State charter schools program is 'out of control'
Junk bonds fuel a building spree, but schools are more crowded, insiders are taking fees, and state regulators can't do much about it.
Minnesota's charter school movement, which sparked a national rethinking of public schooling nearly two decades ago, has been infected by an out-of-control financing system fueled by junk bonds, insider fees and lax oversight.
State law prohibits charter schools from owning property, but consultants have found a legal loophole, allowing proponents to use millions of dollars in public money to build schools even though the properties remain in the hands of private nonprofit corporations.
