Wednesday, March 4, 2009

Loan Charity's High-Flying Guests Exposed

From CBS News:

CBS Evening News: Educational Nonprofit Under Fire For Transporting Politicians With Money That Could Have Gone To Students

(CBS) Educap is a multibillion-dollar student loan charity run by CEO Catherine Reynolds. As CBS News Investigative Correspondent Sharyl Attkisson reported Monday night, Educap is under investigation by the IRS and Congress for alleged abuse of its tax-exempt status because it charges high interest on charitable student loans, and provides lavish perks with millions in compensation for Reynolds and her husband.

CBS News has obtained exclusive details of what may have been the biggest charity perk: use of Educap's $31 million luxury jet, which costs thousands of dollars an hour to operate.

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