Self-Interest Spurs Society’s ‘Elite’ to Lie, Cheat on Tasks, Study Finds
Elizabeth LopattoElizabeth Lopatto, BloombergBloomberg, 2012/03/07

I have in the past in some of my more speculative articles talked about a time when we would begin to see wealth not as a positive but rather as a symptom of an underlying illness or instability. Amassing great wealth would be viewed as a symptom of a pathology that is ultimately harmful to society. The research backs me up. "The 'upper class,' as defined by the study, were more likely to break the law while driving, take candy from children, lie in negotiation, cheat to raise their odds of winning a prize and endorse unethical behavior at work, the research found." What we need to understand is that this is how they become wealthy. Being wealthy is evidence of this unethical behaviour. And my inclination isn't "to find a way to increase empathy among wealthier people," it's to find a way to prevent them from cheating their way to the top in the first place. Today: Total:46 [Comment] [Direct Link]

Hedge Fund Sees Big Short in Education Stocks With New Rules
Daniel Golden and John HechingerDaniel Golden, John Hechinger, BloombergBloomberg,

A hedge fund is predicting a drop in for-profit education stocks as the tuition bubble bursts. The concern is that student loan debt, and hence defaults, are increasing, and that this will trigger new government rules tightening lending. For-profit institutions, which simply peg tuition rates to any increase in student assistance, will see a decline in enrollments and will be forced to reduce tuition, which will reduce their earnings. The same pressures will impact public institutions, which will have even less flexibility to respond. Via Michael Feldstein, who quotes from the article: "Until recently, I thought that there would never again be an opportunity to be involved with an industry as socially destructive and morally bankrupt as the subprime mortgage industry" said Eisman... "I was wrong. The for-profit education industry has proven equal to the task." Today: Total:54 [Comment] [Direct Link]

Pearson, AOL Link to Create Online Education Network

Pearson Pic, the world's largest textbook publisher (think Simon & Shuster) is teaming up with AOL to create an online education network. Major news - which will be largely ignored by the education community. Bloomberg, 15 March 2000. Today: Total:26 [Comment] [Direct Link]


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