Jersey Jazzman has stitched together an amazing story of chicanery, some of it legal, some of it not.

The “not legal” part is the easiest to explain: the chief financial officer of the Brighter Choice Foundation in Albany was arrested on charges of embezzling some $200,000. Curiously, he was hired even though he was previously charged with embezzlement when he worked for a bank. Apparently, no one noticed.

But then comes all the “legal graft,” the kind that banks and corporations have perfected over the years.

When you see the public money–appropriated to educate children, to pay teachers, to reduce class size, to buy musical instruments–allocated to financiers, it is baffling.

Tax-breaks, loans, tax-exempt bonds, profits, limited risks, return on investment. To understand school reform today, it might help to be an accountant.