What makes the for-profits different... requiring such regulation as the gainful-employment rules?

Official photographic portrait of US President Barack Obama (born 4 August 1961; assumed office 20 January 2009) (Photo credit: Wikipedia)

Here's the Obama Administration's explanation:
http://www.insidehighered.com/news/2014/05/22/paper-argues-profit-colleges-operate-and-should-be-treated-differently#sthash.dUvhhIbq.dpbs

For me it's simple:  Profit motive has no place in education at either the K-12 or higher ed levels.

Further, the formula for get-rich(er)-quick(er) in the for-profit higher ed arena is simple:

1.  Sell your product to under-qualified vets, the unemployed and anyone else you can attract.

2.  Help them get federal loans.

3.  Let them flunk out and default.

4.  Pocket your profits: from the federal titty to you through the filter of the students.

5.  And if you get caught, well, the fines and court settlements are just another cost of doing business.

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