An article by The Chronicle of Higher Education reads like this:
"Questions continue about [ED] Departments Ignorance of Corinthian's Financial Status."
The killing of COCO was ordered by someone other than ED. ED was forced to take action after someone realized the opportunity to put it away for good after knowing that it had warned of of a breach of loan covenant on 5/6 after the Q3 con call. Since they are a public company, their cash position and operation metrics is a matter of public information. Asking questions now is only absurd because the article insinuates the political hands that were involved. By all accounts, COCO was answering ED's demand and not ignoring it. ED failed its own requirement that it has to know of each school's financial health at ALL times because they implemented a new tool to do so. By them denying that they did not know is ground enough that they are incompetent and does not deserve to have oversight power that they did. In essence, they are doing the dirty work of the politicians who want to make an example out of COCO. There was no due process. Where are the lawsuits. Take it to the Supreme Court. Arne Duncan, Ted Mitchell, Durbin, Harris, should all be named.
I am surprised that those lawyers who otherwise spring up like mushroom every time at slightest trouble with a company are nowhere to be seen. No a single lawsuit file yet to keep shareholders interests in mind. At least the Management and ED would be on the other side of the lawsuit.