Partner Paper No. 3: Wall Street Money & Massachusetts Schools
17 Dec 2015•Education, HedgePapers, Seth Klarman
Hedge Clippers is happy to partner with Massachusetts Jobs With Justice to bring you a new expose on how huge amounts of out-of-state hedge fund cash is now pouring into Massachusetts to fund lobbyists and politicians with the aim of privatizing education in the Bay State.
Since 2014, hedge fund managers have spent millions to try to eliminate New York’s cap on charter schools, with much of that money funneled through Families for Excellent Schools. FES organizes charter school parents to lobby for charter school expansion, and was essential to pulling off the large pro-charter rallies in Albany and NYC that have helped advance Governor Andrew Cuomo’s school privatization agenda. It spent more than $9 million on political lobbying, a state record.
With a few victories under its belt and a start-up grant possibly earmarked by Boston hedge fund billionaire and Republican money man Seth Klarman FES expanded its operations into Massachusetts, where the fight over charter school expansion is starting to heat up (and where the Secretary of Education is also an FES trustee!).
This report explores how Wall Street financiers created, control, and fund FES to advocate for more charter schools.