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Common Dreams reports
Corinthian Colleges, the for-profit education system that has come under fire for its predatory student loan schemes, said [April 26] it would shut down all of its 28 remaining campuses, roughly two weeks after the U.S. Department of Education announced it would fine the institution $30 million for misrepresentation regarding job placement rates.
[...]At its peak, the California-based company ran more than 120 colleges across the country with more than 110,000 students.
This final shutdown will displace about 16,000 students.
[...]Students whose campuses are closing may be eligible for closed-school loan discharges, [said Education Undersecretary Ted Mitchell]. "We will do everything we can to ensure that Corinthian makes good on its obligations to students and taxpayers to the extent possible. In addition, we encourage Corinthian students to pursue debt relief with their state".
However, some say that the Department of Education has yet to come through on those promises. As the National Consumer Law Center (NCLC) pointed out in February, the government gave funds to keep Corinthian afloat before it filed for bankruptcy, but gave no such help to the tens of thousands of students who were left without a degree and saddled with debt.
"There's widespread evidence they've engaged in years and years of deceiving students and taxpayers," NCLC attorney Robyn Smith told the Boston Globe at the time. "We're not seeing any relief for the students who've suffered the consequences."
Previous coverage on SoylentNews:
Update: Corinthian Colleges Fined $30M for Fraud
(Score: 2) by VLM on Wednesday April 29 2015, @03:48PM
I donno AC theoretically a valid argument but I googled around and the best estimates of entrepreneurship vary from a third of one percent up to maybe ten (I think the ten percent estimate of the population is evidence of on the job drug use by journalists, but whatever)
So if half the population of the inner city is unemployed because there's no jobs, assuming the .gov is currently doing everything it can to prevent entrepreneurship (which seems not to be the case?) the absolute best case "job creator" whoreship by politicians could possibly, maybe, lower that 50% unemployment rate to only somewhere between 40% and 49.7%, which is not exactly boom times.
I do agree with you completely AC that even if it is meaningless statistical noise, at least theoretically the .gov should get the F out of the way, even if they're not really in the way of very many people. And every little bit helps, etc.
If you mean something more meta like given access to money, (insert big business here) would create job openings, but in practice they mostly seem to downsize/outsource/pocket the money rather than expand. On the REALLY big picture if the economy and government were not so corrupt, then individual actors would come out ahead creating jobs rather the corruption, but thats now how this world works, not for the next generation or two even with fast change. Nothing short of a revolution or collapse will change stuff quicker. Which we seem to be pedal to the metal rushing towards, so maybe sooner than expected...