This is the American Greed podcast presented by CNBC.

I'm Stacey Keach.

In this episode of American Greed, in Detroit's troubled public schools, there's gold in pencils,

paper, and desks, especially for people like Norman Shai who know how to rig the system, pocketing

millions.

Norman Shai was living lavishly even by the standards of most wealthy people.

Swimming pools, a two-story library, some irony there, a two-story library from a guy who

steals from school kids who can't afford books.

In 2016, outside the Detroit Criminal Courthouse,

the legal walk of shame has an unthinkable cast of characters.

Not murderers or drug dealers, but public school officials charged with stealing funds that were supposed to go to students.

Do you have any apology to give to anybody?

I have nothing to say, thank you.

After all this area has been through, after all the smacks to the head this city has taken,

and here's another.

It's one of those things that make you think, did this have to be Detroit?

Because it really does paint the whole area.

That's like people roll their eyes.

Oh, that's just Detroit again.

It wasn't supposed to go this way.

Just a short time ago, public school principals were seen as the last best hope

to turn around Detroit's schools.

...