Loeb Gives More To Charter Schools To Tweak Teachers' Union
Jun 14 2013 | 10:02am ET
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| Give 'em Hell Randi AFT President Randi Weingarten. |
Two months after cancelling an appearance to avoid tough questions from teachers' union representatives, Third Point's Dan Loeb is responding by opening his checkbook.
Loeb said this week that he would give an extra $1 million to a group of charter schools to show his opposition to the American Federation of Teachers, whose plans to question him during a panel in April led him to skip the event. The AFT has attacked Loeb for backing StudentsFirst, which it says wants to end defined-benefit pension plans for teachers, while at the same time collecting fees to manage money for those defined-benefit plans.
The AFT is also opposed to charter schools like the one, Success Academy Charter Schools, that will now get $3 million from Loeb, rather than $2 million. But his support for them is not what got Third Point onto a list of hedge funds