The business of privatizing and profiting from education marches on…
Originally posted on Diane Ravitch's blog:
Soon after the elections, the mega-corporation K12 convened a conference call with investors to boast about the opening of new markets for virtual charters in Georgia and Washington State.
K12 is the company founded by the Milken brothers to sell online schooling for-profit.
It is listed on the New York Stock Exchange. Its CEO, Ron Packard, has a background at McKinsey and Goldman Sachs. Last year, he was paid $5 million.
The academic results of its schools are poor. The National Education Policy Center reviewed K12 and found that its students fare poorly in relation to test scores and graduation rates. The NCAA won’t accept credits from one of its online schools. The New York Times wrote a blistering critique of K12.
But K12, like some other charter operators, makes campaign contributions (as it did in Georgia), and the politicians care more about those contributions than about the children of…
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