Philadelphia: The “Get Rich” Charter Business

Diane Ravitch's blog

What would you rather be? A mid-level bureaucrat monitoring fiscal matters in the school district or a millionaire?

Find the answer to this question in this article about Philadelphia.

“MANY OF the recent charter bond deals have been helped by Santilli & Thomson, a New Jersey-based firm that has made millions off consulting contracts and bond fees.

“The firm, run by ex-School District of Philadelphia finance officials Gerald Santilli and Michael Thomson, touts on its website “more than 50 years of combined experience in municipal school management.”

“There is no way to know exactly how much Santilli & Thomson has earned in taxpayer-funded contracts from charter schools, according to a district spokesman. The firm did not respond to numerous requests for comment.

“However, a Philly.com analysis of financial documents for several charter schools that received municipal bonds found that Santilli & Thomson has billed at least $5 million since 2010….

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