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Old 01-13-2018, 02:39 PM  
gblowfish gblowfish is offline
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The Payoff for DeVos Pals

Guess who gets the vendor award? Take a wild guess....

https://www.washingtonpost.com/news/...=.9625f8529e19

A company that once had financial ties to Education Secretary Betsy DeVos was one of two firms selected Thursday by the Education Department to help the agency collect overdue student loans. The deal could be worth hundreds of millions of dollars.

The decision to award contracts to Windham Professionals and Performant Financial Corp. — a company DeVos invested in before becoming secretary — arrives a month after a federal judge ordered the department to complete its selection of a loan collector to put an end to a messy court battle. Windham and Performant beat out nearly 40 other bidders for contracts valued at up to $400 million, but their win may be short-lived if the losing companies fight the decision.

“The selection of only two [companies] opens the door to protests from the unsuccessful bidders,” Michael Tarkan, senior research analyst at Compass Point, wrote in a research note on Performant. “Based on prior contract awards, we would not be surprised to see protests, lawsuits and appeals which could all delay the start date for the new contract.”

Historically, the department has used as many as 17 companies to recoup past-due student loans. Earlier attempts to whittle down the number of firms have been met with resistance. Companies that lost out on a 2016 debt-collection contract have been embroiled in a lawsuit that has prevented the federal government from assigning new accounts.

The department selected seven companies to manage the portfolio two years ago, sparking protests at the Government Accountability Office, which faulted the agency with mismanaging some of the bids. A few firms filed complaints with the federal claims court, leading authorities to put a hold on all new assignments. The Education Department had estimated that the order cost taxpayers $640,000 in collections in one month.

The newly awarded contracts are supposed to resolve the litigation, but the selection of Performant could raise eyebrows.

Performant is linked to LMF WF Portfolio, a limited liability company that once counted DeVos as an investor. LMF was one of several firms involved in providing Performant with a $147 million loan in 2012, according to regulatory filings. DeVos was required to divest from LMF within 90 days of her confirmation as secretary, but at the time of her appointment, Democrats said they were uneasy about the influence she could still wield over companies with which she has had a relationship.

Education Department spokesman Nathan Bailey said Thursday that DeVos had “no knowledge, let alone involvement,” in the new debt-collection contract. Richard Zubek, who heads investor relations at Performant, said in an email that the company “has never had any direct or indirect contact with Secretary DeVos or anyone related to Mrs. DeVos.”

Performant was among the companies that protested to the GAO about the Education Department’s 2016 contract decision. In its response to the protests, the GAO outlined the Education Department’s evaluation of the dozens of companies that submitted bids at the time. Windham’s management was rated satisfactory and its past performance deemed “exceptional,” earning the company a spot among the seven firms selected then. Performant’s management was rated “marginal,” while its past performance as a contractor was deemed “satisfactory.”

“It simply does not make sense that the agency would choose to work with lower-rated [companies] with marginal ratings that do not have an exceptional past performance record,” said Todd Canni, an attorney for Continental Service Group, one of the bidders. “While we continue to await more facts, we are deeply troubled by the optics and appearance issues associated with the agency’s award decisions.”
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Old 01-13-2018, 02:54 PM   #2
stumppy stumppy is online now
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Old 01-13-2018, 03:20 PM   #3
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This is going to really piss off republicans. I remember how mad they were when Obama.......
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Old 01-13-2018, 03:50 PM   #4
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Old 01-13-2018, 03:58 PM   #5
IowaHawkeyeChief IowaHawkeyeChief is offline
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The government has a contractual process and this will be reviewed and litigated.

Interesting article on the changes proposed.

http://money.cnn.com/2017/04/21/pf/c...vos/index.html


Obama made it much more favorable to those in default... That doesn't encourage repayment. It also looks like Obama was looking to narrow the number of contractors to 1 or 2 as well.

The government has a contractual process and this will be reviewed.
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Old 01-13-2018, 04:50 PM   #6
HonestChieffan HonestChieffan is offline
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I dont care as long as every damn deadbeat who is failing to pay is found and the money taken back by force if necessary.
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Old 01-13-2018, 04:55 PM   #7
Garcia Bronco Garcia Bronco is offline
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Quote:
Originally Posted by HonestChieffan View Post
I dont care as long as every damn deadbeat who is failing to pay is found and the money taken back by force if necessary.
That might be a little extreme.
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Old 01-13-2018, 04:57 PM   #8
Garcia Bronco Garcia Bronco is offline
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Originally Posted by IowaHawkeyeChief View Post
The government has a contractual process and this will be reviewed and litigated.

Interesting article on the changes proposed.

http://money.cnn.com/2017/04/21/pf/c...vos/index.html


Obama made it much more favorable to those in default... That doesn't encourage repayment. It also looks like Obama was looking to narrow the number of contractors to 1 or 2 as well.

The government has a contractual process and this will be reviewed.
All of the ED contracts have a protest after they are awarded.
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Old 01-13-2018, 05:00 PM   #9
Jim Hammer Jim Hammer is offline
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Quote:
Originally Posted by IowaHawkeyeChief View Post
The government has a contractual process and this will be reviewed and litigated.

Interesting article on the changes proposed.

http://money.cnn.com/2017/04/21/pf/c...vos/index.html


Obama made it much more favorable to those in default... That doesn't encourage repayment.
How do you get the bolded from the article?
Quote:
The Obama administration put rules in place to strengthen the rights of student borrowers and make debt repayment easier.
Making stuff up again.
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Old 01-13-2018, 05:14 PM   #10
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Old 01-13-2018, 10:57 PM   #11
Garcia Bronco Garcia Bronco is offline
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How do you get the bolded from the article?

Making stuff up again.
He's talking about loan forgiveness and reducing the period of time from 25 to 20 years. Thus decreasing the motivation to repay the loan.
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Old 01-13-2018, 11:06 PM   #12
Jim Hammer Jim Hammer is offline
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Originally Posted by Garcia Bronco View Post
He's talking about loan forgiveness and reducing the period of time from 25 to 20 years. Thus decreasing the motivation to repay the loan.
Missed that part. My apologies.
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Old 01-13-2018, 11:10 PM   #13
GloryDayz GloryDayz is offline
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I'm no Devos fan, but is this a bad thing? Are the companies that were selected qualified? It's not rare for government contract awards to be contested, but in the end if these two contractors are qualified, it'll be hard to argue others were more qualified.

But hey, that's government contracting, ya gotta payoff every member of congress I guess.
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Old 01-13-2018, 11:14 PM   #14
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What about th Canadian firm that F’d up the Obamacare website. How about the solar company... oh ya. Blame Bush. **** off liberals. Sad and tired 💤
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