Karen Lewis at the City Club talks smack about Social Impact Bonds. $34 million to Goldman Sachs.

CTU President Karen Lewis at Wednesday’s City Club luncheon.

Cleveland and the Cubs were not the only ones hitting home runs on Wednesday.

On the heels of the 70% vote by CTU members approving the new contract with CPS, Karen Lewis spoke at the City Club of Chicago Wednesday afternoon.

“We can’t get a constitutional amendment on the ballot for a progressive income tax, but we can get one that puts funds for roads in a locked box,” she said.

Count on Lewis to say what others won’t say or can’t see.

Take  the issue of Social Impact Bonds.

I have written about this Wall Street scam over and over.

Social Impact Bonds are a program that has CPS pay Wall Street’s Goldman Sachs millions of dollars for every child that does not receive special education services.

Lewis forcefully addressed the problem with SIBS at her Wednesday talk at the City Club luncheon.

You can watch and listen to the entire talk in the Youtube video above.

For a $17 million investment Wall Street giant Goldman Sachs receives $34 million in return, said Lewis.

The purpose of SIBs is to make it difficult, and provide a financial incentive, to not refer students who need services.

For many students, the purpose of special education services is not to cure anything. It is to support and provide students who have special needs with the tools to make school a successful experience. Those services may last the entire time they are in school. That is not a sign of failure. Success cannot be measured by how many of our students no longer receive services. Success is measured by how well students with special needs do in a school setting.

The theory behind SIBs is just the opposite. Success is measured by how many special needs students are pushed out of services.

“They’re making it impossible to refer students for evaluation,” said Lewis.

What could the $34 million that went to Goldman Sachs do for CPS?

It could put 700 special ed paraprofessionals back in classrooms.

It could put a librarian in every school, which we don’t have now.

It could put a social worker in every school, which we don’t have now.

Thanks to President Lewis for helping shine a light on social impact bonds, a Wall Street scam that is an integral component of the Mayor’s privatization scheme for public schools.

3 thoughts on “Karen Lewis at the City Club talks smack about Social Impact Bonds. $34 million to Goldman Sachs.

  1. The money is there. Chicago is not broke.
    The corruption called government is bleeding the city and its finances dry for quick money going to fat cat buddies. Rahm and his ilk are increasing security forces to protect their sorry asses. Thieves and sociopaths are like that.

  2. Fred,

    I would love to become more politically active against SIB. Let me know if you are interested as well. It makes me so angry that people are making money on the backs of the most vulnerable in our society. Instead of supporting these children with the best we can this ultimate euphemism further marginalizes an already silenced group. People are invested in these bonds thinking they are doing something noble(who wouldn’t want to invest in making special ed services more effective and make a great return) when in reality they are contributing to one of the most grievous attacks on civil right in education I can think of in history. Needless to say, I am passionate about this issue and rightly so since I see the effects of it on a daily basis with “compliance” being the main goal of “case managers” and not the advocacy for students as it should be…

    I look forward to your thoughts.

    Paula Wyatt

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