The vise appears to be tightening at the for-profit education giant ITTEducational Services. Its profits are collapsing, its stock is below $2, and last Monday the company got bad news from the Education Department in Washington, a main overseer.
ITT, which operates 138 campuses in 39 states, said it had received a letter from the government demanding $44 million to cover potential obligations that might arise, such as student refunds. The department cited increased risks at ITT as the reason for the demand.
