Corinthian collapse sparks effort to cancel student loan debt WILMINGTON, Del., May 19- The bankruptcy of Corinthian Colleges Inc, one of the biggest for-profit college chains, has set off a scramble to find a way to wipe away billions of dollars of student loans for those who attended its campuses. The groups, including the National Consumer Law Center, said the Department of Education had the authority because Corinthian...
| By: Tom Hals
Correction: ITT Educational-Fraud Charges story In a story May 12 about the Securities and Exchange Commission filing fraud charges against ITT Educational Services, The Associated Press erroneously spelled the last name of ITT's CEO the first reference. ITT Educational faces SEC charges of student loan cover-up. The SEC case in Indiana federal court alleges ITT tried to cover up troubles that began to...
Source: The Associated Press
| By: By The Associated Press
UPDATE 4-SEC charges ITT Educational, CEO, CFO with fraud; shares plunge *SEC says company hid information from investors, auditor. In a complaint filed in the federal court in Indianapolis, the SEC accused ITT, Chief Executive Kevin Modany and CFO Daniel Fitzpatrick of hiding how ITT expected to owe hundreds of millions of dollars because its underlying loans had performed "abysmally," with "extremely high" default rates.
| By: Jonathan Stempel
France's Accor expands Cuban footprint with luxury hotel PARIS, May 11- Accor, Europe's largest hotel group, said on Monday it had sealed a deal to open a luxury hotel in Cuba, the 518- room Pullman Cayo Coco, near the Caribbean island's international airport. Accor, which has been operating in Cuba for nearly 20 years, already manages two mid-scale Mercure hotels there, the 178- room Mercure Sevilla Havana in Habana Vieja...
Corinthian Colleges files bankruptcy to facilitate wind-down May 4- Corinthian Colleges Inc, the for-profit college operator hamstrung by federal and state investigations, filed for bankruptcy in Delaware on Monday, about a week after announcing it would shutter its remaining campuses and cease operations. In April, the Department of Education fined Corinthian $30 million for misrepresenting job placement rates to...
| By: Nick Brown
Higher-ed stocks: Corinthian closing its last schools CNBC contributor Herb Greenberg of Pacific Square, gives his take on higher education for-profit companies as Corinthian closes its last schools resulting in thousands of California students being displaced.