October 15, 2012
LOWER EDUCATION BUBBLE UPDATE: The AP Scam. “Fraudulent schemes come in all shapes and sizes. To work, they typically wear a patina of respectability. That’s the case with Advanced Placement courses, one of the great frauds currently perpetrated on American high-school students. That’s a pretty strong claim, right? You bet. But why not be straightforward when discussing a scam the scale and audacity of which would raise Bernie Madoff’s eyebrows? . . . It’s clear the College Board has the mentality of a voracious corporation, charging $89 a shot for an exam to millions of students who have no business taking it.”
There’s nothing inherently moral about a non-profit. It just means the stakeholders get paid in less transparent ways.