The book, released Tuesday, said Obama and his administration would deem industries either destructive to the environment or exploitative for the financial and professional gain of his friends, including industries such as coal mining, offshore drilling, cash advance companies, and for-profit colleges.
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The book said one of the most visible targets of this scheme was the for-profit higher education industry. Obama concluded in 2013 that for-profit schools such as University of Phoenix, ITT Technical Institute, and DeVry University victimized students.
“They’ve been preyed upon very badly by some of these for-profit institutions,” Obama said in 2013 about students who attended these schools. “Their credit is ruined, and the for-profit institution is making out like a bandit.”
The University of Phoenix was hit hard by Obama's action when he ordered the Federal Trade Commission, among other government agencies, to crack down on for-profit schools.
After being suspended in 2015 following an investigation by the FTC, Phoenix’s parent company, Apollo Education Group, was bought out by three companies in 2016, including Vistria, for nine times less than its value before the suspension.
Schweizer's book also said there were close links between Vistria and the Department of Education, and said some department officials later went to work for the investment firm.
Obama used executive powers to benefit close friends' private investment firms: Book
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The book said one of the most visible targets of this scheme was the for-profit higher education industry. Obama concluded in 2013 that for-profit schools such as University of Phoenix, ITT Technical Institute, and DeVry University victimized students.
“They’ve been preyed upon very badly by some of these for-profit institutions,” Obama said in 2013 about students who attended these schools. “Their credit is ruined, and the for-profit institution is making out like a bandit.”
The University of Phoenix was hit hard by Obama's action when he ordered the Federal Trade Commission, among other government agencies, to crack down on for-profit schools.
After being suspended in 2015 following an investigation by the FTC, Phoenix’s parent company, Apollo Education Group, was bought out by three companies in 2016, including Vistria, for nine times less than its value before the suspension.
Schweizer's book also said there were close links between Vistria and the Department of Education, and said some department officials later went to work for the investment firm.
Obama used executive powers to benefit close friends' private investment firms: Book
