Kenneth Juster, a partner and managing director of Wall Street's Warburg Pincus, has been named deputy assistant to the president for international economic affairs. He has resigned as a boardmember of San Diego's troubled Bridgepoint Education.
Warburg Pincus was the original backer of Bridgepoint and owns 59.8 percent of its stock. Juster has also resigned from Warburg Pincus.
Bridgepoint is being investigated by several federal agencies, including the Consumer Financial Protection Bureau, the Securities and Exchange Commission, and the Department of Education. Bridgepoint gets 85 percent of its revenue from the federal government through programs such as Pell grants.
The day after the election, the stock of Bridgepoint and other for-profit universities began rising, as Wall Street assumed that regulation would drop under President Trump. When Trump named billionaire Betsy DeVos as his pick to head the Department of Education, Trump said she was the one to tackle the department's bureaucracy — an indication that DeVos will try to reduce education regulation.