Why (Corinthian College) COCO is a Zombie University
Take a look at their stock! This corrupt institution is down to pennies in the stock market. Now, with the State of California going after them for illegal practices, what is their future and why are the teacher pension funds buying this stock? Especially CAL STRS?
1. 1. Corinthian Colleges continues to lose money, fire workers, and close campuses in the US and Canada.
2. 2. COCO stock has dropped 95% since 2004.
3. 3. It appears that COCO cannot even make enough money with its in-house predatory lending program, called “Genesis” loans to survive.
4. 4. Corinthian colleges continues to lose students they prey upon, even though they spend more money on targeting them.
5. 5. Corinthian Colleges’ three brand names are infamous. Their vocational brand, Wyotech, is called Wyocrap by people who work there.
6. 6. Board member Leon Panetta resigned after being appointed there.
7. 7. CALPERS has sold 80% of its stock in COCO. The only visible support is coming from Wells Fargo bank, which also has a deal with its Genesis lending program.
8. 8. Corinthian Colleges is under investigation by the Consumer Financial Protection Bureau, the Securities Exchange Commission, and five State Attorneys General. California and students from California are presently suing Corinthian Colleges in separate lawsuits.
9. 9. (Former) Heald employees are telling potential are telling potential students not to go there.
10. 10. Corinthian Colleges’ real default rate is unknown because of the huge number of “deferments” forced upon students. The actual default rate may be as high as 40%.
11. COCO continues to pay out millions in compensation each year to CEO/Thunderbird School of Management alumnus Jack D. Massimino, and there have been no rumors that he will be fired.
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