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California Governor Jerry Brown hailed his signature tax-hike to fund education—known as Proposition 30—as a towering achievement that will ensure educational excellence in higher education and spare those trapped in poor and failing K-12 California public schools from budget cuts.
"I know a lot of people had some doubts and some questions: Can you really go to the people and ask them to vote for a tax?'' said Mr. Brown on election night. "Here we are...We have a vote of the people, I think the only state in the country that says let's raise our taxes, for our kids, for our schools, and for our California dream.''
But a new study by five UC Berkeley doctoral students titled “Swapping Our Future: How Taxpayers And Students Are Funding Risky UC Borrowing and Wall Street Profits” says that millions of dollars of the freshly raised revenues won’t go to California’s school children. Instead, they will go to wealthy Wall Street firms who bag three-quarters of a million dollars a month because of bad decisions made by Wall Street cronies serving on the UC Board of Regents. According to the study, UC Board of Regents’ risky decision to move the University of California’s financial practices to bond issuances hedged by interest rate swaps cost UC $57 million and helped doubled its debt in the period between May 2007 and the end of last year......
Surprise: CA Education Tax Hike Will Go to Wall Street Cronies
The study exposes the fact that many college regents are present and former **Bankers** !!
Makes us wonder if the nation's universities and colleges are engaged in speculative financial markets ?
More alarming might be the possibility that College administrators may be bought off to go along with the program ...
“In New Jersey, each school district operates as a separate entity,” Keevey added. “It’s up to local school districts to see how they’ll deal with reductions.”