Rattlesnake Ridge      

 
      BFF

“With Goldman’s Foray Into Higher Education, A Predatory Pursuit of Students and Revenues. Education Management Corp. was already a swiftly growing player in the lucrative world of for-profit higher education, with annual revenues topping $1 billion, but it had its sights set on industry domination. So, five years ago, the Pittsburgh company’s executives agreed to sell its portfolio of more than 70 colleges to a trio of investment partnerships for $3.4 billion, securing the needed capital for an aggressive national expansion. One of the new partners brought an outsized reputation for market savvy, deep pockets and a relentless pursuit of profits — the Wall Street goliath, Goldman Sachs. After the deal closed and Goldman became a partner, employees soon noticed a drastic shift in culture. Longtime admissions managers were replaced, ushering in an era in which recruiters were endlessly hounded by supervisors about hitting weekly enrollment targets. The admissions staff nearly tripled, requiring expanded floor space to accommodate a sales force of more than 2,600 across the country. Management handed down revamped telemarketing scripts designed to prey on poor and uneducated consumers………….” The Huffington Post

Interesting to see if Goldman Sachs would hire the graduates of their own “for profit” colleges? America has the best college and university education in the world, but this ugly trend, with strong lobbying and Republican support in Congress, is threatening to create a generation of educated zombies. Tea Party Zombies.
Interesting how everything Goldman gets involved in these days leads to some disaster for the public good. Someone once described it as a “leech”, but that was only tow years ago. Now I learn that it is worse: it not only sucks blood, it also sucks out something even more important for society.
Cheers
mhg


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