Arizona: Legislator/Charter Operator Sells His Chain for Millions, Or, How to Get Very Rich in the Ed Biz

Diane Ravitch's blog

This is a world-class scandal. And it is all legal!

Arizona’s State Representative Eddie Farnsworth sold his for-profit charter chain to a non-profit for about $30 Million and will reap millions in profits, then get a management fee to continue to operate them.

“Yet another millionaire is made, thanks to the latest in charter school scheming.

“This time, it’s state Rep. Eddie Farnsworth, who has figured out a way to sell his charter school business – the one built with taxpayer funds – and make millions on the deal and then likely get himself hired to continue running the operation.

“Which now converts to a non-profit and thus will no longer have to pay property or income taxes.

“Sweet plan. Sickeningly so, when you consider that Farnsworth is making his millions off of tax money intended to be used to educate Arizona children.

“Other charter schools are getting rich

“Farnsworth…

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