Anchor ads are not supported on this page.

4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs

Bridgepoint stock taking hit

Value has dropped nearly 60 percent since July

Stock of controversial for-profit education company Bridgepoint Education has been taking a big hit in the past couple of months. On July 7, it was selling for $14.07; today (September 18) it closed at $8.85, down 60 percent since July 7.

Along with other for-profit schools, the stock got a huge ride after the election of Donald Trump as president. One of Bridgepoint's top executives went to work for Betsy DeVos, Trump's education secretary.

Sponsored
Sponsored

The Obama administration had correctly been trying to rein in the for-profits for dubious recruitment, poor education, and inability of grads to get jobs, among many things. In 2011, the United States Senate's Health, Education, Labor, and Pensions Committee (often called HELP) did a big study of Bridgepoint and its major institution, Ashford University, which operates almost entirely online. Then-senator Tom Harkin of Iowa called Bridgepoint "an absolute scam."

On August 15 of last year, Wall Street's Warburg Pincus, which financed Bridgepoint from the outset, said it was selling 2.1 million shares of the stock, bringing its holdings from 33 percent to 26 percent. At the end of 2016, it had 59.8 percent of Bridgepoint stock.

Bridgepoint's latest report to the Securities and Exchange Commission, filed July 26, pointed out that: 1) California's Franchise Tax Board continues to challenge the company's tax filings for the 2008–2015 years; 2) the Oregon Department of Revenue issued a notice of deficiencies statement against the company, which challenged it; 3) the company is under Internal Revenue Service audit for tax returns for 2013–2015; 4) the Department of Education's federal student-aid operation is looking into the company's advertising and marketing, among other things; 5) the attorney general of New York is investigating the company; 6) so is the attorney general of North Carolina; 7) the California attorney general is looking into the company for possible unfair business practices, and the investigation could cost Bridgepoint $8 million to $20 million; 8) the company paid the Securities and Exchange Commission $8 million in penalties and $5 million for restitution to students; and 9) the Department of Justice has an ongoing investigation into the company's Title IV (student aid) programs.

Here's something you might be interested in.
Submit a free classified
or view all
Previous article

Mid-range fleet scoring bluefin limits off Ensenada

Rockfish to open at all depths April 1st (no foolin’)

Stock of controversial for-profit education company Bridgepoint Education has been taking a big hit in the past couple of months. On July 7, it was selling for $14.07; today (September 18) it closed at $8.85, down 60 percent since July 7.

Along with other for-profit schools, the stock got a huge ride after the election of Donald Trump as president. One of Bridgepoint's top executives went to work for Betsy DeVos, Trump's education secretary.

Sponsored
Sponsored

The Obama administration had correctly been trying to rein in the for-profits for dubious recruitment, poor education, and inability of grads to get jobs, among many things. In 2011, the United States Senate's Health, Education, Labor, and Pensions Committee (often called HELP) did a big study of Bridgepoint and its major institution, Ashford University, which operates almost entirely online. Then-senator Tom Harkin of Iowa called Bridgepoint "an absolute scam."

On August 15 of last year, Wall Street's Warburg Pincus, which financed Bridgepoint from the outset, said it was selling 2.1 million shares of the stock, bringing its holdings from 33 percent to 26 percent. At the end of 2016, it had 59.8 percent of Bridgepoint stock.

Bridgepoint's latest report to the Securities and Exchange Commission, filed July 26, pointed out that: 1) California's Franchise Tax Board continues to challenge the company's tax filings for the 2008–2015 years; 2) the Oregon Department of Revenue issued a notice of deficiencies statement against the company, which challenged it; 3) the company is under Internal Revenue Service audit for tax returns for 2013–2015; 4) the Department of Education's federal student-aid operation is looking into the company's advertising and marketing, among other things; 5) the attorney general of New York is investigating the company; 6) so is the attorney general of North Carolina; 7) the California attorney general is looking into the company for possible unfair business practices, and the investigation could cost Bridgepoint $8 million to $20 million; 8) the company paid the Securities and Exchange Commission $8 million in penalties and $5 million for restitution to students; and 9) the Department of Justice has an ongoing investigation into the company's Title IV (student aid) programs.

Comments
Sponsored
Here's something you might be interested in.
Submit a free classified
or view all
Previous article

Gilbert Castellanos, Buddha Trixie, Karl Denson’s Tiny Universe, Shane Hall, Brian Jones Rock ‘N’ Roll Revival

Grand Socials, gigs, and record releases in Del Mar, City Heights, Solana Beach, Little Italy, and Ocean Beach
Next Article

Why Unified® Review: What To Expect Dropshipping (Positive & Negative)

Comments
Ask a Hipster — Advice you didn't know you needed Big Screen — Movie commentary Blurt — Music's inside track Booze News — San Diego spirits Classical Music — Immortal beauty Classifieds — Free and easy Cover Stories — Front-page features Drinks All Around — Bartenders' drink recipes Excerpts — Literary and spiritual excerpts Feast! — Food & drink reviews Feature Stories — Local news & stories Fishing Report — What’s getting hooked from ship and shore From the Archives — Spotlight on the past Golden Dreams — Talk of the town The Gonzo Report — Making the musical scene, or at least reporting from it Letters — Our inbox Movies@Home — Local movie buffs share favorites Movie Reviews — Our critics' picks and pans Musician Interviews — Up close with local artists Neighborhood News from Stringers — Hyperlocal news News Ticker — News & politics Obermeyer — San Diego politics illustrated Outdoors — Weekly changes in flora and fauna Overheard in San Diego — Eavesdropping illustrated Poetry — The old and the new Reader Travel — Travel section built by travelers Reading — The hunt for intellectuals Roam-O-Rama — SoCal's best hiking/biking trails San Diego Beer — Inside San Diego suds SD on the QT — Almost factual news Sheep and Goats — Places of worship Special Issues — The best of Street Style — San Diego streets have style Surf Diego — Real stories from those braving the waves Theater — On stage in San Diego this week Tin Fork — Silver spoon alternative Under the Radar — Matt Potter's undercover work Unforgettable — Long-ago San Diego Unreal Estate — San Diego's priciest pads Your Week — Daily event picks
4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
Close

Anchor ads are not supported on this page.