If we didn't convey the urgency of the issue, then we haven't been particularly successful. We are literally in daily deliberations about how much further we can
go.
Sallie Mae posted a significant loss today after brutal 9 months. SLM's stock has tumbled from a height of about $60 last spring to $18 as of this writing.
Sallie Mae has been a prolific lobbying machine. We're pretty sure they communicated the effect of the Student Loan Sunshine Act to Congressmen. Yet no one listened. Instead of Sen. Kennedy sitting at his desk with a large smirk since he's driven private lenders out of the FFELP program, he has to deal with the embarrassment that he contributed to the demise of the federal student loan program. We presume that Sen. Kennedy and his colleagues will continue to blame the credit/liquidity crisis as the culprit. But let's be honest: even if liquidity were available, no lender would make money loosing loans.
Good job guys!
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