Chancellor Klein had to leave his chancellorship in order to rake in all that yummy, yummy for-profit education money from Rupert Murdoch and other corporate education deformers.
Cathie Black got her payout from corporations ON THE WAY IN to the chancellorship:
Cathie Black collected $3.3 million when she retired from IBM's board of directors in December in order to take on the job of city schools chancellor, the company's latest annual report shows.
The bulk of that payout -- made up of earned compensation and dividend reinvestments -- came on top of her roughly $300,000 in annual compensation for her part-time work on the board since 1995.
At her current annual salary of $250,000, Black would have to serve as chancellor through 2024 to match that eye-popping payout.
The former Hearst Magazines honcho also raked in $197,000 last year from her board work at Coca-Cola, a position she likewise relinquished in late December, a company report shows.
Watching this woman over the past few months put her foot in her mouth time and time again. watching her make bad decisions for the school system, watching her make bad business decisions and be forced to change those decisions, it makes me wonder just HOW she was successful at ANYTHING in the private sector.
Seriously, her decision to STEAL 50% of the money saved by principals this year for the budget next year is one of the most short-sighted, stupid decisions an executive can make.
It ensures maximum resentment from middle management, puts in place bad fiscal policies for the following year, and continues to erode trust between principals and the DOE.
Altering the policy to STEAL just 30% of the rainy day funds principals have saved doesn't make the mess any better.
And just how much money is the DOE going to get out of this move? Hell, cancel one outside consulting contract and you've got that money back.
Or better yet, let John Liu cancel one $20 million New Teacher Project contract for you and the money is saved.
In any case, seeing the kind of money that Cathie Black has made from the private sector to sit on a board and DO NOTHING reminds me of WHAT IS WRONG with crony capitalism.
Cathie Black is without a doubt the wrinkled face of crony capitalism.
And you know what?
I think that face needs a face lift.
We can start by ridding the world of the Cathie Blacks.
Seriously, what did she DO to make $3.5 million to sit on the boards of these two companies?