The following article serves as an terrifyingly poignant microcosm of the entire U.S. economy. It also contains language and practices that are right out of the subprime mortgage industry, which catalyzed the financial collapse of 2008.
The piece starts off by relaying the story of law professor, David Frakt, who was forcibly removed while in the middle of a speech at the Florida Coastal School of Law, for telling the faculty and staff the truth about the “for-profit” law school’s flawed and unethical business model.
For its private equity owners; however, it is the perfect “investment.” With unlimited federal funds available for graduate school loans, they take the money in now with little risk. As such, they simply accept almost anyone who applies, whether or not they are actually qualified to practice law (a large percentage are demonstrably not). For the law school students saddled with debt, and the taxpayer backing these loans, it’s not such a good deal. Crony Capitalism 101 wins again.
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