Sunday, October 19, 2008

No Reckoning for Eli Broad on KB Homes


The "B" in KB stands for Broad, as in Eli.

Sub-prime mortgage shenanigans helped fuel Eli Broad's philanthropic contributions to the ed reform movement that have unleashed the same forces of de-regulation, market-based concepts and privatization. And also the same type of financial shenanigans that we see in the BloomKlein administration in NYC. As Ann Cook pointed out at a parent forum on mayoral control the other night: the CEO one person in charge dictatorships means no accountability.


John Lawhead to ICE mail:


This NY Times article is mostly about the construction giant, KB Home. It neglects to mention the name of Elli Broad who made his fortune from the company. Poor Henry Cisneros. The billionaire Broad gets to ride above the fray. Maybe it's because Broad is such an important household word in education. To link him to the mortgage crisis would be like associating Bill & Melinda Gates with the mountains of outstanding college-loan debt...

Would that "the reckoning" weren't just for Henry but alas, the sacred dogma is not to be disturbed. Working class city kids must only hope for escaping their communities by way of college and a professional job title (if not home ownership).

As the Clinton administration’s top housing official in the mid-1990s, Mr. Cisneros loosened mortgage restrictions so first-time buyers could qualify for loans they could never get before.

Then, capitalizing on a housing expansion he helped unleash, he joined the boards of a major builder, KB Home.

For the three years he was a director at KB Home, Mr. Cisneros received at least $70,000 in pay and more than $100,000 worth of stock.

1 comment:

Anonymous said...

what i actually think is that the teacher that we having sex with her student and is still going on even after graduation and did so many teachers and administrators in canarsie hs should be removed. Is that anyway to teach? Is nothing done because her parents were administrators????