Lawyers drained Linda Brice’s bank account and seized a quarter of her take-home pay, or more than $900 a month. Brice, a first-grade teacher and Coast Guard veteran, begged for mercy, saying she couldn’t afford food, gas or utilities.
Susan Romano read her son Zach’s financial-aid letter from Drexel University, and her eyes jumped to the line highlighted in yellow: “$13,442 expected payment” for the first year at the $63,000-a-year school.
Republican Senators Richard Burr and Tom Coburn called for an investigation of government disclosure of proposed regulations restricting federal aid to Apollo Group Inc., Education Management Corp. and other for-profit colleges.
U.S. Education Secretary Arne Duncan said getting a renewed version of the No Child Left Behind education law passed by Congress will be an “uphill” struggle, and defended his proposal to give states waivers to adopt school reforms.
Treasury Secretary Henry Paulson stepped off the elevator into the Third Avenue offices of hedge fund Eton Park Capital Management LP in Manhattan. It was July 21, 2008, and market fears were mounting. Four months earlier, Bear Stearns Cos. had sold itself for just $10 a share to JPMorgan Chase & Co.