Is it time for me to withraw my money from The Reinvestment Fund?

My mother invested some money with TRI a few years before she died. I've left the money there because I thought it's what she would have wanted: TRI does a lot of good stuff.

But this article is very disturbing.

Nowak has long had this perspective. The Reinvestment Fund (TRF), the community investment giant that Nowak co-founded in 1985, has made more than $235 million in loans to charters. Nowak served as the first board chairman at Mastery Charter Schools, whichwas involved in the Blueprint’s rollout and is poised to expand its influence over Philly schools.

The model that Nowak pioneered at TRF is now, at William Penn, set to use old money to fund a new philanthropy: a combination of the liberal foundation era’s insistence on appealing to non-ideological pragmatism to shape government policy and the conservative foundations’ skepticism of (though not outright hostility to) government in favor of the free market.

Really? $235 million in loans to charters? My mother is rolling over in her grave*.

Also in that article -- much other disturbing information about the behind the scene machinations in the appointment of the new PSD superintendent.

* A figure of speech. She was cremated.

This is part and parcel of the neoliberal experiment

that has taken the whole country down. It has taken over governments; now it's taking over community development and philanthropic institutions. We are told not to fight it at the local level because it's so easy for businesses to move to "friendlier" places. So our Mayor and City Council are totally captured by them, putting all our capital in big banks, letting the usual suspects manage our pension fund, and constantly looking for ways to cut taxes on the 1% and their corporate tools. Somehow we have to turn from that thinking and realize that the 1% will never relinquish the power they have at any level of government. So we have to fight them wherever we can, and for those of us who live in Philly, that means here.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Syndicate content