Wednesday, September 29, 2010

BBC bailout of mismanaged L.A. charter chain

The L.A. branch of the Billionaire's Boys Club, led by Eli Broad, Frank Baxter, and former mayor Richard Riordan, came up with a fresh infusion of cash to temporarily save a failed charter school operating company and help it meet payroll. ICEF is one of the nation's largest private operators of charter schools. It operates 15 schools in the city's low-income minority neighborhoods.
ICEF representatives and others said the group's budget problems were caused by insufficient reserves; an overly ambitious expansion — 11 new schools in three years — that resulted in costly debt... (Howard Blume, L.A. Times)

1 comment:

  1. How could it possibly be that the ICEF board, which happens to be filled with CEOs, investment bankers, a senior officer for the Gates Foundation, etc., couldn't keep their organization financially straight?


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