The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

Big Business Uses Charter Schools to Loot Education

Nov 26, 2012

Both the federal and state governments give private companies generous grants and loans for starting charter schools – that is, schools that are funded publicly but managed privately.

Of course, that provides an opportunity for quick-buck “entrepreneurs” to make a profit by going in and out of the “education business.”

In September 2011, for example, the California College Career and Technical Center (CCCTEC), a charter school operator in Sacramento, took off with nearly one million dollars in grants and loans from the federal and state governments. It closed its doors after only one year, leaving students stranded.

But the fly-by-night scam artists are two-bit players compared to the Wall Street speculators moving in on public schools.

Federal officials recently announced huge grants to three of the biggest charter chains: 9.5 million dollars to KIPP (sponsored by Donald and Doris Fisher, co-founders of Gap, Inc.); 3.1 million dollars to Alliance for College Ready Public Schools (sponsored by Eli Broad, a billionaire real estate developer); and 1.9 million dollars to Rocketship Education (sponsored by the Waltons, owners of Wal-Mart).

After the stock market, after home mortgages, after car and student loans, the same Wall Street bankers and “venture capitalists” that brought down the whole economy now have their eyes trained on the education “market,” where they see nothing but billions of dollars of taxpayer money to be looted.

Every penny of their booty comes from public education funds. This is the real aim of “school reform.”