We’re here to help you: Because of constant regulatory harassment by the federal Department of Education, ITT Technical Institutes, a private college-level school system that has been operating for more than 50 years providing technical vocational training, has been forced to shut down.
The actions of and sanctions from the U.S. Department of Education have forced us to cease operations of the ITT Technical Institutes, and we will not be offering our September quarter. We reached this decision only after having exhausted the exploration of alternatives, including transfer of the schools to a non-profit or public institution.
Effective today, the company has eliminated the positions of the overwhelming majority of our more than 8,000 employees. Our focus and priority with our remaining staff is on helping the tens of thousands of unexpectedly displaced students with their records and future educational options.
This action of our federal regulator to increase our surety requirement to 40 percent of our Title IV federal funding and place our schools under “Heightened Cash Monitoring Level 2,” forced us to conclude that we can no longer continue to operate our ITT Tech campuses and provide our students with the quality education they expect and deserve.
Their press release adds the following:
We have always carefully managed expenses to align with our enrollments. We had no intention prior to the receipt of the most recent sanctions of closing down despite the challenging regulatory environment that now threatens all proprietary higher education. We have also always worked tirelessly to ensure compliance with all applicable laws and regulations, and to uphold our ethic of continuous improvement. When we have received inquiries from regulators, we have always been responsive and cooperative. Despite our ongoing service to this nation’s employers, local communities and underserved students, these federal actions will result in the closure of the ITT Technical Institutes without any opportunity to pursue our right to due process.
Any business that has successfully provided services to its customers for fifty years has definitely proven its worth — except to the hardcore leftists in the Democratic Obama administration. Employing 8000 people and providing worthwhile training to thousands more, and doing it privately outside the control and power of the federal government? We can’t have that! Better to destroy it!
Update: In related news, more than 80K coal mining jobs lost during Obama’s tenure. The article also notes this important fact:
And now Hillary Clinton is running to be his successor, essentially promising a third term for Barack Obama’s vision. And what did she tell us during the primary? “We’re going to put a lot of coal miners and coal companies out of business.”
It’s so nice to know these Democrats support unemployment and bankruptcy.