4.5 • 705 Ratings
🗓️ 31 July 2019
⏱️ 9 minutes
🧾️ Download transcript
Click on a timestamp to play from that location
0:00.0 | Polkenaxis ProRotter, where we take just 10 minutes to get you smarter on the collision of tech, business, and politics. |
0:10.1 | Brought you by Silicon Valley Bank. Ideas Bank here. |
0:13.2 | I'm Dan Permac. On today's show, top tweeted moments from last night's Democratic debate, and a toy startup raises 10 million to bring its characters to life on |
0:21.7 | Instagram. The first, varsity blues gets a sequel. So earlier this year, it seemed that all of |
0:27.2 | America was up in arms over the college admission scandal, in which dozens of wealthy parents |
0:32.5 | essentially bribed their kids' ways into schools like Georgetown and USC. So far, it's already resulted in some |
0:38.7 | jail sentences, plenty of fired executives, and lots of sleepless nights for the parents who |
0:43.3 | utilize the services of a disgraced college counselor Rick Singer. But now we've learned about |
0:48.1 | yet a new way to cheat the college admissions process, and it might be legal. |
0:53.2 | Gordon of the Wall Street Journal, a small college counseling group in Chicago called |
0:56.8 | Destination College told affluent parents that their kids could get financial aid if their |
1:01.9 | parents gave up legal guardianship or transferred it to someone else. |
1:05.8 | In other words, imagine I'm a father making half a million dollars, but my kid only made |
1:10.0 | a couple grand from a summer job. Now, normally a college would look at my income, not my kids, but if I'm no |
1:16.0 | longer his legal guardian, then the college only looks at that summer job money and deems him |
1:20.9 | eligible for aid. Moreover, state and federal governments do the same. They look at that for aid also, |
1:26.6 | which is why the U.S. |
1:27.8 | Department of Education is now taking a long look at this scheme, according to a blockbuster |
1:32.3 | new report in the Wall Street Journal. The bottom line here, college costs have become so high |
1:37.1 | that even the wealthy are trying to avoid them. And it seems that they might have found a legal |
1:41.7 | loophole to exploit. In 15 seconds, we'll go deeper with the Wall Street Journal reporter who broke this story. |
1:47.0 | But first, this. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Axios, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Axios and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.