John T. Walton (with Christy)
March 5, 2001 For John T. Walton, the salvation of America's inner-city schools lies somewhere between Wal-Mart and Wall Street. Son of Wal-Mart founder Sam Walton, John has thrown his considerable financial support behind efforts to create taxpayer-funded vouchers for students who attend private schools. Last year Walton backed two ballot initiatives on the issue, pouring a total of $4 million into failed campaigns in Michigan and California. He also gave $100,000 to support a failed attempt to oust San Diego schools trustee Fran Zimmerman, who opposed conservatives bent on back-to-basics reform. Walton -- himself a product of public schools, as are his two children -- feels so strongly that the federal government is failing students that he created the Children's Scholarship Fund with Wall Street financier Ted Forstmann (No. 210, $251,000). The two billionaires have each kicked in $50 million, making the New York-based fund the nation's largest privately-funded school voucher program. Over 1 million low-income children have applied for scholarships to attend private schools, demonstrating what backers call "an overwhelming demand for an alternative to the nation's government-run schools." The fund's philosophy: "In order to help our children gain access to the best possible education, we must move to a more market-driven system characterized by diversity, competition, and excellence." Walton sits on the board of directors of Wal-Mart and is chairman of California-based True North Partners, a venture capital firm that invests in high-tech firms. His wife, Christy, lists herself as a homemaker on federal election documents. -- Brett Coker | | |
