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Web Site Draws Reluctant Editor's Page View With Crafty Headline Containing Words 'Stripper' and 'Goldman Sachs'

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BEHIND THE HEADLINES
DailyFeed
I tried. I really did. I mean, I knew exactly what I was getting myself into, but still I clicked. This Bloomberg headline was simply too much for me to pass up: Stripper Finds Degree Profitable for Goldman Wasn’t Worth It.

"Carrianne Howard dreamed of designing video games, so she enrolled in a program at the Art Institute of Fort Lauderdale, a for-profit college part-owned by Goldman Sachs Group Inc. Her bachelor’s degree in game art and design cost $70,000 in tuition and fees. After she graduated in December 2007, she found a job that paid $12 an hour recruiting employees for video game companies. She lost that job a year later when her department was shuttered."

And then the kicker: "These days, Howard, 26, makes her living in a way that doesn’t require a college diploma: by stripping at the Lido Cabaret, a topless club in Cocoa Beach, Florida. “I didn’t know what else to do,” she says. “I’ve got a worthless degree. It’s like I didn’t attend school at all.”"

Mildly Provocative Accompanying Art


Well played, Bloomberg.

Of course, there is a larger point to this sad tale, much larger than the crafty headline would have us believe.

The gist of the story is Goldman's 38% ownership in Education Management Corp., the parent company of the art student-turned-stripper's degree-conferring school, The Art Institute.  The industry of for-profit colleges and universities is drawing the attention of both Congress and the Obama administration.

"The Senate held a hearing Aug. 4 featuring a Government Accountability Office undercover probe that found recruiters at EDMC’s Argosy University in Chicago and 14 other for-profit colleges misled investigators posing as potential students about the cost and quality of their programs," Bloomberg reported. "Near their peak in April, Goldman’s shares in EDMC were worth $1.39 billion. Since then they’ve fallen by 45 percent, to about $770 million."


POSITION:  No positions in stocks mentioned.

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