Cory Booker on working with Betsy DeVos' school privatization organization:

DFER is actually the more well known PAC arm of Education Reform Now, Inc. (ERN), a 501(c)(3) charitable nonprofit, and Education Reform Now Advocacy, Inc. (ERNA), a 501(c)(4) social welfare group. Their acronym not only sounds like the word "earn," but also it has the backing of some really huge earners.

DFER co-founder (and founder of the T2 Partners hedge fund) Whitney Tilson explained the hedge funders interest in education noting that "Hedge funds are always looking for ways to turn a small amount of capital into a large amount of capital."

The Board of Directors for ERN consists almost entirely of Wall Streeters who made their fortunes through financial groups and hedge funds, such as Sessa Capital, Gotham Capital, Covey Capital, Charter Bridge Capital, Maverick Capital, Cubist Systematic Strategies, and Sanford C. Bernstein.

It is known, though, that FOX's Rupert Murdoch gave at least $1 million to ERN. Murdoch has expressed his desire to get in on education "reforms," stating "When it comes to K through 12 education, we see a $500 billion sector in the U.S. alone...."

Because non-profits like ERN/ERNA do not have to disclose their major donors to the public, even when ERNA is active in supporting electoral activities the public is left in the dark about which hedge funder is actually helping to fund state and local ads and mailers during the election.