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Obama’s Scandal-Ridden Thugs Now Collect Student Loans

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posted on Jun, 12 2012 @ 02:35 AM
story from YouTube Video
Published on Jun 9, 2012

Obama’s Scandal-Ridden Thugs Now Collect Student Loans

Another example of the old campaign donations for work gag.

This time it's a connection between an Obama donor and the lucrative business of collecting on student loans.

How does one become the recipient of Obama’s cronyism? Apparently, an alternate path to massive campaign donations (à la Solyndra) is being involved in massive scandal. Such is the case with Aspire Resources, who last month became one of the primary collection agencies for government student loans (a trillion dollar industry, before those “greedy” banks handled both the loans and collection thereof). Obama, in what some considered an attack on capitalism, and others a downright unconstitutional act, took over the student loan industry in 2009.

What scandal was Aspire Resources involved in?

With a little digging we found Iowa Student Loans (ISL), the non-profit arm of Aspire Resources, was mired in scandal just months before Obama won the Presidency.
yawn, what a surprise

“A report released last fall by Iowa’s Attorney General Tom Miller demonstrates how ISL officials carried out this strategy. According to the report, the agency’s leaders pursued a concerted strategy to steer students in the state to its most expensive private student loan products. Among other things, the AG found that ISL had provided kickbacks to colleges that recommended its private “Iowa Partnership Loans” to their students; gave financial rewards to their employees based on the number of private loan borrowers they secured; paid bonuses to staff members at the college access centers they managed based on the number of borrowers they brought in; falsely advertised its private loan products as the “lowest cost” options available; and routinely failed to advise students and their families to exhaust their federal student loan eligibility before taking out private loans.”

More Corruption = Less Votes

This exposure will cost -10,000 votes

posted on Jun, 12 2012 @ 02:46 AM
I'm not surprised.

It's all about the money. Federal loans don't generate a lot of money, need to make them private. It's easier to generate profit from private loans.


Give anyone a Federal loan but have the term as a one day loan with a private company taking it after one day.


posted on Jun, 12 2012 @ 02:58 AM
What I take from this is that if I do get unlucky and happen to be unable to pay my student loans, then I need to either seek political asylum or go back to my redneck mountain roots.

posted on Jun, 12 2012 @ 03:47 AM
reply to post by xuenchen

If you think that cronyism is unique to the Obama administration, I've got a bridge in Brooklyn to sell you.

It makes me sick but did people really expect anything different out of this administration, especially after the dust settled?

posted on Jun, 12 2012 @ 06:44 AM
reply to post by The Sword

It's only bad when Obama does it, any other time it's Capitalism.

posted on Jun, 12 2012 @ 06:55 AM
Student loans are the inheritor of the housing bubble credit scam.
this is the next firesale sell out of debt slaves - the educated youth are now debt slaves...
the loans what double(?) when they go onto default, plus penalties, and can't be discharged through bankruptcy

this is the next/ maybe last security floating the US econmy

student loans are debtslave fema camps

making this about Politics or theoretical phylosophies is so missing the point of what this actually is
edit on 12-6-2012 by Danbones because: (no reason given)

posted on Jun, 12 2012 @ 07:03 AM
reply to post by Danbones

Exactly right and when this bubble pops it's going to make the housing bubble look like nothing.

posted on Jun, 12 2012 @ 07:34 AM
The ultimate hustle has been committed when you break it down. Does everyone predict prison time for large defaults?

Thank god i partied for two semesters then got the f# out without a single dime in debt. wasted money yes, but no debt. Time so start your own businesses people.

posted on Jun, 12 2012 @ 08:09 AM
The whole system of Federally backed student loans is a massive scam in itself. The govt. sells cheap money for students to attend college and what happens?? The universities continue to raise tuition at astronomical rates. Salaries and perks for Uni professors and administration escalate parallel to the tuition increases with no end in sight as the Govt. continues to offer cheap money.

On and on it goes until we reach the point where students stop paying and the Govt. needs the money to pay for all of its other scams. Then its bring in the thugs to collect and reap the rewards.

I was discussing this problem over a few beers with some friends the other night and we came up with brilliant but beer fogged idea. The concept is simple. Take a year off! Each and every college student take a year off. Empty the campuses for a year and see what happens.

Perhaps we won't see 60 plus % tuition increases like they have seen in California over a 5 to 6 year period. Perhaps the universities will account for the ridiculous spending, the constant construction and remodeling projects etc etc. 20 years ago at my Alma Mater the University President made about 200K a year plus perks and housing allowances. Now the President earns 650K a year plus all of the perks bonuese and same housing allowances. The University continues to spend on demoltion, new construction and remodeling projects. Tearing down dorms, building new dorms, tearing down the student center plaza only to build a newer and "more scenic" plaza etc etc etc... No checks, no balances, no accountability. Just more tuition increases supported by govt. backed loans. No questions asked. The nation's university structure is plagued by this problem.

Thread from last year on the topic of student loans

From last October when this info on debt collectors first leaked out because it was buried in Obama's deficit reduction plan.

The request comes at a time when the government is looking for ways to collect tens of billions of dollars.

According to a report by the Treasury Department's Financial Management Service, the Education and the Health and Human Services departments as well as FMS itself referred debts totaling $35.9 billion to private debt collectors in the 2010 fiscal year.

The Education Department accounted for the largest share by far - $28.8 billion referred to 22 private debt collection companies. The firms collected $685 million outright, and another $1.7 billion was recast into agreements that are designed to be paid monthly, according to the report.

posted on Jun, 12 2012 @ 08:15 AM
RE jail for student debt slaves:

Prison Labor in America as the Dubious Answer to Corporate Flight

More than 80,000 prisoners are employed in some variety of inmate work program, but the typical image of chain gangs at work along the edges of the highway is changing. Inmates are just as likely to be engaged in apparel manufacturing, at computer terminals, or in telemarketing consumer services.

All states employ some of their prisoners in labor situations, but the details of these programs vary from state-to-state. Some prisoners work in government industries or assemble products for the state; others manufacture goods that are sold on the open market. Private sector manufacturers subcontract through inmate work programs in 38 states, with companies such as Victoria's Secret, CMT Blues, and Target Corporation using prison labor to manufacture their retail products. In at least three states, labor is mandatory for everyone in jail.
look out here come the skilled labour
and at BELOW chinese wages too

dont be a debt slave and a POTHED or your fate will be sealed
edit on 12-6-2012 by Danbones because: (no reason given)

posted on Jun, 12 2012 @ 11:04 AM
The California Story in video. We should all learn from the mistakes in Cali. our west Coast/Euro State.

posted on Jun, 12 2012 @ 02:53 PM
Wasn't student loans paid off with all those bailouts the citizenry threw at the too big to fail banks? I don't see how anyone owes anything to those corporations.

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