More than a decade ago, New York City's then mayor, Michael Bloomberg, helped launch a program called Children First, a philanthropic endeavor to pump private money into public schools. In its first year, 2003, $39.9 million was raised.

The money was to be disseminated by an entity called the Fund for Public Schools, and by 2010 its coffers were overflowing: A staggering $250 million had been donated by hedge funds, law firms, corporations and businesses.

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