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Controversial Bridgepoint Education, the for-profit university operation that is being probed by government bodies and is having trouble with accreditors, suffered a fourth quarter drop of 30 percent in net income, as enrollment dropped about the same percentage. For the period ended Dec. 31, the company earned $16 million, or 29 cents a share, down from $22.9 million or 41 cents in the same quarter a year ago. Analysts had expected earnings per share of 27 cents, and the stock is up 0.64% to $10.22 in trading this morning (March 12). Enrollment at Bridgepoint's Ashford University and University of the Rockies declines to 9,260 from 13,500 a year ago.

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Comments

monaghan March 12, 2013 @ 11:33 a.m.

But the big question remains: Will Bridgepoint still be sponsoring the San Diego Symphony Summer Pops and advertising online in the Voice of San Diego? This disgraceful "educational" institution recently had insinuated itself into the local cultural and philanthropic scene with no problem. It makes one think money talks in San Diego, regardless of its source.

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Don Bauder March 12, 2013 @ 12:02 p.m.

monaghan: As I have written many times: money talks, but why must it nauseate? I don't know if Bridgepoint's profit declines will affect its heavy San Diego advertising and sponsorships. I remember the former head of the Chamber of Commerce telling some local publication that the San Diego business community was proud of Bridgepoint. That's all you have to know about the San Diego business community. Best, Don Bauder

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dwbat March 12, 2013 @ 4:37 p.m.

That's because businesses are basically amoral. They can talk a good game with PR and charitable giving. But business communities look with favor on businesses that make lots of money. Their ethics don't really matter much. The vitriolic, money-grubbing Kevin O'Leary ("Shark Tank") probably loves companies like Bridgepoint.

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Don Bauder March 12, 2013 @ 10:01 p.m.

dwbat: Businesses are basically amoral today, caring only about shareholders (particularly the biggest and the inside ones) and not caring about communities, employees, vendors, other publics. Nobody believes me when I say it didn't used to be that way. Back in the 1950s and 1960s, blue chip companies had several constituencies -- employees, communities, vendors, as well as shareholders. Corporations didn't live for next quarter's earnings per share. But total greed took over beginning in the 1980s. Now short term earnings -- however falsely achieved -- are all that matter. The company is only measured by the price of its stock, and that can be artificially manipulated. Best, Don Bauder

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Fred Williams March 13, 2013 @ 10:52 p.m.

"I remember the former head of the Chamber of Commerce telling some local publication that the San Diego business community was proud of Bridgepoint. That's all you have to know about the San Diego business community."

Bridgepoint executives are also quite cozy with elected officials in San Diego...the newest member of the board of supervisors proudly posted a picture of himself with a Bridgepoint lobbyist on Facebook. When I posted a link to some of the stories about Bridgepoint, my comments were erased.

These political prostitutes aren't ignorant of what's going on...they're deliberately turning a blind eye because they like the campaign contributions.

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Don Bauder March 14, 2013 @ 7:20 a.m.

Fred: That is a wonderful story. Could you give us the name of the politician, and more specificity on what you posted? And how quickly it was erased? This is a story that epitomizes San Diego. Best, Don Bauder

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