Deputy Undersecretary of Education Robert Shireman (pictured) today gave a speech on higher education today and went off on a tangent about how for-profit schools like the University of Phoenix and Devry (DV) are destroying our nation.
According to The Fly On The Wall, Shireman compared for-profit education institutes to the likes of big Wall Street firms that caused the collapse of our financial system.
Talk about harsh words.
Shireman then went on to say that the regulatory bodies in charge of monitoring for-profit institutions have basically become lazy like that of FINRA and the SEC. As a result, these regulatory firms have been ineffective in their ability to carry out their responsibilities. So now, the Department of Education must reform rules for the sector in an effort to level the playing field.Of course, damning comments like these hit for-profit education stocks hard. Let’s take a look at the damage:
- Apollo Group (APOL): $57.62 / -6.29%
- Career Education (CECO): $29.77 / -10.89%
- Corinthian Colleges (COCO): $15.56 / -7.98%
- Bridgepoint Education (BPI): $24.30 / -5.26%
- Strayer Education (STRA): $239.17 / -3.06%
- Devry (DV): $61.68 / -7.53%
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