ARNE DUNCAN, the Obama-clone presiding over the Administration’s privatization of public schools, is notable for yet another accomplishment, apart from the number of public schools turned over to private operation, Arne is Mr. Profit!
The Department of Education turns a profit (Can the Defense Department make this claim?) dispensing college loans to students. Indeed, the Education Department actually makes more money from the millions of students burdened with never-ending debt than it GIVES to poor students under the Pell Grant program — $ 42 BILLION squeezed out of students and ex-students!
This skimming off the top constitutes HALF of the Department’s budget and goes along way to explaining why the Department DOES NOT enforce the Law against the private loan sharks who market the product, while taking their own vigorish.
Senator Elizabeth Warren (D-Mass), one of the remaining REAL Democrats in Congress, had this to say, “This is fundamentally about our values and what kind of country we want to be. . . With college costs exploding and students being crushed by more than a trillion dollars in debt, I believe we should invest in our students — not make obscene profits off them.”
SOURCES: Matt Taibi in THE ROLLING STONE, Common Dreams and Huffington Post