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N.Y.C. school chief steps down before hearings

New York City Schools Chancellor Anthony Alvarado, once hailed as the man who would save the city's crumbling school system, resigned Friday just days before hearings began into why he borrowed more than $80,000 from school employees.

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Alvarado announced his resignation Thursday in a brief statement in which he conceded his personal affairs were ''out of control'' and his finances ''horrendous.''

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