Obama Administration Scandal #23:
Obama buddies Marty Nesbitt and Harreld Kirkpatrick III formed a private equity investment firm called Vistria, right around the time Obama was re-elected in 2012.
Nothing wrong with that, except, as Schweizer notes in his book, "A curious pattern began to emerge. Obama and his administration would attack industries with government power, which led to substantially lower valuations for these companies. Nesbitt and Vistria, or others close to Obama, could then acquire those assets for pennies on the dollar."
As an example, Schweizer cites the case of for-profit higher education schools like University of Phoenix, ITT Technical Institute, and DeVry University. In 2013, Obama blamed the schools for taking advantage of students by saddling them with massive amounts of student debt, ruining their credit and making a profit on it. He ordered the Federal Trade Commission to go after them.
In the case of the University of Phoenix, its parent Apollo Education Group was suspended after a Federal Trade Commission investigation in 2015. The following year, three companies, including Vistria, swooped in to buy what remained of Apollo at a price 90% below its share price before the investigation.
As Vistria's education investment portfolio bulged, a number of Obama Education Department officials, including Secretary of Education Arne Duncan, ended up taking high-level jobs with Vistria.
Don't forget to revisit past Obama Administration Scandal favorites such as:
#6 the IRS targeting Republicans scandal
#12 the VA's deadly waiting lists for veterans
#2 Hillary Clinton's illegal use of an unsecured, hackable home-brew server for her official duties as secretary of state
#21 Fast and Furious gunwalking program