Jack Massimino will have to live with, for the rest of his life......
...tthe fact that he effectively destroyed Corinthian Colleges, through the sin of pride and hubris, and put them into (pending) bankruptcy.
That an executive would not sense, and would not FEEL, that "the end was near," and that he was "twisting in the wind," is the ultimate in incompetence and arrogance. Jack basically sent the message to the government that "we don't have to do anything you want"...and the government said, al contrair, Mr. Massimino.
Jack Massimino gets the ultimate booby prize....for reckless incompetence...and willfull blindness...and asinine contemptuous defiance.
Jack and his whole crew are embarrassing, they had a ton of assets that they could of used and even brought in private companies. With 97 campuses and tons of space, you mean to tell me, Jack's best plan was "just" relying on government? Don't get me wrong, I hoped COCO would have pulled it out. But this guy would not even take advice on how to get into the government support of introducing private equity. Their net profit loss was not that horrendous compared to their assets, Jack has no clue and caved to the haters.
Massimino certainly read the political winds poorly. This is a situation in Washington where there can be agreement by both parties and by conservatives and liberals alike.
One side wants simply to kill for-profit eduucation. That side has powerful non-profit higher ed on its side and they have been beating the drums against for-profit ed for a very long time.
The other side wants to cut the federal budget at all costs--damn the consequences. (After all a less-than-ideal education is better than no education at all.)
To federal factotums this kind of blood in the waters will lead to a feeding frenzy. They're jumping all over this one like white on rice. (How many more metaphors can I think of? :) ) For-profit colleges is a sector to stay out of unless you play the short side, IMHO.