Ayers was instrumental in starting the Chicago Annenberg Challenge, which was awarded nearly $50 million by a foundation to help reform Chicago schools. Obama was the first chairman of the Chicago Annenberg Challenge.

The cover-up continues.  What did the foundation do?  Where did the money go? (That's a lot of money.) How much was Obama paid?  How much did the Obama-led foundation funnel to Ayers? To other south side figures like Jeremiah Wright and Father Phleger? How closely did Obama and Ayers work on the foundation's business?  Can we get a look at the expense accounts please?

You don't launch a big foundation and then turn it over to a stranger.  The Ayers-Obama connection is obviously an important one, even though the MSM would prefer to pretend otherwise.

UPDATE: More key background here.  (HT: Stanley Kurtz --who discovered and owns this story.)

Here's a 2001 IRS 990 for the organization.  Lots of money going out to public schools, barious partnerships and lots of fees paid to consultants. 

UPDATE 2: Team Obama should be worried. Tom Maguire is interested.