"The University of Phoenix, the publicly traded grand-daddy of for-profit colleges, made headlines a few weeks ago with the revelation that the company's enrollment had dropped 50 percent over the past five years. … John Murphy, a co-founder of the University of Phoenix, isn't surprised by any of this news. Murphy argues that the company lost its direction when it abandoned its roots, which were serving working adults, not recent high school graduates. … [I]t was the combination of chasing stock prices with the temptation of the open spigot of federal loans."