SEIU Sponsors "Good For Wall Street, Bad for Students," Webinar on Dangers of For-Profit Colleges

PITTSBURGH, Feb. 2, 2012 /PRNewswire-USNewswire/ -- As Education Management Corporation (EDMC) reviews its second quarter fiscal 2012 earnings today, the Service Employees International Union is sponsoring a panel discussion webinar on the dangers of for-profit colleges.

"It's time to get the word out about these for-profit colleges," says Mike DiGiacomo, a former student of EDMC's New England Institute of Art in Boston. "They're hurting far too many people."

DiGiacomo is one of eight participants on the panel, which also includes education policy experts and professionals who have worked at EDMC schools in recruiting, teaching, and job placement. After a brief overview of the for-profit college industry, the panel will examine every phase of the for-profit student experience—recruitment often followed by high costs, poor instruction, weak job-placement programs, excessive debt loads, and default on loans. The complete discussion can be viewed at www.ForProfitU.org/webinar from 12 noon until 2 p.m. (Eastern).

Although EDMC students and American taxpayers have provided millions in Wall Street profits in recent years, for-profits are coming under increased scrutiny by elected officials and even some financial analysts. Under the leadership of U.S. Senator Tom Harkin (D-IA), Congress has launched a broad investigation of the sector. The Department of Justice and attorneys general in 5 states and the District of Columbia are suing EDMC under the False Claims Act. In January The Pittsburgh Post-Gazette named CEO Todd Nelson "one of the most influential people in business 2011," describing him as "a central figure in a congressional investigation of education companies that receive up to 90 percent of their profits from taxpayer dollars."  Schools owned by EDMC— itself owned by Wall Street giants Goldman Sachs, Providence Equity Partners, and Leeds Equity Partners—have been the target of Occupy Wall Street protests in Miami, Pittsburgh, and Tampa.

Through the webinar and other educational efforts, SEIU hopes to limit student debt, prevent for-profit schools from targeting minorities and veterans through deceptive recruiting practices, end the waste and abuse of federal education money, and ensure high standards of employment and contracting. 

With 2.1 million members focused on providing quality services and winning good jobs for our communities, SEIU is the fastest-growing union in the Americas.

SOURCE Service Employees International Union

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