A public policy colleague in Washington likes to retell an observation and joke that made the rounds as President George W. Bush was leaving office:

'When President Bush realized he had screwed up half-way through his presidency, he then decided to really screw things up, because he knew if he did, whatever Democrat who won in November 2008 would not succeed, because he'd have to deal with and confront so many daunting problems!'

A colleague based in Washington, D.C. recalled that moment in the 1960 presidential campaign when Kennedy's campaign staff knew that John F. Kennedy would defeat Richard Nixon. It occurred that fall, just before their first televised debate -- the first presidential debate ever broadcast on television.

The then Sen. Kennedy, a Democrat, was fresh from a vacation at the Kennedy Compound at Hyannis on Cape Cod, Massachusetts. He was bronzed from days spent sailing in the sun, and he was well rested. He looked like a Greek sculpture.

Conversely, the then Vice President Nixon, a Republican, looked ashen, tomb-stone white, with deep-set eyes from weeks of campaigning.

And as is the norm before a show, the TV producer asked Kennedy if he wanted some make-up.

"Nah, I don't want any make-up," Kennedy said, and motioned off the make-up man with his hand.

Nixon, perhaps trying to match Kennedy, and despite his sweaty face, refused make-up, as well.

The scandals in the student lending industry continue. On April 1st, I wrote about student loan companies taking phone calls for college financial aid offices. Apparently, an Education Department official and financial aid directors at several collges received stock in a student loan company's private placement. This has has "Pay to play" written all over it. The President of the student lending company, Student Loan Xpress, characterized the stock transfers as "gifts" while several of the recipients claim to have paid for them. Either way, this raises two questions:

• Assuming they did pay for the stock: Is it appropriate for financial aid directors to have such a close relationship with an executive at a student loan company that they are purchasing stock in a private placement?
• If it was merely a gift, why was their relationship so close that he decided to give them a gift. Or was it a quid pro quo? "I give you stock in my company, you steer students towards us for their lending needs."

It's hard to imagine any way that there isn't some foul play involved here. The colleges involved, Columbia, University of Southern California, and the University of Texas at Austin have placed the individuals involved on leave. With college costs careening out of control, students need to be able to count on receiving unbiased advise from the financial aid offices at the colleges they are attending. Senator Ted Kennedy of Massachusetts is conducting an inquiry into student lending practices. This may be just the tip of the iceberg in what could break into a full-fledged scandal. Hopefully this will get the media attention it deserves.