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(Studio: Lesley Stahl) Senate reported scheduling hearings for September on problems with student loan program. Report introduced.
(Sacramento: John Blackstone) Investors in First Independent Trust (FITCO) guaranteed student loans reported claiming federal government duped them into high-risk investment; Education Department noted charging investors are liable for government insurance premiums FITCO failed to pay. Scenes shown of investors Pete Ranzani boxing and Cheryl Poe on game show, from Sacramento, California, protest and of FITCO chairman Dino Evangelista. [Investors RANZANI, Cheryl POE, Maurice POE, Corrine TEMPLEMAN, California banking department James GILLERAN - comment.] [Investors' task force Greg VOELM - says government failed to regulate program.]
- Blackstone, John;
- Stahl, Lesley
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