Monday, October 5, 2009

Drake Law Prof Backs Consumer Financial Protection Act

It is nice to see that you got all dolled up for this photo, Cathy. With your six-figure salary and soft schedule, one wonders why don’t you do this more often. (After all we have been through together, I feel comfortable calling you Cathy. You remember when I came to your office to go over my first semester Contracts exam, and you icily said, “If you want, I can go to the Registrar and change your grade to an “F”?) Until now, I have chosen not to bring this up on my blog – I didn’t want to come across as spiteful.

From Cathy’s lips:

"This legislation will provide the government with consolidated and focused ability and willingness to protect consumers from dangerous financial products in the same way the government has always protected consumers from exploding toasters," Mansfield said.

Will such legislation address protecting consumers, i.e. students, from the DANGEROUS FINANCIAL PRODUCTS known as student loans and third tier legal education? If not, can the proposed legislation be amended to include such protections? After all, six-figure student loan debt with no job prospects is a much bigger problem than an exploding toaster. You can at least toss the appliance out or get a refund. If your house burns down because of a defective toaster, you file an insurance claim. In contrast, one cannot discharge student loans in bankruptcy.

Cathy continues:

"Regulation of financial products is now spread out over many federal agencies that don't have consumers as their primary concern," she added. "Having one agency focusing on the needs of financial consumers will lead to stronger consumer protection. I believe if any agency like this had existed during the past 10 years we could have avoided the subprime mortgage market driven economic meltdown of the last year."

Yeah, we all know how much concern law school profs, university administrators, admission officers, and student loan companies have for their consumers/victims. Law schools definitely have the interests of law students as their primary concern. Here’s some food for thought: If TTTs had not been allowed (by state agencies and the ABA) to put out false and misleading employment and starting salary info, we would not have such a gross oversupply of lawyers and JDs in the marketplace. These figures cause lemmings to apply to TTTs. These consumers end up with massive student loan debt loads, as a result of this fraud.

Since she loves consumers so much, ask Cathy if she will be happy to support legislation, or draft statutory language, whereby students can discharge their student loans in bankruptcy. Her email address is

Cathy, if you truly want predatory lenders to provide better disclosure and to be held to tighter regulations, then you should also require the same of Sallie Mae and the law school industry.


  1. You're so right. She's the biggest hypocrite in the planet to talk about protecting consumers while working for a company commiting fraud against poor 22 year old students daily. I wish I had the guts to email the bloody rag, but I don't.
    P.S. I had a likewise evil professor who lived under the bridge in the back of the school.. or so we liked to say. She actually shut the door in my face after I showed up to her office 5 minutes late for a 15 minute meeting... even though I had the police report in hand that I got into a car accident on my way to school. That was the only appt. she offered the students the entire year. I hope she died of a heart attack. I have yet to have a judge act as obnoxiously for the same offense. You're getting me angry thinking about it.

  2. You should know that it's not just so-called lower tiered schools that engage in the practices about which you speak on this blog. Your law school neighbor, University of Iowa College of Law - a school that repeatedly calls it self a "Top 25 School," suffers from all of the same problems and distortions you encountered at Drake.

    At UofI, you will encounter nothing but hostility from most administrators and faculty, the good faculty has departed for greener pastures, there is an overemphasis on 'diversity,' there is no assistance whatsoever with helping students connect with the job market (even if there was one to begin with), and the people who live off the backs of tuition paying students couldn't care less about any of this because they're making their six figure incomes in their cushy do-nothing jobs.

  3. Amazing how much law professors can make even at TTT. I attended an unaccredited law school before its upgrade to TTT and professors were already making at least $150,000.

    One professor lamented that academia doesn't pay as well as working for a firm or corporation. That same professor also claimed that he worked 50 hours a week. He taught a total of 5 hours that week. Office hours were maybe 2-3 hours. What else could fill his time?

  4. Prof sounds like a real piece of ____ (work?).

    Amending the bill to ensure that Sallie Mae and the scum schools that prey on unsuspecting 22-year-olds are held accountable is a fantastic idea.


Web Analytics