Eli Broad (rhymes with toad)
An accountant by training, Eli Broad made a killing peddling track homes during the housing bubbles with his firm KB Home. Later he was also the CEO of Sun Life, which he sold to toxic mortgage derivatives powerhouse AIG, Inc. When AIG received over $170 billion in TARP bailout funds for their credit default swap (CDS) loses, Broad pocketed tens of millions as an AIG preferred shareholder. Although he’s often cited as a philanthropist, Broad has mastered the art of using non-profits as a tax shelter to push through his ideological and business aims — particularly in the education sector. Looking to infuse the remains of the public sector with the corporate mindset, Broad established the The Broad Residency in Urban Education and The Broad Superintendents Academy. [1] These organizations recruit corporate executives, ex-military officers, and other non-educators to take the place of educators in various positions in the school system. The Broad Foundation typically pays for their placement and salaries, which meets little resistance by the impacted districts. His vision for school closures, reconstitutions, and widespread privatization has caused irreparable damage to public education and undermines any semblance of democracy.
Originally published on tumblr
1 comment:
How can we keep track of Broadites in the LAUSD? In what capacities are they employed?
Post a Comment