Florida pension fund investor OK'd to buy private school company

[Judi Lynn]

"Posted on Wed, Nov. 12, 2003

Florida pension fund investor OK'd to buy private school company
Associated Press

TALLAHASSEE, Fla. - Shareholders of a company that operates private schools have approved the company's sale to a money management firm that invests part of the state's pension fund, bringing renewed criticism from Democrats who say the company isn't a good investment.

Edison Schools Inc. shareholders approved the management-led merger deal Wednesday in New York. The private money manager, Liberty Partners, will pay about $174 million total to own 96.3 percent of Edison.

Edison has been at the center of public debate about for-profit education. Disappointments with some big contracts and complaints about its performance helped cause Edison's share price to plummet.

Liberty invests a small portion of the state's $92 billion pension fund. But the pension fund is the sole client for which Liberty currently invests money and Democrats in Florida and the state's teacher union have criticized the deal as not good for pension fund members or state taxpayers. (snip/...)

http://www.miami.com/mld/miamiherald/business/7246691.htm

[whathappened]

1. so flordia will

be the first to try out the dummie's brand new school for the children and get there foot in the door and give it a try , jr. just amzes me when these new idea's come and go in his little mind , and brother jeb is more then willing to give brother jr. his pot of gold for these so called get rich fast ceo of private schools can sell there books and supplys to the unspecting people of flordia who have no union and are proud as hell to say this state is a free to work state and we will have no unions to mess things up for big buiness , who's next for the bushes on there path of detroying union , ya can bet these new schools will have no union school teachers

[La_Serpiente]

2. They had a whole

documentary on Edison schools on PBS.

[SoCalDem]

3. Check these links out..

http://www.google.com/search?hl=en&ie=ISO-8859-1&q=edison+schools+neil+bush&btnG=Google+Search

[salmonhorse]

4. That is what vouchers are all about...

It's got nothing to do with 'compassionate' conservatism or leaving no child behind. Vouchers are the camel's nose make no mistake about it. It is all about profiteering. Separating chruch & state will be seen as a piker's wet dream compared to America's very most dire need to be separating capitalism from our Democracy.

[The Backlash Cometh]

7. Republicans are brainwashed into believing that things will go

smoother if you pay someone a salary in the private sector to do a job, than to pay someone in the public sector.

This insanity even goes into community service for volunteer positions that involve recreational sports activities. I had this argument with a Repubican soccer parent. Because a volunteer in a pivotal position was totally incompetent, the solution that the Repub parent came up with is that they'd do a better job if you paid him/her a salary. My solution is to get rid of the cronyism and remove the volunteer from the job and find someone who can do the job competently and for free because it's time to stop gouging the parents.

Republicans just don't do community service for free. That's a myth. If they volunteer to serve as Treasurers, watch out!

[salmonhorse]

9. You're damn straight they don't do community service!

The sharks circling the profiteering of education include no-less than William Bennett; stock owner in a company publishing text books (now wouldn't be a nice little kicker at the slot machine for him to throw away?), and Neil Bush; hocking 'educational' software (software, i just love the handle when there is too often so little 'soft' about it when it is used to herd people down, into, and through sheeple shutes) and certain others from within The Bush Family Oligarchy. Many more to be sure.

They hate us. They hate: We The People. But they are intoxicated; they just love the smell of our money. They simply can't make enough of it by way of their other time sensitive and running down, no more goods & services = layoff/cook the books to balance the bottom line schemes but to pilfer it straight out of our treasury. Along with a little blood I will add here ~

[teryang]

5. Enron II for the State Pension Fund

Would you invest your money in a company that hadn't made a profit in twelve years?

This is jebFRAUD's idea of the making a bottom line decision. Save this article. It could be exhibit one in the lawsuit against the governor/thief's breach of fiduciary duty as the pension funds trustee when Edison Schools goes bankrupt.

Don't make a business decision based upon politics. What a f......g liar! He is asking the state's teachers to invest in a scheme which is designed to put them out of a job.

Doesn't jebFRAUD have a huge conflict of interest? Isn't he violating state ethics laws? Well he got away the 300,000,000 million dollar Enron fraud of the state pension fund. I guess he thinks he's untouchable.

[teryang]

6. St. Pete Times editorial on the fraudulent Bush scheme

http://www.sptimes.com/2003/09/26/Opinion/Investing_in_irony.shtml

Another "I have a devious plan" from jebFRAUD.

[Judi Lynn]

10. It's great to see the S.P. Times running this editorial

So few dissenting opinions are ever aired.

From the article:

(snip) The Edison buyout raises a host of uncomfortable policy questions for the state Board of Administration, which oversees the pension fund, and the irritation to retired public school teachers may be the least among them. Edison is largely failing as a for-profit alternative in the public school market, which means not only that any investment in its future carries considerable risk but that the buyout puts the state in the odd position of using teachers' pensions (nearly half the pension members are teachers) to prop up their adversary.

That may taste delicious to Gov. Jeb Bush, a proponent of privatized education who has endured relentless attacks from teacher unions, but it has caused enough heartburn that public employee retirement funds in Los Angeles, New York City and Ohio have banned the practice. In Florida, House Democratic Leader Doug Wiles already has fired off a letter to Bush, noting that Edison is planning to nearly double Whittle's salary in part as reward for getting the state's money.

"This transaction will risk the hard-earned savings of Florida's public employees on a private company that has lost millions of dollars, is deeply in debt, has been subject to SEC (Securities and Exchange Commission) scrutiny, and is being sued by its shareholders for misleading accounting and disclosure practices," Wiles wrote Thursday. ". . . Our public employees have dedicated their lives to public service and I'm certain that the majority would not approve of a significant investment in a business that seeks to eliminate their own jobs." (snip)

Thanks a lot, teryang.

[gbwarming]

8. added insult: half the pension fund members are PUBLIC school teachers

what a Jebrific lose-lose

[AP]

11. privatize the gain, socialize the risk. Taxpayers are final guarantors for

the wealth and success of well-connected individuals.

If your business is failing and you're a right-winger, don't worry, a Republican governor or president will bail you out with public money.

[Tempest]

12. Why is Liberty Partners buying Edison? Follow the money

http://talkingpointsmemo.com/old/sept0304.html

Go to the (September 27th, 2003 -- 12:41 PM EDT ) entry.