Wall Street Zombies: Coming Soon to a Pre-K Near You
In July of 2013, beneath the veneer of Dr. Seuss, some of the nation’s wealthiest and most influential power players met to discuss one of Wall Street’s latest profit-making schemes: reaping big financial rewards off early childhood education programs.
The event – titled, ever so quaintly, “Oh the Places We’ll Go! The Benefits of Investing in Early Childhood Education” – was hosted by the Center for American Progress and America’s Promise Alliancespin-off, ReadyNation, each of whom are among the country’s leading proponents of social impact bonds (SIB’s) and eyeing pre-K expansion as an opportunity to prove just how profitable the financing model can be.
“The goal is to facilitate creation of “invest-in-kid bonds,” explains a report prepared by ReadyNation and The Kauffman Foundation, “that can be underwritten individually or aggregated into asset-backed securities, which can be invested in by individuals and institutions worldwide.”
And it’s a wolf in sheep’s clothing that can be tough to spot.
In the lead-up to the 2016 election, investors hoping for their piece of the pie pushed politicians to make early childhood education a key part of their platforms, knowing the value that many parents and educators see in these programs.
Groups like Save the Children – run by one of the nation’s biggest Wall Street Zombies: Coming Soon to a Pre-K Near You – Save Maine Schools:
