More Hillary closet junk: Clinton for-profit education scandal dwarfs Trump U…..By $4 Billion dollars.
The company, created in 2004 on the base of the tutoring chain Sylvan Learning Centers, already owned 75 schools in 30 countries and was poised for a massive expansion as Bill Clinton’s name drew top-name, left-leaning investors, including George Soros, Henry Kravis of Wall Street investment banking firm KKR and Paul Allen of Microsoft.
For-profit college built on student debt
The Washington Post reported that before the day was over, the telemarketers would make almost 1,300 calls, induced by bonuses to salespeople capable of persuading at least 250 students to take the entrance exam for IMBR. They offer what the university’s owner, Douglas Becker, promises in his Baltimore office 5,000 miles away will be an opportunity of a lifetime: “Be part of Laureate Network, the biggest university network in the world.”
The newspaper further noted that by the time Laureate Education was taken private in 2007, in a $3.8 billion management leveraged buy-out, the company with $4 billion in annual revenue and 800,000 students could lay claim to being the largest U.S. for-profit college then in operation.
But, as Forbes pointed out in its July 12, 2015, story, Laureate Education’s Walden University was built by inducing prospective students to incur massive tuition debt to attend a school with no academic reputation and virtually no standards for admission other than ability to pay.
Bill Clinton’s shell company
A document revealed Bill Clinton was being paid through a “shell corporation” pass-through account, WJC LLC, designed to keep consulting fees paid Clinton off the books of the Clinton Foundation. It allowed Clinton to avoid disclosing the existence of the shell company even to the IRS, as long as compensation payments to him were withdrawn as soon as they were deposited, ensuring the account always showed a zero balance.
While largely ignored by the media, the Clintons have their own university scandal. Donald Trump has been rightfully criticized and sued over his defunct Trump University. There is ample support for claiming that the Trump University was fraudulent in its advertisements and operations. However, the national media has been accused of again sidestepping a scandal involving the Clintons that involves the same type of fraud allegations. The scandal involves a dubious Laureate Education for-profit online college (Walden) and entails many of the common elements with other Clinton scandals: huge sums given to the Clintons and questions of conflicts with Hillary Clinton during her time as Secretary of State. There are distinctions to draw between the two stories, but the virtual radio silence on the Clinton/Laureate story is surprising. [I have updated the original column with some additional thoughts, links, and clarifications for readers).
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