January 31, 2005

Factual, but misleading....

60 minutes does it again.

Now I can't speak for the entire story, but I can and *WILL* take them to task for this part.
And a year ago, federal agents raided the headquarters and 10 campuses of ITT Educational Services, investigating charges of falsified grades and attendance records.
Funny, I wasn't aware that this story was being run. I was never asked to comment - or not comment. Why would anyone ask me? I'm the Senior Unix Admin at ITT. I'm responsible for the systems that control the grades and attendence. ME. Let me say that again to validate that. ME. ME. ME. ME.

Is it true that federal agents came here and took stuff? Yes. Is it true that there is a class action shareholder lawsuit pending? Yes. In the eleven months since the feds raided, has one accusation been made in a court of law? No. Are we in business to make money? You bet your ass we are. That's why it's our mission to give every student a quality education, because that's the way we make money. I know I sound like a corporate shill, but these people really are the most honest and ethical business people I've ever seen. Are there dirty players in the industry? Probably, but I know for damn sure ITT isn't one of them.

Now I'm downright pissed off. This AP story quotes:
An FBI raid at ITT nearly a year ago also unveiled bloated enrollment figures, as well as possible grade inflation.
That's news to me. Four months ago we were asked how to read the tapes that were taken in the raid. Of course then there's this gem from the article.
School stocks rallied in midday Monday trading, with Career shares up $1.92, or 5.1 percent to $39.84 on the Nasdaq. ITT Educational Services Inc., which has also been the target by federal probes, rose $2.72, or 5.8 percent, to $49.44, as Apollo Group Inc. rose $1.44, or 1.9 percent, to $78.42.
Wall Street to MSM: fuck off.