"He was a member of the Appropriations and Intelligence committees, and chaired the House Intelligence Subcommittee on Human Intelligence Analysis and Counterintelligence during the 109th Congress. He was considered a leading Republican expert on national security issues. He was also a champion of education, using his position on the Appropriations Education Subcommittee to steer federal dollars to schools in San Diego."I wonder if his position on the education subcommittee enabled him to have a role in student financing? I was looking through the campaign contribution records, and i stumbled across a guy called Cary Katz throwing a heap of money at repuglicans, and i noticed that he was from Poway, and wondered whether he might be involved with the poway mafia - wilkes et al.
It turns out that Cary has a company in the student loan business:
College Loan Corporation, headquartered in San Diego, is the nation’s seventh largest student loan provider, owning and managing more than $8 billion in student loan assets. The Company has helped more than 500,000 students and families pay for college. More than 850 colleges and universities have designated College Loan Corporation as a preferred lender...He's 35 year old.
Founded in 1999, College Loan Corporation has grown to more than 500 employees. (link)
Cary's first donations were in April 1997 (when he was 26, and working in another student loan company) - $2000 each to Menendez, Robert (D-NJ) and Deutsch, Peter (D-FL). In 2000, he gave $500 to independent Jeffords in VT in 2000, and since then he has caught the donating bug - $230,000 to a bunch of the usual repuglican hacks (to put that amount in persepctive, you can become a famed Bush Ranger for raising $100k of other people's money)
Here's a partial list:
$55000 to the NRCC
$25000 Freedom Project - John Boehner (R-Ohio), (Chairman, Committee on Education and Workforce, possible DeLay successor. The Freedom Project, has raised $31k from Abramoff's tribal clients.)
$20000 American Prosperity - Duke Cunningham (R-Criminal)
$16000 Milead Fund - Peter Hoekstra (R-Mich) , (Chair, Select Committee on Intelligence)
$15000 Americans for a Republican Majority - Tom Delay
$10000 Together for Our Majority - Tom Reynolds. (R-NY), (Chair, NRCC. )
$10000 Impact America - Sen Gordon Smith, (R-OR)
$10000 21st Century PAC - Howard P. “Buck” McKeon (R-CA)
$8000 Mike Ferguson (R-NJ)
$7500 Majority Initiative-Keep Electing Repubs - Mike Rogers (R-Mich)
$3500 Carolina Majority PAC - Joe Wilson, (R-S.C.)
and a few others...
Incidentally, there was a $25k donation to the NRCC on june 30, 05 - the same date that our friend ziyad abduljawad did the same thing. Given that ziyad's donation was just 3 weeks after the Duke story broke, i wonder whether ziyad's donation may have been 'earmarked' (laura and i have speculated about this process here), and if so, by whom, and for what. It was cary katz's similar transaction that piqued my interest - he had already donated $5k to the NRCC in April, making him one of the top NRCC donators in this cycle.
I don't know anything about the student loan industry - is it tightly controlled? any scope for corruption and/or 'favours' ? or is Cary just a movementarian? did they buy a clause in the bankruptcy legislation? Or perhaps they purchased this: "current legislation will raise the interest rate on these loans significantly, to 8.5% as of July 1, 2006."
it's not every day that a company grows to $8bn in assets in a few years.
Also interesting, there's a guy, Ryan Katz, who is involved in a similar business, is similarly successful, who gave big bucks to all the same congresscritters, and who lives just up the road from Cary. (I can't find a familial, or any other, connection.) I've written a separate post on Ryan, here.
Cary "also serves on the board of a nonprofit organization, Stop Child Predators Partnership, established to help protect children from sexual predators." (link)
here's the Stop Child Predators Partnership team:
--------------------
- Cary Katz, Chairman and President - Founder/ CEO College Loan Corporation
- Viet Dinh, Founding Executive Director -He serves on the Board of Directors of News Corporation
- Elizabeth Wood - Director - CFO of College Loan Corporation
- Lizette Benedi - Project Director - Former Deputy Assistant AG for Office of Justice Programs at US DoJ
- Mark Corallo - Communications Director - Former Director of Public Affairs at U.S. DoJ
---------------
Apparently that's the way to get a successful campaign launched - start with something that will scare the rubes, add one part newscorp, one part big repug donor, and one part govt press flack - mix with a falafel, and voila. The Stop Child Predators Partnership doesn't actually seem to do anything - the website has only one 'news' piece, from august. you'd think they'd at least try to keep track of which states are implementing 'Jessica's Law' - or just put a link to o'reilly's website every time he rants.
Mr Corallo is an interesting character - an Ashcroft hack who now has his own lobbying firm:
From 2003-2005, Mr. Corallo was the Public Affairs Director for the U.S. Department of Justice. In this capacity he served as the official spokesman for the Attorney General and the Department of Justice on all matters including the Global War on Terrorism.(for an earlier post of mine on livingston, see here - Livingston is possibly involved in the sibel story. Livingston has 'lobbied' for turkey to the tune of $9million, more than Feith and Perle.)
From 1996-1999, Mr. Corallo served as Press Secretary to U.S. Representative and Chairman of the Appropriations Committee, Bob Livingston (R-LA).
via digby, here's a story about Corallo and the clinton impeachment:
In a surprising disclosure, Baker says that shortly before the impeachment drive went to the House floor in December 1998, Republican House Speaker-elect Bob Livingston wanted to call the whole thing off.On the eve of the Libby indictment, Rove called on Corallo for advice.
Livingston, who would soon be forced to resign over his own marital infidelities, told an aide, Mark Corallo, "We've got to stop this. This is crazy. We're about to impeach the president of the United States."
Corallo convinced Livingston to reconsider. "Boss, we have a rapist in the White House," he said...
Cary Katz certainly found himself some powerful friends since he got rich.
for my other katz posts, see here, here, here and here
63 comments:
Interesting post. I do believe that Ryan and Cary are brothers. Their father is Marcus Katz and he started the Georgia School of Bartending which closed in the late 1980s for bankrupty and fraudulent activity. He since then owned several student loan agencies.
There is a lot more to this story but I am getting too old to open up a can of worms.
anon - i always knew there was more - what can you tell me? (email me if you prefer)
lukery
Don't cross a Katz they'll get ya! Unless your richer!! :)
lots of people seem scared of em, huh.
what else can you tell me about them?
Look into Pearl Baker who is Marcus Katz live-in girlfriend and the front behind another couple of student loan companies.
Cary Katz company College Loan Corporation has some very strange hiring and firing of employees. There is a group of loan consultants called the Maryland Mafia and they are protected at all costs. There is a big atmosphere of fear and they seem to promote those who are inept and shut up while firing those who dare to question the inequities or who are actually good at what they do. You should find out by calling someone at Goal Financial.
There is so much competition in the FFELP student loan world that most of these companies will be out of business soon.
Borrower benefits is how these folks compete and nowadays? The kid makes one on time payment and instantly receives a 1% interesty rate reduction plus an automatic principal reduction.
How many credit cards offer that?
And the Federal Government's Direct Loan Program? Call them up to ask for a rate reduction and wait two-three years for those Washington bureaucrats to answer the phone!
Looks like the dems are finally going to throw the "money changers" out of the student loan program! The pig trough is going to dry up for these private lenders who have been gouging the taxpayers by bribing the republicans to pass their legislation that favored them in the past. The Katz brothers who had their businesses handed to them by daddy Marcus are going to need to branch into mortgage loans just to survive. Cary Katz is quite the gambler. Look it up. Now he won't have the taxpayers money to throw away in Vegas anymore. Will daddy come to the rescue again?
It would be nice if people actually got ALL the facts straight and did a little more unbiased research. By reading this blog, it looks like some sort of conspiracy theory. In all candidness, while some of the information on here seems accurate, reading this blog would make you think someone is guilty of a crime, or at the very least, is unethical. It is unfortunate that someone that is successful automatically is looked at as someone that did something wrong. There must be some very bitter people out there for some reason. I worked for College Loan Corporation a while back and have never worked for a company that cared so much about its customers and its employees. Even some of their best sales people were fired if there was any question of impropriety. Talk about throwing people under the bus without looking at the whole picture! I didn't know that donating to campaigns (and disclosing it) was illegal. WOW
If Cary Katz was successful because of hard work or coming up with a new product or idea I'd give him props but he was only successful because daddy got banned from the student loan industry (look up marcus katz) for ripping off students at the Georgia School of Bartending and had to put his sons and girlfriend on the company books. And the company was not successful because of Cary Katz and his great and ethical business! He and his family flat out BRIBED the repuglicans in power by massive monetary donations thus hurting the students and parents who needed college loans. As the saying goes Cary Katz was born on 3rd base and thinks he hit a home run. He's a pompous ass and knows the truth. He's a fraud.
Ummmm...how did he hurt the students and parents who needed college loans? What legislation did they affect that did that? Do you know?
Ok. I guess I have an open mind. What am I missing here? If memory serves, when i was there, CLC was one of the only lenders that defeated legislation that restricted borrowers from choosing who they wanted as a lender (what they called the single lender rule). That significantly helped students because it opened up their ability to choose lenders. What did they do to hurt students? I am unaware of that company doing anything that would be against the students. I think you may be confused on your information regardless of how he got into the business. Again, maybe there is something I don't know but I would like to hear the answer. I don't follow your logic. You say he is successful because his father ripped off people at a bartending school? What does that have to do with things? I did a little research myself and it looks like his father owns a completely different company. How did this company grow so quickly and become successful versus other lenders. I am unsure of the answer but he (or someone else) must have done something right. I just want to hear the facts that's all. I have just seen speculation on here with nothing to back it up. The fact that people gave donations to politicians is certainly not a smoking gun. I hope you are as open as I am to looking at the facts and not connecting the dots with speculation.
I have no idea why CLC would open a mortgage company in this market. If the house of cards is going to fall soon, the honest hard working bees will be the last to know…wait, the honest hard working bees of New Century mortgage were the last to know, I guess forget Enron.
Two posters back stated, "How did this company grow so quickly and become successful versus other lenders?"
I worked for little brother's company (Goal/SLCC) for a number of years and it's quick growth can be attributed to it's aggressive marketing campaigns. One of which were the mail pieces sent to borrowers. If you had a loan that could be consolidated you probably received many marketing pieces in the mail. These pieces were made to look like they came from the government and Goal was actually reported to the Better Business Bureau because of this (and their membership subsequently revoked).
When the Duke visited San Diego before the 2004 election (far before he got the boot), we were told he was coming to Goal to speak about the work he was doing to help students and borrowers (which was also apparently the company's goal). In reality, he came to drum up support for Bush and Republicans in general.
Needless to say it left my fellow co-workers and I sick to our stomachs. I was happy to see the Duke get his just desserts.
Previous poster...AND YOUR POINT IS???? Yes, Duke went to jail and he should have for what he did. But are you falsely connecting the dots and accusing GOAL of doing something wrong with Duke? Can you show how Goal hurt ANY students at all? A piece that looked lie it came from the government?????? Do you know how many pieces I get from companies of MANY different industries that look "official"? The fact of the matter is thet GOAL did nothing wrong and did not break the law in any way. Why don't you accuse the Publishers Clearinghouse of falsely stating you won the big prize while you're at it! Grow up people! When you have any facts on how GOAL or any other company hurt students in ANY way. let me know. All I see on here are potentially slanderous remarks and baseless accusations. Oh..and why did they grow so quickly? Bribery? I think not! Try interest rates dropping to their lowest levels ever and GOAL and a few others being amongst just a few companies to go directly to the consumer. Certainly not a crime but just a small company using innovation and good service to compete with the big guys. I hope the readers of this blog can sort out fact from fiction.
Really, this is such bs. The reason Cary Katz started CLC was to provide excellent service to students and parents, educating them on the whole loan and financial aid process, not just throwing them an application like most banks do. He is by far the most ethical person in the industry. And for the record he is nothing like his brother and father, who are both weasles who see the industry as a get rich scam. That's why They have NOTHING to do with CLC. And who did it grow so quick? SWEAT EQUITY! As a former employee who was there on day one, Cary worked at a card table 24/7. He has always treated his employees wonderfully. CLC is the Nordstroms of the industry, and Cary Katz is a wonderful, generous employer.
I agree with the above, I worked for Cary and he is a very ethical person, and really treated his employees well. As for his brother and father they are a different matter and from what I have heard throught he student loan grapevine Cary does not do business with them. According to recent news accounts the father, Marcus, is starting up a new football league. Hopefully Cary will stay away from that. Just because people contribute to the same "repuglicans" as you call them, does not make them all unethical. The bottom line is, democrats want to take student loans out of private lenders hands, so they can make the money off the interest rate. If this happens, future students are in big trouble, because anytime the government takes over something 100% the client/consumer gets screwed.
COLLEGE LOAN CORPORATION FINED $500,000 for what? UNETHICAL BEHAVIOR! Uh, what did you just say about Cary Katz and his "ethical" behavior??
http://www.magickaschool.com/courseDetail.php?page=7
This is how the Katz family has made money off their massive repuglican "donations" (not by hard work and the sweat of their brow): Banks and other private companies lend money to students. The federal government pays part or all of the interest -- currently 7 or 8 percent. The government also guarantees the loans! No risk at all to the Katz! They can't lose! They're not the brightest tools in the shed and in fact, are derided as country bumpkins from Georgia that "daddy schooled real well in how to take money from Uncle Sam and the taxpayers.
What is wrong with this picture? Well, the government itself borrows the odd nickel to finance the national debt. This borrowing, obviously, is also guaranteed by the government. For that reason, it carries an interest rate of only 3 or 4 percent. If the government can borrow money at 3 or 4 percent, why should it pay 7 or 8 percent for the privilege of guaranteeing loans to someone else? Wouldn't it make more sense for the government to lend the money itself?
That is the $4 billion question (the approximate annual cost of the interest subsidy). And the answer is: Of course that would make more sense. It is what any level-headed businessperson would do. So, what is stopping the government from behaving like a level-headed businessperson? Not those head-in-the-clouds Democrats. It's Republicans, who adopted the student loan "industry" in its infancy, like a stray cat, and have nurtured and protected it ever since. There actually is a parallel student loan program that uses government funds. It was started in the early days of the Clinton administration. It costs less to operate, and it has not been tainted by scandal. But when the Republicans regained control of Congress in 1994, they pushed through a law forbidding the Education Department to encourage use of this program. As a result, direct federal loans account for only 25 percent of all student loans.
Somebody is obviously bitter and has a bone to pick with the Katz's. They did nothing but follow the rules set forth by the federal government just like virtually every bank in the nation. Oh, and they provided better service than the banks so they took some of their market share. I call that innovation. You somehow want to make this country a socialist republic. National Healthcare that doesn't work anyone? Federalizing everything? The government may have paid too much to lenders. That is nobody's fault but the government. The next time you go to the store and they have a huge sale are you going to not buy the item because it is too cheap and you don't think the company is making enough money? It's cal free enterprise dude. And innovation. If you don't like it, I hear North Korea is a great place to live. Yea, they are pretty successful too.
WARNING CLC employees (the few that are left). College Loan Corp will be laying off 145 of you on Nov 12! Here is the link: http://www.costar.com/News/Article.aspx?id=C99C136CD0455ABBCCFC474A4A4784CF&ref=1&src=rss
Layoff....Whoever thinks they are so clever about notifying people about layoffs, you are a little late. That layoff happened on Sept. 12. College Loan was nice enough to pay all those employees an extra 60 days of wages in addition to regular severance so the effective date wasn't until Nov. 12. WOW. Talk about out of the loop.
Im not sure if my last post went through. Lisa Richards just left the company. LaBreche and her were the best the company had. We're screwed.
It seems like the party is over at CLC. LaBreche and Richards gone spells doomsday. I think we're now realizing who really ran the company when things were good. There is no faith in current management.
Yes, the party is almost over. CLC is down to a bare minimum of 80 people. I wonder how long that will last.
Brooks Kelly + College Loan Corporation = reason why company has failed. Got rid of the better performing lc's to keep his roomate and others that were his buddies. Terrible communicator (if he communicated to you at all) and did not manage at all. This is why company has failed.
These posts crack me up. It's gotta be tough to get canned when you're making 80-120k as a sub-par salesman, and now it's months down the road and you can't find anyone that will hire you for half the money and you're bitter about it. Yeah, Brooks ruined you right? Nothing to do with the fact that you couldn't even figure out how to take orders over the phone. If Cary fixes CLC I'll go back for another job no question.
These posts are hilarious. Legislation put this company and others out of business or close to it. Brooks Kelly had nothing to do with anything but he wasn't a great manager. Cary Katz is a hermit who never came out of the office and always told us we were strong and meanwhile keeps letting employees go. I think this company and Cary got lucky when things were in their favor. Yes we made good money but we know Cary built a ginourmous house for multimillions. He made all the cash and let his people out to dry. I wouldnt go back because my friends still there said it is a nightmare.
I agree with the post from 3/16. Brooks hasn't even worked at CLC since October, so I assume it's been at least that long for the people still griping about him.. I actually liked him and think whoever this must be just one unhappy person who blames him for their poor performance. Take his picture off your dartboard and Move On! I had Kevin and Carla as managers too and liked him the best. He didn't micromanage and I was never shocked when he let someone go. In fact when things got slow he would let some of the bottom performers go so that the best LCs could take the calls, quite frankly, it kept us top performers happy and we made good money. Yea, I felt bad for some people who were let go, but this is sales, perform or you're gone. I do know there was much more to the issue of his roommate though it did seem suspect if you did not know all the facts. LaBrech and Richards were great, I always felt that our input was well received and acted upon, I'm sorry to see people who were responsible for CLC's success be laid off, but the Dems trying to nationalize student loans are to blame not Cary.
For all you CLC haters out there imagine this.. If it were not for CLC locking in hundreds of thousands of students at 2.875% on their student loans, those borrowers would now be paying over 7%. Who really benefited from CLC? The borrowers.
Couldn't agree more with the latest comment. Management was great at CLC and CLC was a great place to work. The only reason I found this site was because I googled Cary to see what was going on with CLC. I can't believe people take the time to create whole websites dedicated to bashing people.
The demise of CLC was not all Cary's fault but he had something to do with it. I worked for him for 4 years and he barely even ever said hello if I walked right past him. He has no idea how to manage his people and he replaced good people with bad. I have two friends left there and they are miserable. He lied to us on several occasions or stretched the truth and drove the company into the ground along with the Democrats.
It is amazing that the spider monkey is still working at CLC. Thats all I have to say.
ATTN remaining CLC employees: your job is in jeopardy. The company will look much different in September than it does today.
What's happening?
Cary Katz and his brother got lucky and were in the student loan business at the right time. Cary was on the edge of filing bankruptcy when the market changed. He is no genius just lucky, he is a gambler. He basically paid people relative to what he was making. He made a killing off offering borrowers very little incentives and using scare tactics telling the borrower (when comparing other companies borrower benefits)"those benefits can be revoked" he wasn't in the business to help students. If you crossed any manager there you would be fired, bottomline. CLC was a joke. Where are all the employees now that made him money? Gone! More to life than making money unethically. Live with that in the next life Cary.
I get it.
Cary Katz does not toss and turn at night worrying about the students and employees he affects with his selfish business decisions. It does not matter whether he dons the ubiquitous green jacket or poker visor, Cary dresses up for Cary and Cary's friends.
Now, as a service to the few remaining employees of Cary - those who survived the multitude of layoffs, worked hard, and have been trying their best to believe in what they are doing while they fret about job security (remember you a year ago?), can you please drop the coy bull and spit it out? What happens in September?
I have been reading these for some time and refrained from making any remarks but some things people say are just untrue. For the record, I was one of the persons let go and I still strongly disagree with the decision. However, to characterize Cary as uncaring or someone that made money unethically is simply untrue. I am quite sure he loses sleep over what has happened to the company. Do I agree with all his decisions? No. Do I think he was out to make money? Of course, that is what business is about but he also treated his employees well most times and certainly built a company that was pro consumer. No, the benefits weren't stellar but no benefits companies offered were great. They are all done for marketing.
In the end, everything that went down sucks but whoever says he did something unethically is, in my opinion, speaking from emotion and not fact.
... and what happened with Education Finance Partners today?
Cary Katz should be ashamed of himself. Many have suffered.
He has no shame. The man's soul was replaced by dollar bills a long time ago.
I am"lucky" enough to be one of the survivors. Cary Katz lips continue to move but nothing real comes out. The industry has had tough times but this man has run the company into the ground. I am sick of being lied to. I agree with the past poster that he has sold his sole to the devil. You should see how some of his "boys" suck up to him. Michael Boyd is a horrible leader yet he must be brownnosing Cary. Once I find a job at even 75% of the pay, I am GONE!
Whoops. I spoke to soon. Me and half the remaining company were booted today. I guess I won't have to deal with the continual lies of our master. I guess that growth you talked about is another lie ha Mr. Katz. Everyone says you are rich. I hope you can sleep at night because it was us little guys you screwed. Yo say it was the politicians. I say it was you.
Sorry you got the boot today, but wait a few months and you may eat your words. Hating the man that paid your mortgage, car payment and everything else for the last x years seems strange to me. Many of us have been struggling since we left and you should be thankful that you got to ride along with Cary as long as you did, IMO.
What am I waiting a few months for? He lied to us. Over and over and over and over. How many more times can someone stomach his town hall lies? I don't hate the man. Just have no respect for him.
I'll bet you still work for the company.
In a few months, when you see how tough the job market is, I'm saying you may then appreciate that you were employed by CLC as long as you were. Mabye not. I was laid off in February.
I'm not arguing the point that he blew hot air repeatedly in the meetings. I wish he would have just been frank about the situation too - he lost a lot of respect because of that.
Oh I appreciated the company and the job but I don't really think Cary Katz had as much to do with the success of the company than a lot of other people. He got lucky. I think he went along for the ride like many of us. The difference is he gets to live in the Katz Castle and lay off us peons while he continues to lie and say things are good. Another employee friend of mine saw the house and said it is fit for a king that Cary thinks he is.
If I don't even hear the term town hall I will be better off. Now I have to find a job before my severance runs out.
Cary Katz screwed the little guy. We were pawns, small bugs he could care less if he squashed. Selfish.
I don't know who you bashing loser douche bags are but obviously you don't know the Katz' family.I drank many a beer and hung out with Cary,bro Ryan,dad Marcus.Nobody ever even heard of the fucking Plus Loan when Marcus started NELC .People were thrilled.Marcus is a genious and little ecentric because of it.But he is a thinker,an innovator.Cary too.If there was ever a party at EFG ,everyone who worked at EFG (Marcus old company)was invited,Labreche,a loan consultant at the time and then a mgr had a loft downtown where we could go party for the downtown gigs like superbowl or street scene.We were like a family. CLC (Cary)and SLCC(Goal)-Mathison and I were the first employees at SLCC These companies were started as family companies by small owners who happened to have a pot to piss in because Marcus and Cary were basically able to sell UICI and few rooms full of computers and phones to UICI so they could close it down because we (the salespeople) were so freakin good we were making an impact and scaring people in the industry.Marcus didn't lose the right to work in the industry,he just pissed off the schools by sending the parents applications for the Plus and Stafford directly and the scumbag financial aid directors had a harder time getting kickbacks from SLMA and the like.
My wife was the first person probably to do a consolidation for UICI at 8.25%,that was after Cary left and frankly,no one else would deal with them.Cary started CLC and did some Plus loans and struggled,but when interest rates went down.He came up with Consolidation,either he ,Marcus,or Ryan did anyway.CLC,SLCC and a hell of a lot of other companies made bank.As for them not being too intelligent,I'd disagree.Let Marcus explain his theory on Baccarrat to you or try a fantasy football or baseball league with Cary and see how you do .We probably made more than we were worth,had Christmas parties at the finest locations ,I remember walking out of the elevator into a casino when Marcus had one at the U.S. Grant,the night I met my wife.A CLC PADRES suite for CHRISSAKE for ALL of the employees.A golf tourney which was always a wonderfully drunken melee',softball team,we could play darts and putt in the office(Goal too)hour lunch at anytime,stretching it at the Brigantine. I had a write up file 3 inches thick ,which Brooks showed me(he was cool by the way)and I got paid through November,2007,with a generous severance. Brooks left me alone as a mgr,just like Carla,who by the way,in my eyes,and the eyes of many,the perfect mgr.I also must say that anyone can bash with the name anonymous,obviously you backstabbing douches are hoping you can go back and work for the Katz' in the future.
Look on the bright side. We worked for a celebrity. The Emperor Who Had No Clothes.
One word
GREED
According to www.campaignmoney.com/political/contributions Cary Katz is desperately trying to buy influence within the Republican circles. This year alone he's donated $48,000 to Republicans. No matter what Cary spends he won't be able to buy his dignity, morals or reputation back. Karma dude, karma. Enjoy your dirty money from buying off politicians in the past Katz. Money cant buy you happiness or class.
Why would Cary need to buy his dignity, morals and reputation back? Back from what? He never lost those attributes. He is a great man; he was great to work for and some of us are taking it harder than others because we lost our jobs. Two words: Poor Loser. Get another job and move on with your life. You are so green with envy that Cary is, was and will be again an extremely successful businessman.
I laughed out loud when I saw someone call Cary Katz a great man. You must be his mother because nobody at College Loan thinks that. I don't know about the other poster but I got a better job within weeks at 20k more a year.
It's hard to be green with envie of a man like Cary Katz. He may have money but he lacks personality and looks down on the people with no money. He is a lucky fake. Whoever said tht stuff that Cary Katz is a great man must be his mother. Anyone who knew him at work knows different.
Cary Katz plays poker like he lives his life. I played at The World Series Of Poker Main Event and I had the pleasure of playing with Mr. Katz for 12 hours. He started by questioning how I managed to pay the ten thousand dollar entry like he was better then me. Then he concluded after many questions that I was a democrat. He proceeded to needle me and another English player about our political choices and beliefs. He continued to praise George W Bush and you could see the fear in his eyes with new administration in power. After some investigation I see why he was so scared. I really enjoyed the message that read on his website.
"Important Message
Due to the credit crisis, College Loan Corporation is not currently funding student loans. We are working diligently to secure new financing"
He cannot stand to sit and pick hands wisely. He played 90% of the hands dealt to him in hopes to catch hands to win. After paying ten grand and traveling to Las Vegas most players are careful and deliberate but not Cary. I have played with thousands of people in poker career but I will remember Cary Katz because he struck me as a greedy and arrogant snake. I guess if you can afford to donate fifty grand a year to benefit your business and greed this should not be a surprise.
If anyone thinks that these donations were harmless they are crazy. After knowing him for twelve hours I couldn't be happier that his gravy train has run out.
I hear he placed 159th out of a field of almost 6,500 in the World Series of Poker.....must be a pretty good player. To the guy who sat with him for 12 hours -- what did you place? You sound like just another bitter liberal, if you ask me.....
Is that you Cary? I know you have more time on your hands now that the money spigot has been shut off. You know your in deep when your writing a check for ten grand to the McCain/Palin campaign. Where is GOP now buddy? Its easy to gamble when your playing with dirty money. I might have played slightly different if If I had unlimited funds. Now why would I be bitter? Us liberals will leave that bitter part to the right. Great to see all you fucks stomping your feet. It will take a while for us to unravel the mess so strap yourself in its gonna be a long ride.
This is the real story...Thanks for summing it up.
This is how the Katz family has made money off their massive repuglican "donations" (not by hard work and the sweat of their brow): Banks and other private companies lend money to students. The federal government pays part or all of the interest -- currently 7 or 8 percent. The government also guarantees the loans! No risk at all to the Katz! They can't lose! They're not the brightest tools in the shed and in fact, are derided as country bumpkins from Georgia that "daddy schooled real well in how to take money from Uncle Sam and the taxpayers.
What is wrong with this picture? Well, the government itself borrows the odd nickel to finance the national debt. This borrowing, obviously, is also guaranteed by the government. For that reason, it carries an interest rate of only 3 or 4 percent. If the government can borrow money at 3 or 4 percent, why should it pay 7 or 8 percent for the privilege of guaranteeing loans to someone else? Wouldn't it make more sense for the government to lend the money itself?
That is the $4 billion question (the approximate annual cost of the interest subsidy). And the answer is: Of course that would make more sense. It is what any level-headed businessperson would do. So, what is stopping the government from behaving like a level-headed businessperson? Not those head-in-the-clouds Democrats. It's Republicans, who adopted the student loan "industry" in its infancy, like a stray cat, and have nurtured and protected it ever since. There actually is a parallel student loan program that uses government funds. It was started in the early days of the Clinton administration. It costs less to operate, and it has not been tainted by scandal. But when the Republicans regained control of Congress in 1994, they pushed through a law forbidding the Education Department to encourage use of this program. As a result, direct federal loans account for only 25 percent of all student loans.
College Loan Corp.
San Diego, CA: (Jul-23-07) The New York Attorney General's Office brought a lawsuit against College Loan Corp., a San Diego-based lender of student loans, alleging that the firm provided perks to schools that placed the firm on preferred lender lists. According to the office of Andrew Cuomo, the company offered various perks to school financial aid offices and gifts to their personnel so that the company would be selected as a preferred lender. Students taking out loans usually choose their lender from such lists. Among the perks were providing meals, entertainment and travel expenses to school financial aid officials; providing personnel to work for the financial aid offices during busy periods; and providing free printed materials to about 565 financial aid offices.
I was laid off from CLC a few years ago right after New Years Eve. I asked HR why he did the lay offs then and not before Christmas. Heather Brown responded by saying Cary doesnt like to lay people off during the holidays. I talked to Cary a few times and hes a big douche. Everyone is afraid of the guy unless your a loan consultant. Everyone else kisses his ass.
Cary Katz is a backwoods Georgia hick who was lucky enough to have a father who cut ethical corners and buy his boys into a business subsidized by the Republican party. That is why you see all of the contributions by Cary to the right wing nutcases. He can't operate a business in a fair and competitive environment; he needs to have the government guarantee him a return. He couldn't fail even if he tried to! He's a short, ugly dweeb with no personality or smarts. If he was born to Joe Schmoe he would be bagging groceries or fixing cars. He couldn't run a business that required smarts and hard work in a free market. I can only imagine what a jerk he would be to play poker with. He is all show and no substance and his character is sorely lacking honesty, humility and self-awareness. He's a waste of space and is widely loathed.
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