Hugh Jackson wrote this disturbing article for Nevada NPR. It demonstrates the extent to which the charter industry is expanding, bringing in lucrative real estate deals, speculation, and for-profit entrepreneurs from out of state. More than 35,000 students have enrolled in charters, at a cost to taxpayers of a quarter billion dollars.

 

He writes:

 

“Charter schools are publicly funded, but privately operated. The result is a charter-school industry, encompassing what can be a dizzying array of arrangements and contracts between the schools, their unelected boards, state agencies, property developers, for-profit management companies, nonprofit arms of private companies, hedge funds and investment firms, and myriad consultants, contractors and education-industry vendors. Virtually every dollar everyone in the charter-school industry makes is provided by the taxpaying public….

 

“Of the quarter-billion dollars Nevada taxpayers provided to charter schools in 2014-15, more than a fifth of it — $54 million, according to state data — went to schools managed by a single for-profit company, a Florida-based firm called Academica. Established in 1996 and boasting close ties to then-Florida Gov. Jeb Bush, Academica has been the center of numerous controversies in that state, particularly after the Miami Herald reported that the firm used public money to lease real estate from development companies owned by the same people who own Academica, brothers Fernando and Ignacio Zulueta. Academica has also come under fire in Florida for, among other things, setting up a separate “college” in one of its charter high schools and charging taxpayers hundreds of thousands of dollars to provide students with two-year “degrees” of dubious worth.

 

“Academica is not a publicly traded company, and any financial information about the firm is difficult to come by, let alone the type of granular financial reporting that might indicate how much of Academica’s Nevada revenue stays in Nevada, as opposed to flying out of the state as profit.

 

“As a practical matter, Academica is not only relied upon every step of the way, but the instigator. No doubt some charter schools are the result of concerned citizens and parents banding together, from the bottom up, as it were, to fill what they perceive to be a particular educational niche or void. With a new Academica school, the far more likely scenario involves a for-profit company making market-based decisions on location, timing, demographics and such, not unlike Walmart determining where to open a new Sam’s Club. Upon determining that a new project pencils out, Academica finds the statutorily requisite citizen’s charter school board. (The state does not require a charter school board to take competitive bids before selecting a management firm, and such a bidding process would be unthinkable in schools being spearheaded by Academica….).

 

“Enter the investment funds

 

“To be eligible for state funding to build or improve a charter school facility, the school has to have been opened for three years. So it needs financing to bridge the gap between the school’s opening and its eligibility for state facility financing (it’s already receiving operating funds from the state).

 

“The Turner-Agassi Charter School Facilities Fund is one of several for-profit investment funds in the nation that have attracted capital from a) foundations, institutional investors and individuals who are “for” education; and b) hedge funds, investment banks and other investors drawn to generous federal tax credits on income earned from the public through charter-school profits.

 

“Started by Southern California financier Bobby Turner in partnership with long-time Las Vegas charter-school champion Andre Agassi, Turner-Agassi has provided bridge financing for at least four Academica building projects in Nevada and is doing the same for most of Academica’s aggressive expansion in the state.

 

“Here’s more or less how it works:

 

“Turner-Agassi puts up money to develop property for a charter school. After three years, during which time the school, which is to say the public, rents the property from the investment fund, the charter is eligible for state financing to buy the property from Turner-Agassi.

 

“The school is purchased from the investment fund with money raised by revenue bonds issued through the state Division of Business and Industry —
public debt. Charter-school bonds in Nevada are so-called limited-obligation bonds, backed by the school’s revenue (which comes from the state education budget), as opposed to general obligation bonds, backed by revenue from a tax increase. Limited obligation bonds typically pay higher interest rates than general obligation bonds, which translates into higher interest payments for the public when it pays off the debt….

 

“Project dates listed on Turner-Agassi’s portfolio online indicate Academica will be eligible for a first batch of state loans to purchase the investment fund’s developments in 2017.

 

“Meanwhile, regardless of who owns the property the charter school is in, the management company is charging the school, which is to say the public, for management/professional fees on top of salaries, insurance, energy and other operating costs. Those fees can be spread through various categories of school balance sheets provided to the state, but those reports show that in Academica’s case, management fees totaled, at the very least, $3 million in the 2014-15 school year.

 

“The arrangement between Turner-Agassi and Academica is only one model that might be used to finance construction in the charter-school industry.

 

“For instance, a few years ago, Imagine Schools, one of the nation’s largest charter firms, made national headlines at its 100 Academy of Excellence in North Las Vegas when 40 percent of the school’s state-provided revenue was spent on lease payments to a real-estate investment trust. As a Nevada Education Department official told the New York Times in 2010, “After paying for real estate and management, 100 Academy has very little left over for education.”

 

“Shenanigans and accountability

 

“Academica is the undisputed heavyweight of Nevada’s charter-school industry and has the most aggressive expansion plans in the state. But practices at other charter operations have been attracting more — or at least more critical — official scrutiny.

 

“The state of Nevada provided Silver State High School in Carson City nearly $5 million in the 2014-15 school year. Along with all the ways a school might spend the public’s money, Silver State decided one of them was investing in the Wall Street derivatives market. When a member of the school’s board brought the investment to the attention of the State Public School Charter Authority (SPSCA), the authority ruled the investment a no-no and ordered the school closed at the end of the current school year.

 

“Quest Academy, with four campuses in Southern Nevada, received more than $10 million from the state in 2014-15. In October the SPSCA documented how members of the school’s board had hired family members in violation of nepotism regulations. The SPSCA has subsequently dissolved the board, appointed a receiver to oversee school finances, and the SPSCA could ultimately revoke or refuse to renew the school’s charter. This comes three years after the SPSCA forced Quest to restructure its board and fire a principal upon discovering staff was paid thousands of dollars in unauthorized bonuses, and the principal was spending a bunch of unauthorized money on travel and shopping.

 

“As for charter schools being the cradle of innovation, the pedagogical emphasis for which charters are perhaps most renowened is “teaching to the test” even more intensely than testing-obsessed public schools.

 
“And then there are the cyber schools. Yes, in Nevada, online schools are charter schools, too. The largest, Nevada Virtual Academy, operated by the corporate giant K12 Inc., received nearly $30 million in public funds in 2014-15 to provide online education to 2,600 students, a per-student cost of $11,500. Per-student spending at Academica schools averaged, by contrast, less than $8,000.

 

“Higher per-student spending at an online school seems counterintuitive. After all, there is no property to develop, no classrooms or desks. But as cyber schools have emerged as one of the largest segments of the charter-school industry, they’ve become renowned not only for poor performance, but also for frenetic enrollment churn. Online schools market heavily to attract students, but online learning isn’t for everyone, and many students withdraw to return to brick-and-mortar schools. That churn could manifest itself as higher costs in lots of ways. The state can be charged for students who are no longer in the schools (as was found in a Colorado audit of K12 a few years ago). Or the state gets saddled for up-front student costs even if those students leave later. Or in K12’s case, maybe the company just isn’t very good at holding down costs: Nevada Virtual Academy spent more than $2 million for textbooks last year. Academica, with nearly three times as many students, spent $219,000. State data indicates K12’s management fees, at least $4 million, were also larger than Academica’s.

 

“Proposed rules would effectively give the SPCSA additional authority to force a charter school to fire its management organization and make it easier for the authority to deny a charter school’s renewal.

 

“The most adamant objections to those rules have been filed by Nevada Virtual Academy and the state’s second largest cyber charter school, Nevada Connections, owned by the international corporate education giant Pearson Inc.

 

“The cases of Silver State and Quest, as well as the proposed regulations, appear to reflect a commitment of the SPCSA and its executive director, Patrick Gavin, to try to hold charter schools accountable.

 

“It might be a tall order. Although Nevada’s charter-accountability regulations were hailed as improved in a recent national report, that report noted that the SPSCA does not have the requisite staff to conduct consistent monitoring crucial to effective regulation. The standard recommended staff is roughly one monitor for every 1,000 charter-school students. In Nevada, Gavin estimates it is closer to one for every 5,000. The SPSCA is funded by fees charged to authority-sponsored schools, currently about one percent of a school’s operating budget. Boosting those fees will be a top SPCSA priority when the Legislature meets next year.

 

“Why are we doing this, anyway?

 
“Everyone is in favor of choice in education,” Ryan Reeves, director of Academica’s Nevada operations, told the Review-Journal in 2014.

 

“It’s a seductive argument in an era when identity and self-worth are often shaped by where one shops.

 

“And charters are breaking down barriers erected by decades of entrenched education bureaucracy, thus reinvigorating education with a spirit and dedication that just can’t be found in tired public schools lumbering along under the weight of oppressive administrative bloat. Indeed, charter schools are the heart of education innovation.

 

“Or so the argument goes.

 

“Independent analysis suggests otherwise. Assessments conducted by the Center for Research on Education Outcomes (CREDO) at Stanford University are frequently cited by the media and charter-school supporters. Yet even the results of CREDO’s most recent national study were mixed at best, finding charter schools performing slightly, if at all, better than traditional schools at reading, and performing, if anything, worse than traditional schools in math. Critics charge that even CREDO’s modest findings overstate the performance of charter schools.

 

“As for charter schools being the cradle of innovation, the pedagogical emphasis for which charters are perhaps most renowned is “teaching to the test” even more intensely than testing-obsessed public schools — test scores being the key, if not the only, means of assessing educational outcomes in a publicly funded but privately run school….

 

“A good portion of the public acceptance of charters is attributed to what is sometimes called “sector agnosticism” — the view that how a school is managed, or who makes money from it, is irrelevant so long as the results are good.

 

“But charter companies and pro-charter politicians and advocates are anything but agnostic. The rapid growth of the charter-school industry has been accompanied by relentless and disingenuous attacks on public schools and the people who work in them. The interest groups, ideologues and politicians who most zealously promote “school choice” are often the most eager to malign public institutions.

 

“Charter schools emerged on the scene more than a quarter century ago as laboratories where public-school systems could test methods, and the most promising results could be implemented elsewhere in public schools. Some charter supporters, parents and charter-industry executives and investors obviously mean well and still view charters as an overall benefit to the public good.

 

“But today’s charter industry, much like Nevada’s voucher plan, reflects a chronic civic defeatism. Echoing the perverse social Darwinism of more than a century ago, faith in free-market education is a surrender to pessimism. Society really isn’t incapable of providing a fair educational opportunity to every citizen. Some people are doomed to fail, that’s just the way it is, so best to segregate those with promise, the achievers, in separate schools. As for everyone else, well, too bad for them.

 

“In the meantime, capitalizing on politically correct disdain for public institutions and a consumer culture’s visceral embrace of “choice,” and truly impressed by the steady flow of public money through the public-education revenue stream, the private sector is working feverishly … maybe to create quality schools, but definitely to drain more and more money from that stream.”

 

via Diane Ravitch’s blog http://ift.tt/1WajiBo

K12 Inc (NYSE:LRN) Institutional Investors Quarterly Sentiment

Sentiment for K12 Inc (NYSE:LRN)

K12 Inc (NYSE:LRN) institutional sentiment decreased to 1.08 in 2015 Q3. Its down -0.12, from 1.2 in 2015Q2. The ratio is negative, as 73 investment professionals increased and started new positions, while 61 sold and reduced their stakes in K12 Inc. The investment professionals in our partner’s database now have: 29.54 million shares, down from 29.55 million shares in 2015Q2. Also, the number of investment professionals holding K12 Inc in their top 10 positions increased from 1 to 2 for an increase of 1. Sold All: 17 Reduced: 44 Increased: 51 New Position: 22.

K12 Inc. is a technology-based education company. The company has a market cap of $383.08 million. The Firm offers curriculum, software systems and educational services designed to facilitate individualized learning for students in kindergarten through 12th grade (K-12). It has 339.36 P/E ratio. It provides a range of technology educational products and solutions to public school districts, public schools, virtual charter schools, private schools and families.

The stock closed at $9.95 during the last session. It is down 22.57% since August 27, 2015 and is downtrending. It has underperformed by 26.52% the S&P500.

Analysts await K12 Inc. (NYSE:LRN) to reports earnings on April, 26. They expect $0.31 EPS, down 31.11% or $0.14 from last year’s $0.45 per share. LRN’s profit will be $11.94M for 8.02 P/E if the $0.31 EPS becomes reality. After $0.23 actual EPS reported by K12 Inc. for the previous quarter, Wall Street now forecasts 34.78% EPS growth.

According to Zacks Investment Research, “K12 Inc., a technology-based education company, is a leading national provider of proprietary curriculum and educational services created for online delivery to students in kindergarten through 12th grade, or K-12. Its mission is to maximize a child’s potential by providing access to an engaging and effective education, regardless of geographic location or socio-economic background.”

Technology Crossover Management Vii Ltd. holds 3.28% of its portfolio in K12 Inc. for 4.00 million shares. Kestrel Investment Management Corp owns 390,700 shares or 1.69% of their US portfolio. Moreover, Highland Capital Management Lp has 1.07% invested in the company for 2.94 million shares. The Pennsylvania-based Tfs Capital Llc has invested 0.61% in the stock. Globeflex Capital L P, a California-based fund reported 155,935 shares.#img1#

K12 Inc – Receive News & Ratings Via Email – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings with MarketBeat.com’s FREE daily email newsletter.

K12 Inc. – (NYSE:LRN)

WallStreet Pre-Market Thoughts: Investment Technology Group Inc. (ITG), Cincinnati Financial Corp. (CINF), Saratoga Investment Corp. (SAR), K12, Inc. (LRN), Premiere Global Services, Inc. (PGI) | WallStreet Scope

K12, Inc. (LRN) of the Services sector closed Wed. at $13.97 with a gain of 0.79%, trading at a volume of 287,088 shares. K12, Inc. (LRN) is performing below average with a weekly performance of -0.21% moving this week with a quarterly performance of -19.99% performing off their 52 week low by 38.73%. K12, Inc. (LRN)’s monthly performance is -10.62% , profit margin 3.00%, -0.44% insider transactions and, K12, Inc. (LRN) is neutral in the Education & Training Services industry with an averaged analyst rating of 3 and EPS growth this year of -30.60%

Short Interest in K12 Decreases By 50.3% (LRN)

Posted by paymon on Nov 24th, 2014 // No Comments

Shares of K12 (NYSE:LRN) were the recipient of a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 1,452,923 shares, a decrease of 50.3% from the October 15th total of 2,923,405 shares, American Banking and Market News reports. Based on an average daily volume of 500,436 shares, the short-interest ratio is presently 2.9 days. Approximately 4.7% of the shares of the company are sold short.

Separately, analysts at Barrington Research downgraded shares of K12 from an “outperform” rating to a “market perform” rating in a research note on Thursday, October 9th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $20.00.

K12 (NYSE:LRN) opened at 12.33 on Monday. K12 has a 52 week low of $11.62 and a 52 week high of $26.20. The stock’s 50-day moving average is $13.76 and its 200-day moving average is $19.55. The company has a market cap of $454.0 million and a price-to-earnings ratio of 26.95.

K12 (NYSE:LRN) last released its earnings data on Thursday, October 30th. The company reported ($0.18) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.20) by $0.02. The company had revenue of $236.70 million for the quarter, compared to the consensus estimate of $233.99 million. During the same quarter last year, the company posted ($0.13) earnings per share. K12’s revenue was up 3.6% compared to the same quarter last year. Analysts expect that K12 will post $0.63 EPS for the current fiscal year.

K12 Inc (NYSE:LRN) is a technology-based education company.

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Monday Market Movers: Provectus Biopharmaceuticals (PVCT), Eaton Vance Pennsylvania Municipal Bond Fund (EIP), K12 (LRN), CareTrust REIT (CTRE), Vistaprint N.V. (VPRT) | WallStreet Scope

K12, Inc. (LRN) located in USA lost -4.47%, a change from open of -5.34% ($-0.55 per share) at the close of the normal trading day. The return on investment for K12, Inc. (LRN) is currently 2.10% and ended the day at $12.40 and a weekly performance of -17.17%. K12, Inc. (LRN)’S monthly performance stands at -23.69% and K12, Inc. (LRN) is considered a strong sell for the upcoming trading day with a market cap of 476.28 in the Services sector of the Education & Training Services industry.

K12, Inc., the virtual charter chain founded by the Milken brothers, is in big trouble, according to politico.com. Its stock is tanking, and its legal troubles growing. Its virtual charters seldom get good academic results, but a heavy investment in marketing and recruiting have kept the profits flowing. Until now. I have never liked virtual charters. I think they are a rip-off of kids and taxpayers.


Writes politico.com:


TOUGH TIMES FOR K12, INC: The nation’s largest for-profit operator of public schools, K12, Inc., has had a bumpy ride of late. Its stock closed Friday at a 52-week low of 13.82 per share, down from a recent peak of 36.78 in September 2013. What’s behind the slump? For one thing, the company’s astronomical growth has slowed significantly. Just last fall, K12 executives were projecting revenue of $987 million for fiscal year 2014. But actual revenue for the year came in under $920 million. In a conference call last week, executives projected revenues would rise only slightly in the next fiscal year.


– Meanwhile, K12’s academic empire has been in turmoil. The board of Agora Cyber Charter in Pennsylvania, which is one of K12’s largest and most profitable online schools, has signaled its intent to seek new management (though it will continue to buy digital curriculum from K12). Colorado Virtual Academy broke ties with K12 before the start of the school year. And late last week, Delaware’s state board of education voted to close another struggling school operated by K12, the Maurice J. Moyer Academic Institute. Trouble also looms in Tennessee, where Education Commissioner Kevin Huffman has ordered the K12-operated Tennessee Virtual Academy to shut down after this school year unless it shows big gains in academic performance. And last spring, the NCAA said it wouldn’t accept coursework completed at any of two dozen K12-operated schools as proof of a student’s eligibility to compete for Division I or II colleges and universities.


– To top it all off, K12 faces a trademark infringement lawsuit in Florida. The state Supreme Court last month ruled that Florida Virtual School – which was founded in 1997 – could sue K12 Inc. for opening a slew of competing online schools under the name Florida Virtual Academies. Pro Education looked at K12’s business model and examined the shaky performance of online schools in general in a series last fall:


http://politi.co/ZznuQd and http://politi.co/ZUDaOW
















via Diane Ravitch’s blog » K12 Inc. http://ift.tt/1D9OzII

K12, Inc., the virtual charter chain founded by the Milken brothers, is in big trouble, according to politico.com. Its stock is tanking, and its legal troubles growing. Its virtual charters seldom get good academic results, but a heavy investment in marketing and recruiting have kept the profits flowing. Until now. I have never liked virtual charters. I think they are a rip-off of kids and taxpayers.


Writes politico.com:


TOUGH TIMES FOR K12, INC: The nation’s largest for-profit operator of public schools, K12, Inc., has had a bumpy ride of late. Its stock closed Friday at a 52-week low of 13.82 per share, down from a recent peak of 36.78 in September 2013. What’s behind the slump? For one thing, the company’s astronomical growth has slowed significantly. Just last fall, K12 executives were projecting revenue of $987 million for fiscal year 2014. But actual revenue for the year came in under $920 million. In a conference call last week, executives projected revenues would rise only slightly in the next fiscal year.


– Meanwhile, K12’s academic empire has been in turmoil. The board of Agora Cyber Charter in Pennsylvania, which is one of K12’s largest and most profitable online schools, has signaled its intent to seek new management (though it will continue to buy digital curriculum from K12). Colorado Virtual Academy broke ties with K12 before the start of the school year. And late last week, Delaware’s state board of education voted to close another struggling school operated by K12, the Maurice J. Moyer Academic Institute. Trouble also looms in Tennessee, where Education Commissioner Kevin Huffman has ordered the K12-operated Tennessee Virtual Academy to shut down after this school year unless it shows big gains in academic performance. And last spring, the NCAA said it wouldn’t accept coursework completed at any of two dozen K12-operated schools as proof of a student’s eligibility to compete for Division I or II colleges and universities.


– To top it all off, K12 faces a trademark infringement lawsuit in Florida. The state Supreme Court last month ruled that Florida Virtual School – which was founded in 1997 – could sue K12 Inc. for opening a slew of competing online schools under the name Florida Virtual Academies. Pro Education looked at K12’s business model and examined the shaky performance of online schools in general in a series last fall:


http://politi.co/ZznuQd and http://politi.co/ZUDaOW
















via Diane Ravitch’s blog http://ift.tt/1D9OzII

Profiteers Circle Schools | Diane Ravitch’s blog

Profiteers Circle Schools

Diane Ravitch's blog[1]

A site to discuss better education for all

A reader discovered the agenda for a big conference of equity investors, technology corporations, and supportive foundations.

A high-level official of the U.S. Department of Education will be there too.

Folks, read the agenda.

Public education is up for grabs.

Lots of corporations are licking their chops.

This is scary.

Remember reading about “the Great Barbecue,” in the late nineteenth century?

That’s when greedy men plundered the public treasury. .

Are the public schools now on the spit?

So much money, all guaranteed by the government.

Now we will see how entrepreneurs reform our schools and get rich too.

The reader writes:

Yep, there’s money to be made . . .

and Jeb is there to give the April 18th keynote . . .

Check out this agenda for the 2013 Education Summit in Arizona.

http://edinnovation.asu.edu/accommodations/[2]

The April 17th panel at 4:35 p.m. will include Ron Packard (of K12 Inc.) and other profiteers discussing, “A Class of Their Own: From Seed to Scale in a Decade: What Does it take for an Education Company to Reach $$$1Billion?”

Check out the who’s who list of CEOs and their elected friends networking to the online charter school profits. The Trojan horse philanthropists , Gates and Milken, will be there too.http://edinnovation.asu.edu[3]

I wonder what they will discuss in the session . . . .

“The Fall of the Wall: Capital Flows to Education: What sectors and companies are attracting investment?”

Margaret Thatcher may have been a milk snatcher . . but don’t let Jeb fool you, he is poised to take it all . . and give it to his CEO buddies.

K12 Inc. is part of the evolving role of education – The Daily Times: Our Voice

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K12 Inc. is part of the evolving role of education

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Posted: Monday, March 17, 2014 12:00 am | Updated: 12:20 am, Mon Mar 17, 2014.

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Education in the United States is in a state of flux. Advances in technology. Explosive growth in access to information. Instant and broad-based communications available almost anytime, anyplace. Increasing international cooperation and competition. Concern about the academic achievement of U.S. students compared to their peers overseas.

There are major efforts to upgrade public schools, create charter schools, issue vouchers and start new private schools, both religious and secular. Homeschooling is spreading throughout the nation.

Educators are challenged to ensure that students are given the opportunity to reach their potential, whether they have special needs or special gifts. STEM (science, technology, engineering and mathematics) is hot across the spectrum of education.

It is no surprise for all the reasons above in this computer-driven age that virtual online education is quickly evolving.

K12 Inc. is part of that evolution. The education technology company has more than 6,000 teachers working in 30 states. On Thursday the company announced it is expanding its capabilities and consolidating its operations by locating its Family Support Campus in the Tyson Centre Building in the West Aviation Area in Alcoa next to McGhee Tyson Airport.

Within five years, the company plans to make a capital investment of $2.4 million. The company expects to hire 300 employees over the next two years to staff the campus that will be the interface between K12’s teachers and school leaders and the families whose children are served by this virtual online educator. The company contracts with individuals as well as school districts. Its reach is worldwide.

The need is there. The opportunity is there. K12 and Blount County, with mutual interests in advancing education, are a good fit.

We offer congratulations to the economic recruiters who made it possible for K12 to select Alcoa for the company’s largest investment in its 14-year history.

We offer a heartfelt welcome to the company and to the new employees who will staff the K12 Family Support Campus.

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Posted in Our voice on Monday, March 17, 2014 12:00 am. Updated: 12:20 am.

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Well, of course, there re scores of education entrepreneurs, the men and women who dream up lever was to make profits from the field of public education. They have start-ups, they have real-estate investment trusts, they create companies to build data systems, they operate for-profit charter chains, on and on. Some get very rich. They certainly make more money than teachers, who spend their days with children.


Education Next, the journal of rightwing academics and journalists here profiles three entrepreneurs.


The three edu-entrepreneurs featured here are Larry Berger of Wireless Generation, whose company was purchased by Rupert Murdoch for $390 million;


Jonathan Harber, who created Schoolnet and sold it to Pearson for $230 million.


Ron Packard of K12, who founded the company with the Milken brothers, which went public in 2007, and now has revenues of $848 million.


It is astonishing when you think about it that non-educators profit so handsomely when teachers must work for years to reach an annual salary of $50,000.


Who adds social value?


It gives one pause, makes you think about our priorities. And think of who has the great fortunes: Murdoch, Pearson, the Milkens.


I withhold further comment.
















via Diane Ravitch’s blog http://ift.tt/1aYPKk3