18 Oct '11, 9am

How Goldman Sachs Exploits Student Debt For Profit

How Goldman Sachs Exploits Student Debt For Profit

There’s a reason why the investment bank Goldman Sachs is called “a great vampire squid wrapped around the face of humanity ” — it will do anything to make a quick buck. Goldman, though, has reached a new low in its craven pursuit of profits: targeting college students. The investment bank took over the for-profit college company Education Management Corporation (EDMC) and then forced them to take up exploitative and cravenly opportunistic practices to get students to take on debt, according to a new report by Huffington Post reporter Chris Kirkham. For-profit colleges make money for every student that comes to their school. Goldman Sachs executives realized that they could make more money by shifting resources out of teaching and into recruitment. Kirkham reports: “After the deal closed and Goldman became a partner, employees soon noticed a drastic shift in culture. Longt...

Full article: http://www.care2.com/causes/how-goldman-sachs-exploits-st...

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