Federal agents serve warrants at ITT Technical Institute campuses in recor

[Judi Lynn]

Posted on Wed, Feb. 25, 2004

Federal agents serve warrants at ITT Technical Institute campuses in records probe

MARK JEWELL

Associated Press


INDIANAPOLIS - Federal agents on Wednesday searched the headquarters of ITT Technical Institutes and some campuses of its chain of technical schools in eight states. Shares of its parent company, ITT Educational Services Inc., plunged 33 percent.

ITT Educational Services said the investigation involved grand jury subpoenas of records concerning student placement, retention, graduation, attendance, recruitment, grades, graduates' salaries and tranfers of students' credits to other colleges.

Law enforcement officers did not allow students, staff and faculty to enter about 10 of ITT's 77 campuses in 30 states, ITT spokeswoman Nancy Brown said.
(snip)

About 68 percent of the company's 2003 revenue of nearly $523 million came indirectly from federal education aid programs, according to a company regulatory filing. And most ITT students pay a substantial portion of their tuition and other expenses with money received under federal programs.
(snip/...)

http://www.miami.com/mld/miamiherald/business/national/8038374.htm

[KissMyAsscroft]

1. Probably has to do with ITT being a massive scam...

Just a hunch...

[BiggJawn]

4. Can't speak to now, but 20 years ago they were on the up-and-up.

I have a degree from ITT.

[RapidCreek]

9. How do you figure

I know several ITT graduates...all recieved a highly marketable degree and all are now making over 60k a year.

I've looked at their curriculum and from the perspective of a Naval Electronics Tech/Nuc, university educated individual I can say it exceeds in quality the education I recieved in either of those institutions. The only downside is that it is rather expensive....and most of the jobs one might land with an ITT degree these days would require a move to India, Bengladesh, Koria...etc..

I would imagine the investigation has something to do with a software piracy network....or from the tin foil hat side of the isle...an effort by Bushco to blemish ITT's rep thereby decreasing the number of individuals seeking to invest in an education that should garauntee a tech/manufacturing job upon graduation....In otherwords they'd prefer to have that kid in the commercial stick with "manufacturing" hamburgers...and be absent from the argument that he payed to educate himself for a job that has been exported to india.

RC

RC

[Cannikin]

2. My partner is a receptionist through a temp service at ITT

He said reporters were blowing up the phones but they wouldnt allow him to say anything except to give out the corporate headquarters phone number. I hope he still has a place to go to work today!


NSE stock price went down 25% after the news.

[lanlady]

3. repeat of Computer Learning Center scenario

Unfortunately, a lot of students with $20,000 loans got stiffed when CLC went down for the same reason 5 or 6 years ago.

[DiverDave]

5. I work with some

of those CLC students.
one is STILL paying her loan back.

[Tandalayo_Scheisskopf]

6. A good friend of mine...

Used to teach at an IT school, one of a chain. That system is a scam, selling itself on the basis of outdated and outrageous claims of future earning power, et al. He was finally layed off, after years of abuse for trying to instill standards in curriculum and grading in his classroom. The "administration" hated him for that.

Another acquaintence, who has a diploma from a well-known "learning crucible", one associated with an insurance company, has a diploma that cost her $20,000(for a 4 month course) and has been fundimentally useless for her.

[DiverDave]

8. I went to chubb

and I gotta tell ya, mine is pretty useless too.
The certificate I mean.

[Ruby Romaine]

7. Wasn't Feinstein's husband Richard Blum involved w/ITT Tech?

isn't he involved w/ all sorts of scams?

[rocktivity]

10. Places like ITT and Chubb don't have much of a reason for being

now that the bottom has dropped out of the market. Yet they're still insisting that there are still IT jobs going begging, but not mentioning that those jobs require EXPERIENCE.

I got my Web certification from a school that only took people with at least two year's IT experience. When I asked why they only advertised in the local tech publications and not the newspapers, I was told, "because we're not in the business of turning amateurs into pros in four weeks."

:headbang:
rocknation