It’s true. Our counsel informed us that we didn’t need to register. Counsel was wrong. Now we have new counsel :) We’ve submitted all the paperwork and have worked closely with California. This all happened a long time ago. I’m not sure what the right level of regulation is (it’s hard taking care of 50 states at once - one state registration was 2,277 pages and weighed 25 pounds https://twitter.com/austen/status/1153…
Sue your old counsel? They will probably settle.
Giving advice that turned out to be wrong is a long way from proving legal malpractice.
Can someone tell me what a Lambda school is? From the comments here it appears its a specific class of school. From their site it just looks like a regular online learning company.
It's a scammy, for-profit, private school that charges $30k+ for online classes. Edit: 20k up front, versus 30k if taken out of your salary over 2 years. That's around 20% interest. They mention that payments are 17% of your income, but this is calculated pre-tax and paid after taxes.
I can't speak for Lambda, but this is also how AppAcademy in NYC operates. I used to work for a consulting company that hired multiple AppAcademy graduates and paid them $90-100k starting salary. Before that, they were making half that money, and we never would have hired them without the skills they learned at AppAcademy. The skills they acquired were worth vastly more than the tuition. They didn't have to go into debt to get the education. And had they failed to score a higher-paying job with a company like ours, they wouldn't have had to pay anything. This is a win across the board for them, and it's a pretty typical result.
Right but it'd be worse if you had the student loan debt AND don't get a degree (or at least a reputable one) because it's a scam.
I mean, is a university education not a sort of scam? They are giving people degrees that cost far too much to justify the kind of job you'll get coming out.
> I mean, is a university education not a sort of scam?
Whether or not "college education" in general is "a scam" can be debated for sure.
But we aren't talking about "college education" - imagine paying for "college education" but it's a scam so you end up with less money and no education.
25 lbs of paperwork to register an online school? Sounds less about protecting students and more towards protecting incumbents and cronies.
With scams like trump university out there are we really complaining about some paperwork? If a school isn't capable of handling that paperwork, perhaps they shouldn't be school.
I live in a place where the city council has all sorts of leeway on how to apply restaurant regulations when a new business wants to open. And just as you might expect, those who don't have city connections get a lot stricter enforcement of those regulations. Maybe if the US was more Nordic in its government corruption, I'd be more pro-regulation, but I see them abused all the time to keep the insiders rich and the outsiders poor, and the public unprotected.
This is distasteful coming from the founder of this institution.
I'm pretty sure he dug through my history before making that comment and is downvoting any comments that are negative.
There are likely many people down voting based on the content of your comments here. Specifically, calling a school "scammy" and being generally negative about it, without providing much reason. For context, 30k is about 1/4 what I paid for my B.S., and mine did not come with a guarantee of employment. Is there some other reason you consider Lambda School to be a scam?
I used to work in compliance and the number of regulations that are punitive punishments for bad things that actually happened is just astounding. SOX compliance is arduous but it only exists (and is as strict as it is) because some banks decided to destroy the global economy just to make a bit of money and couldn't understand why this was a bad thing.
Sox was passed in response to Enron. While that may have been a big failure, it had no effect on the wider economy. In fact Enrons scandal only came out after the 2001 recession ended... the economy grew during and after Enron’s failure.
And how much time lapsed between identifying the problem, notification, committee meetings, proposal, final draft, voting, and enforcement?
When the government makes you waste a a day filling out paperwork to prove that your dog food doesn’t contain human remains, don’t blame the regulators. Blame the guy before you who made a buck by vertically integrating his cannery and his morgue.
I used to work in compliance and the number of regulations that are punitive punishments for bad things that actually happened is just astounding. SOX compliance is arduous but it only exists (and is as strict as it is) because some banks decided to destroy the global economy just to make a bit of money and couldn't understand why this was a bad thing.
SOX exists because of Enron / Arthur Anderson / Tyco / half a dozen others, not banks.
People who don't like the idea of capitalism in general tend to not be huge fans of Lambda School. But we only get paid $30k in the case where you get a software engineering job after Lambda School that pays $85k+. Everyone else pays less, and absolutely no one pays more than $30k. Our upfront tuition for the nine-month, full-time course is $20k if paid upfront.
This is distasteful coming from the founder of this institution.
I don't read his comment as intended to be demeaning, but more a statement of fact. And it reads true to me. I have no skin in the game, but I follow a lot of the bootcamp-related discussions online, and what he said sounds exactly right to me. There are a ton of people who hear the idea of an ISA and say "so we're bringing back slavery?? thanks SV geniuses!!", and they seem to disproportionately come from the late stage capitalism crowd.
After reading this thread and considering it, the regulations seem fine, but lack of consistency between states seems to be a large pain-pont. I realize California isn't just "any" state but needing to seek unique approval from up to all 50 states just to run an online school seems like a really high (and expensive) bar. It would be nice if more states cooperated on things like this. Then you seek approval from the c…
The "lack of consistency" between state regulations is a feature, not a bug. States are Laboratories of democracy.