A crooked for-profit vocational college fleecing poor students and the Federal college loan program. An investment company chaired by Rudy Giuliani as the prime stockholder. Bill Weld, a partner in the investment company, as the interim CEO of the school, drawing a salary of $700,000 a year, including two months when, by his own account, he wasn’t even at the school, having gone back to New York to run for Governor.
I’m acquainted with both Bill Weld and Rudy Giuliani. I’m not surprised to find Giuliani close to this sort of mess. I am surprised about Weld. Both of them deserve to be hurt politically by this. The kids who took out loans to pay tuition at a college that went out of business still owe the money they borrowed, and those debts are generally not dischargeable in bankruptcy.