Is the war against Sallie Mae getting uglier?

Wow. Now Sec. Arne Duncan is coming out against Sallie Mae. They've run a student loan racket for far too long. I fear that Sallie Mae will successfully turn the rhetoric into these hogwash claims that the government is trying to "nationalize" the industry. Let's not forget that Sallie Mae and its ilk are SUBSIDIZED by the U.S. government. That's exactly why they have no interest in working with borrowers. The money that's been loaned out has ALREADY been covered. (It's too bad Sec. Duncan didn't mention that Al Lord, the CEO of Sallie Mae, has made a killing off of being a student lending loan shark. His sprawling estate in Anne Arundel county has a private golf course. In my piece a few months ago bout G-man hero, Jon Oberg, I provide information from an article about Mr. Lord's treasures.). I also love this claim, i.e., that by "cutting-us-out of-the-picture, the Obama Administration will be killing jobs." Ha! Ha!

Also, as so many of us know these lenders provide such invaluable services to students. For starters, they have done an excellent job of creating an indentured educated class. It sure would be a shame to see that go away. So, uh, yeah . . . I hope they stay in the picture because I like how these jobs of which they speak are ruining the lives of millions of Americans (when you think about the co-signers on these suckers, the number of those who are imprisoned by their ruthless debt collecting tactics grows enormously). 

We need to continue writing, emailing, AND organizing on behalf of the indentured educated class. I begin my training in Seoul on Tuesday, but I am mad as hell that I can't be advocating and making a living wage in my own country. But if I can't pay the bills in the U.S., what good would I be to others in need?

But I am encouraged that we're being heard on multiple levels in D.C.

I am anxious to touch base with Senator Sherrod Brown's office. So far, I've only had one conversation with the Education staffer there. I know that many of you would like to know what's going on with the private loan debt swap proposal. I am too.

 

Not only should Sallie Mae be kicked out of the lending industry, they should be thrown in jail!