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SCHOOL NEWS: Lehman Brothers, Cash Flow & More

By Jackie Burrell
Friday, October 10th, 2008 at 5:50 am in Schools.

Seven Hills students in Tokyo
Elections lie just ahead and the Wall Street fallout has impacted some schools badly, but let’s start with the happy news, shall we? Exchange programs are a wonderful thing – and Seven Hills students are experiencing the wonders of Japan firsthand. The Walnut Creek kids (pictured above) are on a two-week trip to the Kita City School District in Tokyo, visiting the Japanese students who stayed with them here last year.

Walnut Creek’s Northgate High is celebrating an astonishingly successful “Go Green, Go Clean” clean-up day at their school. “There are not adequate words to describe the gratitude I feel for the almost five hundred parents, students and teachers who participated,” said new principal John McMorris, who participated in the volunteer clean-up day with his wife. “The school looks brand new!”

Not so happy news comes from schools in San Mateo County where the Lehman Brothers collapse has hit Menlo Park schools hard. How hard? Try a $3.5 million loss.
The district is considering suing, and is looking for fellow victims among the thousand other members of the county’s investment pool. How did they lose so much? According to a Merc story, “In the midst of a $106 million reconstruction project for all four of its schools, the district had just sold $30 million in bonds, and deposited the proceeds with the county. ‘It’s frustrating,’ said trustee Laura Rich. ‘Normally we wouldn’t have so much money in there.’” The rest of the article can be found here.

And the FBI is looking into allegations that a former Berkeley City College employee deliberately gave students more than $327,000 in extra financial aid. The employee, Robert Vergas, retired last spring, just as the Peralta Community College district was preparing to fire him. Click here for more details from reporter Matt Krupnick.

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