The Devil and Daniel Webster

Has Daniel Webster College made a bargain with the Devil?

Back in April, the Nashua, NH college announced that it would sell itself to ITT Educational Services, a for-profit company that manages over 100 technology-oriented schools in 37 states. Legally, a judge has to approve moving the school out of a charitable trust before it can be sold. But considering that the school owes $23 million and has lost money nine of the past ten years, is there really any doubt? The alternative is to shut the school down.

The same thing happened recently to Waldorf College in Iowa and the College of Santa Fe in New Mexico. This is a growing trend. As small and mid-sized schools struggle with costs and enrollment, it’s likely to accelerate.

Education is big business. And business is not the Devil. If ITT can make a profit while offering competitive products, good for them.

Douglas R. Tengdin, CFA
Chief Investment Officer
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By | 2014-09-04T20:55:04+00:00 May 8th, 2009|Global Market Update|0 Comments

About the Author:

Mr. Tengdin is the Chief Investment Officer at Charter Trust Company and author of “The Global Market Update”. The audio version of each post can be heard on radio stations throughout New England every weekday. Mr. Tengdin graduated from Dartmouth College, Magna Cum Laude. He received his Master of Arts from Trinity Divinity School, Magna Cum Laude and received his Chartered Financial Analyst (CFA) designation in 1992. Mr. Tengdin has been managing investment portfolios for over 30 years, working for Bank of Boston, State Street Global Advisors, Citibank – Tunisia, and Banknorth Group. Throughout his career, Mr. Tengdin has emphasized helping clients manage their financial risks in difficult environments where they can profit from investing in diverse assets in diverse settings. - Leave a comment if you have any questions—I read them all! - And Follow me on Twitter @GlobalMarketUpd

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