters — Our inbox Movies@Home — Local movie buffs share favorites Movie Reviews — Our critics' picks and pans Musician Interviews — Up close with local artists Neighborhood News from Stringers — Hyperlocal news News Ticker — News & politics Obermeyer — San Diego politics illustrated Outdoors — Weekly changes in flora and fauna Overheard in San Diego — Eavesdropping illustrated Poetry — The old and the new Reader Travel — Travel section built by travelers Reading — The hunt for intellectuals Roam-O-Rama — SoCal's best hiking/biking trails San Diego Beer — Inside San Diego suds SD on the QT — Almost factual news Sheep and Goats — Places of worship Special Issues — The best of Street Style — San Diego streets have style Surf Diego — Real stories from those braving the waves Theater — On stage in San Diego this week Tin Fork — Silver spoon alternative Under the Radar — Matt Potter's undercover work Unforgettable — Long-ago San Diego Unreal Estate — San Diego's priciest pads Your Week — Daily event picks
4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
Close

Anchor ads are not supported on this page.

This Week’s Reader This Week’s Reader