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AROUND THE WEB
St. Petersburg Times
September 24, 2003
If the deal stands, the fund that provides for pensions of Florida public school teachers will own a company [Edison] that privatizes school management
Florida's state pension fund is investing $174-million in a controversial for-profit school management company.
Through one of its money managers, Liberty Partners, the pension fund has agreed to buy out the shareholders of Edison Schools Inc., taking the New York company private.
In effect, the fund that provides for the retirement pensions of Florida teachers and other public employees will own a company that has played a leading role in privatizing school management.
Josh Marshall comments:
So, you start a company to privatize education and take on the teachers unions. Your company fails miserably both in terms of the market and academic success. Then after you've hollowed the company out to cover your other bad debts friendly pols come along to bail you out with a couple hundred million from the teachers' (and other public employees') pension fund. I love symmetry.
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