explained...
Welch owns a for-profit online school. he depends for 80% of his revenues from student loans. The way the system worked for years, the banks were kicking back to the schools for steering student loans their way. (The banks couldn't lose because they had 100% guarantee from the Gov't.) Obama took the loans away from the banks, strike one. Then Obama reformed the way schools were reimbursed by the student loans. The government said you can't have loans anymore for students who fail or drop out of courses. It has bombed the "industry" which is more like a racket to begin with. Both Phoenix and Strayer are laying off and closing locations.
Naturally, Welch, who spent a lot of GE money to buy politicians, to stay on the government gravy train, is furious.
Who wins in this case? Students who shouldn't be in college because they lack the fundamentals to make it, and the taxpayer. Welch has zero regard for either.
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