That's the mantra of Bush & Co. except when it comes to being good stewards of our money. Apparently, they believe this even when the market is in a trough. They allowed the oil companies to evade market conditions. Now they're doing it with the Education Department.
DOE allowed student loan lenders to make guaranteed loans at 9.5% even though market rates were nowhere near that. They did this despite warnings from the GAO in 2004. They did this despite their Inspector General concluding that some of the techniques these lenders used ran counter to the criteria established for loans in the law. They did this despite warnings from middle management that loan companies were getting rich although they were not playing fair in accordance with the law.
The reaction of our Secretary of Education? Forget about it. One company, Nelnet, was paid $278,000,000 more than they were entitled. The Washington Post found that another $330,000,000 was garnered by ten of the lenders; I'm sure there are more than ten companies robbing us. But, hey, it's not Spelling's money, it's ours.
No comments:
Post a Comment