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State investigating Bridgepoint

It's part of probe of for-profit educational institutions

Troubled Bridgepoint Education filed a report with the Securities and Exchange Commission this morning (Jan. 14) indicating that it has received an investigative subpoena from the California Attorney General requesting documents from March 1, 2009 to the present. Bridgepoint says it is evaluating the subpoena and intends to comply with the AG's request. The stock is down only a penny to $10.10 this morning. Bridgepoint stock has been belted since the summer of 2012, when the Western Association of Schools and Colleges denied its major operation, Ashford University, accreditation. In short order, the Higher Learning Commission, from which Ashford now has accreditation, demanded that the school prove it can meet accreditation requirements. Bridgepoint gets almost all its funds from the United States government; lack of accreditation could effectively put it out of business. Stocks of other for-profit universities, such as the biggest one, Apollo, parent of University of Phoenix, have also been hit as accreditation and government investigative problems mount.

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Troubled Bridgepoint Education filed a report with the Securities and Exchange Commission this morning (Jan. 14) indicating that it has received an investigative subpoena from the California Attorney General requesting documents from March 1, 2009 to the present. Bridgepoint says it is evaluating the subpoena and intends to comply with the AG's request. The stock is down only a penny to $10.10 this morning. Bridgepoint stock has been belted since the summer of 2012, when the Western Association of Schools and Colleges denied its major operation, Ashford University, accreditation. In short order, the Higher Learning Commission, from which Ashford now has accreditation, demanded that the school prove it can meet accreditation requirements. Bridgepoint gets almost all its funds from the United States government; lack of accreditation could effectively put it out of business. Stocks of other for-profit universities, such as the biggest one, Apollo, parent of University of Phoenix, have also been hit as accreditation and government investigative problems mount.

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Comments
21

While they are at it, Gov. Brown must immediately investigate conflict of interests by UC regent Richard C. Blum who owns shares in for-profit educational institutions.

Costs of UC tuition have skyrocketed while Blum has been a regent, making for-profit educational institutions much more competitive against UC at the same time that UC regents and administrators are increasingly failing to meet the needs of eligible California students.

Failures in business administration by the UC Ivory Tower aristocracy to maintain availability of affordable education for qualified California students are out of control. Most recently UC wasted $321MILLION repairing Berkeley's football field that is located on an earthquake fault, money that is desperately needed for education of California students.

This era of conflicts of interest, Ivory Tower aristocracy and incompetence that are destroying UC must be ended in 2013.

Jan. 14, 2013

Anon: Agreed. A UC regent should not own shares in a for-profit educational institution. Best, Don Bauder

Jan. 14, 2013

Anon: Agreed. A UC regent should not own shares in a for-profit educational institution. Best, Don Bauder

Hahahaha...that is so funny, the DoE in DC is chocked full of appointees who own HUGE stakes in for profits and the loan scammer Sallie Mae............it is all a big scam and they know it.

Jan. 14, 2013

SP: That doesn't surprise me a bit. Judges own big lots of shares in companies involved in lawsuits in their courtrooms. Best, Don Bauder

Jan. 14, 2013

Judges who have cases before them in which they own stock in the companies are SUPPOSED to step down, recuse themselves. What they are supposed to do and actually do are two different things though.

Jan. 14, 2013

SP: So true. Best, Don Bauder

Jan. 15, 2013

And unless I'm very mistaken, Richard Blum is also "Mr. Diane Feinstein", husband of our senior senator.

Jan. 15, 2013

And unless I'm very mistaken, Richard Blum is also "Mr. Diane Feinstein", husband of our senior senator.

How did you think CB Richard Ellis gets all those HUGE "no-bid" gov contracts to sell gov real estate????????

Jan. 15, 2013

I had to check when DiD took office, 60 days before Boxer, so she is indeed the senior senator.

Jan. 15, 2013

SP: Oh dear. More stench? Best, Don Bauder

Jan. 15, 2013

Visduh: Yes, Richard C. Blum is Feinstein's hubby. Best, Don Bauder

Jan. 15, 2013

Yes, Richard C. Blum is Feinstein's hubby.

And profits from it-both of hem- greatly.

Jan. 15, 2013

According to Wikipedia, Blum is Chairman of CBRE Group, Inc. and Chairman/President of Blum Capital. "Blum is also the primary owner of Career Education Corporation." He was also on the board of directors at Current TV, recently sold to Al Jazeera. He is married to Sen. Diane Feinstein.

Jan. 15, 2013

dwbat: That puts him in the for-profit education business. Remember that the so-called reputable Washington Post is owner of one of the largest for-profits, Kaplan. That TV station may be the one launched by Al Gore. Best, Don Bauder

Jan. 16, 2013

Co-founded by Gore. He and a partner bought what was originallya Canadian cable news station with the intention of turning it into a liberal news channel. It was originally planned to be a sort of you tube type cable channel, with viewers helping create content in the form of programming "pods" no greater than 8 minutes in length. They brought in a former MTV exec about 3 yrs ago to revamp the channel. They had been trying to unload it at least as far back as 2007, when Google was in talks with them to buy it.

Jan. 16, 2013

Right, Gore was a co-owner of the Current TV cable channel. I wasn't familiar with Career Education Corp. but, upon checking, it has been investigated in the past for its various schools being diploma mills.

Jan. 16, 2013

SurfPup: Yes, the extreme difficulty discharging student loan debt is a problem that must be addressed. Best, Don Bauder

Jan. 14, 2013

Based on all the discussions of this article so far, the biggest failure with our education today is the failure to produce leaders that are actually motivated to learn about, think about and practice integrity as paramount cultural value.

However, our religious leaders don't really practice what they preach either, so far too few really believe strongly enough to practice the teachings of the Sermon on the Mount, and it is no wonder that the Golden Rule is the most marginalized moral value today.

Meanwhile, daily news reports keep documenting the fact that we haven't evolved beyond talking apes. So the 2012 primary candidates used Greed, Fear and Hate 'R' Us as their predominant motto.

Thus we are stuck in the age of corrupt republicans and incompetent democrats with no leadership in sight that is actually capable of improving long-term quality of life for We The People anymore because our educational institutions have totally failed to produce enough leaders with integrity and morality to make the right things happen for our newest and future generations.

Jan. 15, 2013

Anon: I think the Golden Rule should be rewritten. "Do unto others as you would have them do unto you" thrusts your own values and predilections upon the other person. I would prefer "Do unto others as they would have you do unto them." Best, Don Bauder

Jan. 15, 2013

". . . we haven't evolved beyond talking apes."

Evolution is not a progressive phenomenon, it's an ADAPTIVE phenomenon.

We are apes, we have been called "the third chimp." Make that chump. Chimp-chump.

We invented culture, and culture keeps us from evolving (lowering infant mortality, extending life-span, etc.) However, that also means that there is a lot of genetic diversity in the human population, and that could mean more to select from when environmental changes compound and extend. The viruses may not be out to get us, but they will adapt to living in us, evermore as we throw antibodies at them. There may be a great die-off or it may be a gradual process, but as we waste the resources upon which, knowingly or unknowingly, depend for our lives, the slope will get steeper and slipperier.

Jan. 18, 2013

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