Postby localunionmember » Sun Jan 09, 2011 7:04 pm
This story will go national when the £13m to acquire the site, £20m to upgrade it and £6m to run it is confirmed. the reason is simple. this money is being taken from existing schools to pay for this school.
This is what was in Financial News on 16th December.
Battersea power struggle ensues over bankers' school
Maryam Omidi
16 Dec 2010
An education union is up in arms over the creation of what it has dubbed a “bankers’ free school†in a well-heeled neighbourhood in Wandsworth, which has the support of 25 bankers and private equity individuals.
GMB has accused Wandsworth Council of bowing to the financiers, who include individuals from top City banks such as Morgan Stanley, by pushing to build the school on the site of the disused Bolingbroke Hospital in Northcote – an area that has acquired the moniker “Nappy Valley†for its high birth rates and affluence.
The union has claimed the council will pay for the school with £13m of public funds and gerrymander the catchment area to ensure only the elite can attend.
“The bankers who were ‘bailed out’ with £850bn of public funds have acquired a taste for using public money to fund their pet projects,†said Paul Maloney, the GMB regional officer in Wandsworth. He added there were “surplus†places at other local secondary schools and a greater need for a primary school in the area.
A spokesman at the council rejected the claims as “very very unlikelyâ€, adding that a secondary school was necessary and negotiations over the site were ongoing.
St George’s NHS Trust, which owns the site, launched a consultation in September regarding the sale of Bolingbroke to make way for 50 apartments, 30% of which would be affordable housing, according to its website.
The Bolingbroke Academy’s website states the school will be a “local, non-selective, socially inclusive non-denomination school, providing opportunities for children from all backgrounds†and open to students based on a number of criteria, including those living closest based on straight line distance and from four local feeder primary schools.
But members of a Facebook group opposed to Bolingbroke Academy have argued that the Neighbourhood Schools Campaign, the parent-led group setting up the school, has chosen the primary schools based on merit rather than distance, and the money would be better spent upgrading the area's other neglected educational institutions.
In an email to Financial News, one of the parents, Andy Henderson, who works at JP Morgan Chase, said that while the area was popular with City workers, the school was in no way restricted to those with parents working in finance.
Henderson, who earns a "modest salary and lives in a two-bed flat", said the school was located in a middle-class area.
"The fact that a group of concerned parents have stood up and are trying to create a new school in a derelict building rather than it just becoming 'yet another property development' built for profit in my view is an excellent use of an old building in an already highly populated area," he said.
Here is a list of the 25 parents flagged up by GMB who have voiced their support for the creation of the school over the building of new flats, all of whom work in the City. The full list, available on the Wandsworth Council website, comprises a few hundred objectors to the property development:
Martin Wygas - Investment Executive, Lyceum Capital
Jacqueline Wygas - Royal Bank of Scotland
Edward Squire - JP Morgan Cazenove
Sue Smith - JP Morgan
John Rowland - Finance Director, Alchemy Partners Private Equity company
Laurence Ryan - Risk Manager, HSBC
Marco Gregotti - Executive Director, Morgan Stanley
Karen Gent - HR Business Partner, Credit Suisse
Julian Morse - International Equities, Cenkos Securities
Jean-Maurice Ladure - Head of Investment Strategy Europe, Coutts
Andrew Lennox - Vice President, Central Government, Capgemini
Julian Morgan - Partner, Advovo Wealth Management LLP
Andy Henderson - Vice President, Domestic GL Strategy, JP Morgan Chase
Heiko Krakowitzer - Director, Citigroup
Louise Parker - Underwriter, Arch Insurance Europe
Evelyn Hunter - Barclays Private Equity
Ian George - Nomura Investment Bank
Ed Duggan - JP Morgan
Leigh Enevoldson - Director, NM Rothschild
Tracey Appleby - Equity Syndicate, Nomura Securities
James Ashwell - Vice President, Morgan Stanley
Sam Cosh - Senior Fund Manager, F&C Investments
Jonathan Conway - Director, Barclays Capital
Frances Bailey - Executive Director, Morgan Stanley
Debbie Checketts - Head of Operational Risk, CMC Markets, Forex broker & spread betting
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