Surprise: CA Education Tax Hike Will Go to Wall Street Cronies

Surprise: CA Education Tax Hike Will Go to Wall Street Cronies: "But a new study by five UC Berkeley doctoral students titled “Swapping Our Future: How Taxpayers And Students Are Funding Risky UC Borrowing and Wall Street Profits” says that millions of dollars of the freshly raised revenues won’t go to California’s school children.  Instead, they will go to wealthy Wall Street firms who bag three-quarters of a million dollars a month because of bad decisions made by Wall Street cronies serving on the UC Board of Regents. According to the study, UC Board of Regents’ risky decision to move the University of California’s financial practices to bond issuances hedged by interest rate swaps cost UC $57 million and helped doubled its debt in the period between May 2007 and the end of last year."

Yep, Democrats are the party of the little guy and of those poor, defenseless children.