Michael Bennet DPS deal hits the New York Times
If you thought Michael Bennet's Regal Cinema deal for Philip Anschutz was complicated, just try to wrap your brain around the Denver Public Schools financing deal he arranged in 2008. The New York Times did, and just published "Exotic Deals Put Denver Schools Deeper in Debt."
Here's the start of the story:
In the spring of 2008, the Denver public school system needed to plug a $400 million hole in its pension fund. Bankers at JPMorgan Chase offered what seemed to be a perfect solution.
The bankers said that the school system could raise $750 million in an exotic transaction that would eliminate the pension gap and save tens of millions of dollars annually in debt costs -- money that could be plowed back into Denver's classrooms, starved in recent years for funds.
To members of the Denver Board of Education, it sounded ideal. It was complex, involving several different financial institutions and transactions. But Michael F. Bennet, now a United States senator from Colorado who was superintendent of the school system at the time, and Thomas Boasberg, then the system's chief operating officer, persuaded the seven-person board of the deal's advantages, according to interviews with its members.
And how do those boardmembers feel about the deal today? Jeannie Kaplan, a source for the story, will be on David Sirota's show on 760 AM at 7 a.m. this morning talking about the deal.
UPDATE: DPS Superintendent Tom Boasberg joined the discussion on the Sirota show, and it got heated. Listen to it here.
Get the This Week's Top Stories Newsletter
Every week we collect the latest news, music and arts stories — along with film and food reviews and the best things to do this week — so that you’ll never miss Westword's biggest stories.
- Aurora Public Schools Report: Failing Grades in Grad Rates, Test Scores
Sat., Oct. 10, 5:00pm
Sat., Oct. 10, 7:00pm
Sat., Oct. 10, 7:05pm
Sun., Oct. 11, 12:00pm
- Video: Was Jimmy Fallon Mean to 8-Year-Old Littleton Inventor Andrew Burton?
- Affidavit: Sean Boylan Attacked Man Near Gay Bar, Called Him a "F*cking F*g"