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David Sirota and a team of investigative reporters have discovered that the pension funds of teachers in Massachusetts are being tapped by Wall Street financiers to underwrite Question 2, which will authorize an expansion of non-union charter schools. Unions are spending millions of dollars to defend the public schools of Massachusetts against privatization. Meanwhile, their own pension funds are financing the campaign to increase privatization.
“When Massachusetts public school teachers pay into their pension fund each month, they may not realize where the money goes. Wall Street titans are using some of the profits from managing that money to finance an education ballot initiative that many teachers say will harm traditional public schools.
“An International Business Times/MapLight investigation has found that executives at eight financial firms with contracts to manage Massachusetts state pension assets have bypassed anti-corruption rules and funneled at least $778,000 to groups backing Question 2, which would expand the number of charter schools in the state. Millions more dollars have flowed from the executives to nonprofit groups supporting the charter school movement in the lead-up to the November vote. Republican Gov. Charlie Baker, himself a former financial executive, is leading the fight to increase the number of publicly funded, privately run charter schools in Massachusetts — and he appoints trustees to the board that directs state pension investments….
“This report is the latest in an IBT/MapLight series examining how anti-corruption laws are circumvented or unenforced. The cash flowing to the Massachusetts school initiative spotlights more than just a fight over education policy: It exemplifies one of the ways in which the securities and investment industry can get around a federal rule that was designed to restrict financial executives from giving campaign cash to governors with the power to influence state pension business.
“In the case of Massachusetts, since the federal rule does not cover money donated to governors’ policy initiatives, executives banned from donating directly to Gov. Baker are able to give to a constellation of groups that are pushing his pet cause — and that in some cases are advised by Baker’s political associates. Meanwhile, Baker’s appointees at the state pension board are permitted to continue delivering investment deals and fees to those same donors’ firms.”