History of IDEA
Jeannie Oakes, Founder and Former Director
Youth Voice in School Finance
NEW REPORT: Los Angeles' road to A-G for all
Without Dollars and Sense Powerpoint
Past Educational Opportunity Reports
Exotic deals put Denver schools deeper in debt
- 08-06-2010
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By Gretchen Morgensen/New York Times
In the spring of 2008, the Denver public school system needed to plug a $400 million hole in its pension fund. Bankers at JPMorgan Chase offered what seemed to be a perfect solution. The bankers said that the school system could raise $750 million in an exotic transaction that would eliminate the pension gap and save tens of millions of dollars annually in debt costs — money that could be plowed back into Denver’s classrooms, starved in recent years for funds. To members of the Denver Board of Education, it sounded ideal. It was complex, involving several different financial institutions and transactions. (more...)
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