US Education Department Rules on For-Profit Schools Created With Investor’s Help

Jim Angle:

A proposed regulation from the Education Department threatens to devastate for-profit career or trade schools, but one thing is even more controversial than the regulation — how it was crafted.
Education Department officials were encouraged and advised about the content of the regulation by a man who stood to make millions if it were issued.
“Wall Street investors were manipulating the regulatory process and Department of Education officials were letting them,” charged Melanie Sloan of a liberal-leaning ethics watchdog called Citizens For Responsibility and Ethics in Washington.