Education Profiteering: Wall Street’s Next Big Thing?

By Jeff Faux | Published October 15, 2012 by Alternet

Wall Street’s involvement in the charter school movement is presented as an act of philanthropy, but it’s really about greed.

The end of the Chicago teachers’ strike was but a temporary regional truce in the civil war that plagues the nation’s public schools. There is no end in sight, in part because — as often happens in wartime — the conflict is increasingly being driven by profiteers.

The familiar media narrative tells us that this is a fight over how to improve our schools. On the one side are the self-styled reformers, who argue that the central problem with American K-12 education is low-quality teachers protected by their unions. Their solution is privatization, with its most common form being the privately run but publicly financed charter school. Because charter schools are mostly unregulated, nonunion and compete for students, their promoters claim they will, ipso facto, perform better than public schools.

On the other side are teachers and their unions who are cast as villains. The conventional plot line is that they resist change, blame poverty for their schools’ failings and protect their jobs and turf.

It is well known, although rarely acknowledged in the press, that the reform movement has been financed and led by the corporate class. For over twenty years large business oriented foundations, such as Gates (Microsoft), Walton (Wal-Mart) and Broad (Sun Life) have poured billions into charter school start-ups, sympathetic academics and pundits, media campaigns (including Hollywood movies) and sophisticated nurturing of the careers of privatization promoters who now dominate the education policy debate from local school boards to the US Department of Education.

In recent years, hedge fund operators, leverage-buy-out artists and investment bankers have joined the crusade. They finance schools, sit on the boards of their associations and the management companies that run them, and — most important — have made support of charter schools one of the criteria for campaign giving in the post-Citizens United era. Since most Republicans are already on board for privatization, the political pressure has been mostly directed at Democrats.

Read more: http://www.alternet.org/education/education-profiteering-wall-streets-next-big-thing

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