From Bear Stearns to the NYC Department of Education

The Department of Education has hired a former Bear Stearns managing director to be the new CFO. George Raab has accepted the $180K/year job--which involves overseeing $20 billion--but the Sun says the the "appointment will not become official until a background check is completed." The Post points out that the DOE is "currently the only major agency not plugged into the city's electronic budgeting system" and gets a quote from District 1's Community Education Council president Lisa Donlan: "I assume this [hire] is in response to all the crap they've been getting about playing loose and fast with the budget and rewriting the rules for themselves."

Contact the author of this article or email tips@gothamist.com with further questions, comments or tips.

By Jen Chung in News on August 12, 2008 9:45 AM

Comments [rss]

rcltrh

and he can take the building funds, supply funds, federal grant funds, and the teacher pension fund and invest it into hedge funds and the secondary mortgage market and before you know it they will all be rich! filthy stinking rich I tell you!

Ugh. You've got to be kidding me. I'm guessing he and Klein and Bloomberg are golfing partners like the IBM guy who sold us the great 80 million computer system that didn't work.