University Diaries » “[A Senate investigation found] in 2012 that an online degree from the University of Phoenix cost six times more than a comparable degree from the Maricopa Community College system and that the university’s founder, John Sperling, was paid $8.6 million in 2009, 13 times more than the president of the University of Arizona. That year, Apollo spent $892 per student on instruction, $2,225 per student on marketing, and $2,535 per student went to company profit, a Senate report found. Even as his university foundered, Sperling retired as chairman of Apollo’s board of directors in December with a $5 million bonus and a $70,000 monthly annuity. Since July, other top executives with the company have acquired more than 300,000 additional shares of Apollo stock, but they have also sold about $1.3 million worth in that time, according to SEC records. Last month, for example, Apollo’s CEO, Greg Cappelli, sold $223,000 worth of stock, a small fraction of his disclosed holdings.”

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“[A Senate investigation found] in 2012 that an online degree from the University of Phoenix cost six times more than a comparable degree from the Maricopa Community College system and that the university’s founder, John Sperling, was paid $8.6 million in 2009, 13 times more than the president of the University of Arizona. That year, Apollo spent $892 per student on instruction, $2,225 per student on marketing, and $2,535 per student went to company profit, a Senate report found. Even as his university foundered, Sperling retired as chairman of Apollo’s board of directors in December with a $5 million bonus and a $70,000 monthly annuity. Since July, other top executives with the company have acquired more than 300,000 additional shares of Apollo stock, but they have also sold about $1.3 million worth in that time, according to SEC records. Last month, for example, Apollo’s CEO, Greg Cappelli, sold $223,000 worth of stock, a small fraction of his disclosed holdings.”

If you can work up any tears over Phoenix cutting thousands of jobs you’ll cry at anything.

The proper response is good riddance.

UD‘s faith in scams remains strong; she’s sure some other outfit will figure out how to take billions of our tax dollars in order not to educate Americans. Perhaps Phoenix itself will regroup to scam another day. But for the moment, what good news.

Margaret Soltan, October 22, 2013 3:46PM
Posted in: CLICK-THRU U.

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