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Billionaire hedge fund manager Dan Loeb apologized after
writing a racial insult on Facebook about a black state
The New York Times reported.
Loeb, who’s chairman of the board of Success Academy Charter
Schools, accused Senator Andrea Stewart-Cousins,
an African-American woman who’s the Democratic leader
in the New York State Senate, of having done “more damage to
people of color than anyone who has ever donned a hood.”
His remark seems to be a reference to the Ku Klux Klan,
a discomfiting remark for a network that boasts more than
90% of students are black or Latino.
On Facebook, Loeb called Stewart-Cousins a hypocrite who paid
“fealty to powerful union thugs,” and he showed support for Jeff
Klein, a senator who is pro charter schools. He’s since
apologized in a statement and deleted his post.
“I regret the language I used in expressing my passion for
educational choice,” he said in a statement to The Times. “I
apologize to Senator Stewart-Cousins and anyone I offended. I
have taken down the post from Facebook.”
Loeb is an influential member of the Success team.
He founded three of Success’ 41 schools, and has
coordinated some of the largest donations to the network from
“An apology for these comments was appropriate and
absolutely necessary,” Success Academy CEO Eva Moskowitz said in
a statement to Business Insider. “While it is true that
anti-charter policies hurt children of color, we must recognize
there are electeds who in good faith hold differing positions on
Success is the largest charter network in New York City
and has produced impressive results. Its students
who outperform students
in traditional public schools in New York City on standardized
tests. Skeptics of their model
claim their test scores are the result of questionable
practices. They remain a contentious figure in the education
reform movement in New York.