Then I did a little checking. LOOKY who owns EDMC,,,,,,,,
Economic Crisis, The Audit — October 14, 2011 06:46 PM
HuffPost Finds the Pain in Goldman’s For-Profit Education Firm
By Ryan Chittum
TAGS: Boiler Room, EDMC, For-Profit Education, Goldman Sachs, The Huffington Post
It’s not hard to imagine that letting boiler rooms push poor folks into taking out impossible-to-shed federal loans is a really bad idea, particularly when it’s to pay big bucks to attend your crappy for-profit “college.”
The Huffington Post’s Chris Kirkham has a long look today at how one for-profit education company, EDMC, went downhill after Goldman Sachs & Co. took it over, rewiring the corporate culture to emphasize sales tactics seen in the gutter of the subprime-mortgage shops.
Consider this sales brochure the HuffPost got its hands on headlined: “WHY?…WHY?…WHY?: Keep asking! WHY? WHY? WHY?”
Its first three bullet points:
1. Build Em Up!
2. Break Em Down! Find the PAIN!
3. Build Em UP!
Standard sales tactic in the subprime culture, for sure, but appallingly manipulative all the same, as this former rep says:
Suzanne Lawrence, who worked in admissions at Argosy University online in 2009 and 2010, remembered recruiting a woman for online classes who had never used the Internet and had no email address. She thought the student wasn’t a good match, but she was instead instructed to help the woman set up a Gmail account and get enrolled.
“The scales are so tipped; these people have no way of possibly making a good decision,” Lawrence said. “It was like we were used car salesmen. We would basically psychologically manipulate people into doing this. My
http://www.cjr.org/the_audit/huffpost_finds_the_pain_in_gol.php
And here is my search query..
http://www.google.com/#hl=en&tbo=d&sclient=psy-ab&q=EDMC+fraud&oq=EDMC+fraud&gs_l=hp.12...2977.5858.0.7742.10.10.0.0.0.0.422.2371.0j1j4j1j2.8.0.les%3B..0.0...1c.1.OeBOEa5gOEs&pbx=1&bav=on.2,or.r_gc.r_pw.r_qf.&fp=a1b10ddcb3a6a158&bpcl=38897761&biw=1132&bih=497
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