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According to Stossel there is a financial corruption going on in American schools. He claims that there is a myth that the education system needs more money. US spend more on schooling than the vast majority of countries that obtain better results in the international tests. But the bureaucrats still blame school failure on lack of funds, and demand more money.

An auditor has been charged for having changed business records in an effort to help conceal the theft of more than $11 million. The district superintendent is accused of stealing more than $2 million; the assistant superintendent for $4 million and a former school accounting clerk for $780,000. Money shall have been used on artwork, jewellery, foreign trips and home mortgages. The scandal that has resulted in a state-wide changes in the way school finances are audited.

A federal grand jury in Kansas indicted a former college-basketball coach last month on charges that he arranged for his players to receive phony academic credit and stole $120,000 in Pell Grants. The former coach faces a total of 51 years in prison and over $1.5-million in fines if found guilty of all counts.

An online university that supposedly granted a graduate degree in business to a pet cat was sued Monday for consumer fraud by the Pennsylvania Attorney General's Office.

California State University back on probation: a basketball coach tries to arrange for a player to receive credit for courses he never took.

La Salle University, a religious degree-granting correspondence university, was shut down by the FBI for issuing falsely accredited degree in 1996. Due to the fraud, the students were notified personally or through advertisements that they could receive restitution from the over $ 10 million seized from La Salle. However, due to a bad computer system it is still possible that some students were left out.

The president of Nevada's largest college is demoted amid allegations of nepotism, harassment, and petty corruption.