Profitting from Education

For some, education continues to be about the money. Maybe now, however, it will also be about the jail time. Derek Hunter reported in Big Government that Steven Eisman, a noted Wall Street short-seller, was called to testify at a Congressional hearing against for-profit colleges, a topic he appears to have no expertise in. The reason why he was summoned, it turns out, is because, “…Eisman and other short sellers may have been given advanced notice of key regulatory moves by the agency, which would have allowed them to position themselves early in the market, and profit handsomely.” (The Daily Caller)

Citizens for Responsibility and Ethics in Washington (CREW) wants the SEC to investigate the relationship between Eisman, another short seller Manuel Asensio and the DOE because documents obtained through FOIA requests, “reinforce … apparent collusion between Mr. Eisman and Education in an effort to manipulate the price of stocks in for-profit education companies.”

Read the Big Government post which contains a video of Congressman Glenn Thompson (R-PA) questioning inspector General of the DOE Kathleen Tighe about these improprieties. Hunter closes with this recommendation,

“But the pressure is building from Capitol Hill to expose this seeming corruption. Whatever the end result of an investigation is, an investigation is warranted. It’s the least should expect from the ‘most transparent administration in history.’”