tag:blogger.com,1999:blog-4420106493084207435.post8781600211552974682..comments2023-06-05T13:35:14.888-07:00Comments on Schooling in the Ownership Society: K-12 Inc. stock price plummets. Should we care?Mike Klonskyhttp://www.blogger.com/profile/02017021676773731024noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-4420106493084207435.post-65989961068453029982011-12-19T02:52:24.377-08:002011-12-19T02:52:24.377-08:00K12 boss Packard pulls down $5 million/year salary...K12 boss Packard pulls down $5 million/year salary. If Rahm Emanuel gives them another contract for CPS "cyber schools" that money will come right out of city school budget.J.C. (not Brizard)noreply@blogger.comtag:blogger.com,1999:blog-4420106493084207435.post-36131634649167208262011-12-17T08:03:52.920-08:002011-12-17T08:03:52.920-08:00Your post was indeed timely. Now comes a report th...Your post was indeed timely. Now comes a report that Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at K12, Inc.Robert Blythenoreply@blogger.comtag:blogger.com,1999:blog-4420106493084207435.post-3978458911349928492011-12-17T04:29:53.844-08:002011-12-17T04:29:53.844-08:00The comment was posted by Krish Pillai in the New ...The comment was posted by Krish Pillai in the New York Times on December 14th. http://www.nytimes.com/2011/12/13/education/online-schools-score-better-on-wall-street-than-in-classrooms.html?comments#permid=203<br /><br />The cyber charter school is the brain-child of Michael Milken, the junk-bond king (indicted for 98 accounts of racketeering/fraud by George H. W. Bush's administration) and William Bennett, the former secretary of the US Department of Education under Ronald Reagan. It was an uphill task for them to get cyber schools up and running but eventually they hired Ron Packard, a mergers and acquisition expert from Goldman Sachs, to set up K12 Inc. Packard was able to get a substantial amount of seed money from Oracle Corporation. So part of the deal may have been an eventual take over of K12 Inc. by Oracle, if market cap were to exceed a certain value. Please don't forget that Ron Packard is, after all, a Mergers and Acquisitions guy from Goldman Sachs (remember Rubin and Paulson). Public money and subsidy is an essential component of this business, without which it would not be as profitable or desirable on NYSE. In 2002, after school districts in PA refused to pay cyber charter schools, Zogby came to their rescue, possibly under pressure from Bennett, by choking off school district funding. Zogby was education secretary of PA at that time. In return, when Gov. Tom Ridge's government left office, Zogby was given a position at K12 Inc, as a senior policy adviser with holdings in the company. And now Zogby is back again in Harrisburg, gunning for the Universities, choking off their funding and driving them into the arms of the fracking business. It all seems like a long bad dream!Anonymousnoreply@blogger.com