The biggest players in Ownership Society school reform are tightening their belts a notch. Bill Gates lost $1.5 billion in personal wealth last month. This knocks him down to # 2, behind Warren Buffet on the Forbes richest list. When the list was released last month, four members of the Walton family, descendants of Wal-Mart Stores Inc founder Sam Walton, held positions 4 through 7, each with fortunes of about $23 billion. New York City Mayor Michael Bloomberg was at No. 8 with a fortune estimated at $20 billion.
Eli Broad also lost $1.5 billion. Broad made the bulk of his fortune when he sold his financial company, SunAmerica, for $18 billion to AIG in 1999. Broad’s holdings in the insurance giant were worth $1.7 billion in April, when the shares were trading above $39. Now with those shares trading around $4, his stake has shrunk to around $100 million assuming he hasn’t sold the stock. Broad’s wealth is now estimated at $5.3 billion.
“America is on sale…and we’buying”
So says Whitney Tilson, the hedge-fund operator bankrolls Joe Williams and Democrats for Education Reform (DFER). Tilson’s group is making out like bandits, buying up securities cheap after panicked sellers cut and run.
Several money managers I spoke to, (they and their activity will remain nameless until they disclose it, it is not my place to do so) were practically laughing at the prices at which they were buying equities. Despite a 14% drop in the Dow in 48 trading hours, this was a very happy group of people.
Debacle for Dallas teachers
In what is being called a “budget debacle,” more than 1,400 Dallas Independent School District employees will lose their jobs this month under a layoff plan approved Thursday evening. On the chopping block now are an estimated 550 teaching jobs, more than 400 of which are in "core" subject areas – math, science, social studies and English/language arts.
One teacher writes on The News' Dallas ISD blog:
"My principal read straight from a script, with no emotion. ... It's pretty sad that teachers are getting fired, while Hinojosa and the other administrators responsible are sitting pretty with their six-figure paychecks."
Deborah Toler, a nurse at Maple Lawn Elementary, accused administrators of hypocrisy.
"They are getting rid of the wrong people," she wrote on the blog. "Even though my position is considered 'safe,' I am not certain that I can just sit back and watch what is happening here."
Teacher Sara Mokuria asks for advice:
I am (was) a teacher in Dallas ISD. Due to "an oversight" the district is in the hole 84 billion dollars and counting. The first plan of action-which began last Thursday- is to fire teachers and non-contract employees, 1400 people. We have three "unions" and the best they could do was get teachers compensation until January. I am a first year teacher, certified with a double master's being told I can substitute for $90 a day, but I no longer have a job. I am losing all passion and motivation because of the corruption in this city. Any words of advice?
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