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Private Equity Asset-Stripping Strategy Meets Charter Schools to Produce Even Better Looting

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'How long will this theft of public property be allowed to continue?'  This article explains the financial shenanigans of unscrupulous charter operators.  Unjustifiably large portions of charter fees go to unproductive rental payments and financing fees, as opposed to education, and to taxpayers, who over time face inflated costs to fund profiteering masquerading as education. These practices have been perfected by for-profit charter corporations, but faux-nonprofits do it too. 'The nub of the looting strategy is the acquisition and leaseback of lavish buildings to house charter schools. Because charters are correctly perceived to be risky tenants, bond financings for these purchases are at junk bond rates, with financing costs  heaped on top of what are unjustifiably high rental charges, by virtue of putting schools in educationally unproductive glamorous digs.' 

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At www.truth-out.org

 

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I began teaching in 1963,; Ba and BS in Education -Brooklyn College. I have the equivalent of 2 additional Master's, mainly in Literacy Studies and Graphic Design. I was the only seventh grade teacher of English from 1990 -1999 at East Side (more...)
 

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