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CFPB Takes Action Against Coding Boot Camp BloomTech and CEO Austen Allred

consumerfinance.gov

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Re: CFPB Takes Action Against Coding Boot Camp BloomTech and CEO Austen Allred

#191

Post by TeaBrain »

layman51 wrote: post #149
willcipriano wrote: post #7

[flagged]

In my experience, colleges (at least those that are not-for-profit) don’t actively try to convince you to attend their campus. The expectation or pressure to attend generally comes from their family, friends, and school community. If a reputable college really wants a student to attend, their financial aid office will generally find a way to lower your costs. Or else they will deny your application, or at best load y…

My youngest brother is a high school senior who was recently admitted to an Ivy around three weeks ago. Since then, he has gotten a decent amount of physical and electronic mail on why he should attend. I think highly ranked schools have an incentive to convince admitted students to attend to keep their yield rate high, which factors into their ranking.

Re: CFPB Takes Action Against Coding Boot Camp BloomTech and CEO Austen Allred

#192

Post by nickzelei »

When do the enforcements go into effect? My wife went through Lambda in 2020 and still is being hounded by them even though she does not work in a related field. Has to prove salary, show statements, etc. Does this mean she no longer will need to do this?

Re: CFPB Takes Action Against Coding Boot Camp BloomTech and CEO Austen Allred

#193

Post by LMYahooTFY »

abnercoimbre wrote: post #99
imzadi wrote: post #66

I attended Lambda when it was first starting out. I think I was in the third or fourth cohort. At the time, the sell was that you didn't have to pay anything unless you got a job using the skills you learned from them. I was pretty naïve, I guess. Things seemed fine in the beginning. The instructors were good, and I liked that there were actual live classes. Things degraded very quickly. They kept changing the format…

Please contact the CFPB, it is worth your trouble. Everyone's blood should be boiling reading TFA, such as: > Allred tweeted that the school achieved a 100 percent job-placement rate in one of its cohorts, and later acknowledged in a private message that the sample size was just one student.

This a sad amount of dog piling for HN.

I know dozens of students who attended and turned their lives around because of the program.

I see Lambda Alumni on every page of LinkedIn job boards.

I'm sure some people had a bad time, but all of the ISA issues GP stated are clearly stated in the contract, and these calls for "jail time" are absurd. People clearly know almost nothing about the program, or its success rate.

Don't forget that Student Loans still make this look like charity by comparison in virtually every way.

Re: CFPB Takes Action Against Coding Boot Camp BloomTech and CEO Austen Allred

#194

Post by natpalmer1776 »

ImPostingOnHN wrote: post #185
natpalmer1776 wrote: post #178

Earlier quoted context omitted.

I mean, I agree with the sentiment but good luck codifying that in a law that won’t be abused to convict innocent people who were convenient patsies while letting guilty ones walk free due to the “subjective” nature.

Sarbanes Oxley already codifies corporate officer responsibility into law, so there's a pretty clear precedent.

Does Sarbanes Oxley codify culturing a culture?

As far as my cursory glance at wikipedia has informed me, the act itself works around the “plausible deniability” by requiring certain disclosures containing factual information be signed off by key executive staff rendering it impossible for them to say “I didn’t know!” with regards to specific material information.

The blanket concept of holding executive staff accountable for the wrongdoings of the company would mean a lot more disclosures, forms, sign offs, etc. for “any” eventuality that would render the position pointless as they wouldn’t have any time to actually do anything useful.

Because at the end of the day how do you prove that joe schmoe CEO actually fostered a culture that resulted in criminal acts? This isn’t even mentioning the individuals who were actually involved and directly culpable.

Re: CFPB Takes Action Against Coding Boot Camp BloomTech and CEO Austen Allred

#195

Post by beau_g »

tempsy wrote: post #21

Biggest red flag for me is Austen has basically become a full time right wing reactionary on X/Twitter

I don't know anything about this guy or his beliefs, but the biggest red flag for me is he has a normal name with weird spelling. I don't trust anyone with this naming configuration.

normal name - normal spelling - ok weird name - normal spelling - ok weird name - weird spelling - ok normal name - weird spelling - no go

I don't want to hear some Jane Austen excuse either.

Re: CFPB Takes Action Against Coding Boot Camp BloomTech and CEO Austen Allred

#197

Post by adeon »

LMYahooTFY wrote: post #193
abnercoimbre wrote: post #99

Earlier quoted context omitted.

Please contact the CFPB, it is worth your trouble. Everyone's blood should be boiling reading TFA, such as: > Allred tweeted that the school achieved a 100 percent job-placement rate in one of its cohorts, and later acknowledged in a private message that the sample size was just one student.

This a sad amount of dog piling for HN. I know dozens of students who attended and turned their lives around because of the program. I see Lambda Alumni on every page of LinkedIn job boards. I'm sure some people had a bad time, but all of the ISA issues GP stated are clearly stated in the contract, and these calls for "jail time" are absurd. People clearly know almost nothing about the program, or its success rate. D…

If 90% of students have a good experience but the 10% of students have a similar experiences to the poster there, then I still think Lambda is another ethical disaster of a start-up.

"It's better than a typical USA student loan" is a very low bar.

Re: CFPB Takes Action Against Coding Boot Camp BloomTech and CEO Austen Allred

#198

Post by ChrisArchitect »

ChrisArchitect wrote: post #120
adam_gyroscope wrote: post #81

Full link to consumer financial protection board announcement: https://www.consumerfinance.gov/about-us/newsroom/cfpb-takes...

Shoulda posted that if you knew there was a link

(merged in comments from a dupe post)

Re: CFPB Takes Action Against Coding Boot Camp BloomTech and CEO Austen Allred

#199

Post by CPLX »

CPLX wrote: post #113
homefree wrote: post #107

Earlier quoted context omitted.

I thought the idea behind lambda was good I was a lot more surprised by PG's strong support for Mighty which seemed a lot more bizarre. Though his recent tweets wrt Israel have been the most disappointing for me.

Thanks for reminding me of that. That was one of the dumbest fucking startup ideas most people had seen in awhile. Many just sort of said the obvious out loud, which is that it made no fucking sense as a business, and then all these rich supposed geniuses tried to shout them down. Even by the usual standards of the genre that one was a head scratcher.

Amusing addendum: https://news.ycombinator.com/item?id=26957215

Re: CFPB Takes Action Against Coding Boot Camp BloomTech and CEO Austen Allred

#200

Post by __mharrison__ »

abdullahkhalids wrote: post #166
__mharrison__ wrote: post #135

Earlier quoted context omitted.

Not surprising. Was the founder technical? Have any insight about education?

He didn't need insights about education. Just needed to hire 5-10 profs with significant industry experience and ask them to create a curriculum. But from the stories it seemed like a bunch of amateurs were playing the move-fast-break-things game.

I think you made my point...
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