Charter Schools – One More Hedge Fund Tax Scam

Go read
Evil Ed, inc: the Wall Street-charter school connection
at Open Left. Here is how it works:

What happens is the investors who put up the money to build charter schools get to basically or virtually double their money in seven years through a thirty-nine percent tax credit from the federal government. In addition, this is a tax credit on money that they’re lending, so they’re also collecting interest on the loans as well as getting the thirty-nine percent tax credit. They piggy-back the tax credit on other kinds of federal tax credits like historic preservation or job creation or brownfields credits.

Just another Wall Street scam.