Goldman to Lend $25 Million for Charter Schools
By - Nov 9, 2010 11:31 AM PT
Goldman Sachs Group Inc., the most profitable Wall Street firm, will lend $25 million to a nonprofit community-development organization to finance 16 charter schools in New York City and New Jersey.
The nonprofit group, Local Initiatives Support Corp., will make the money available to the school operators during the next two years, Goldman Sachs and LISC, both based in New York, said today in a statement. The chairman of LISC, according to the group’s website, is Robert E. Rubin, former U.S. Treasury secretary.
Charter schools are nonsectarian, public institutions that operate independently of local boards of education in the U.S. under special charters. Goldman Sachs’s Urban Investment Group has