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First Obama lied by saying that Ayers was "just some guy who lives in my neighborhood." He launched his political career in Ayers living room. He then dodges by saying that he shouldn't be held responsible for acts Ayers committed when he (Obama) was 8 years old. But that's not the issue. Ayers is unrepentant and says he wish he did more. (What, bombing the Pentagon and Capitol building weren't enough?)
Journalist Stanley Kurtz knew that Obama had served on the board of the Annenberg Challenge along with Ayers. In fact, that stint was listed as one of his qualifications when he ran for the Illinois legislature. Kurtz wanted to get access to the records of the now defunct Challenge, which were being stored at the University of Chicago, but they repeatedly stonewalled until Kurtz sued.
After they were released (some 130 or so boxes), Kurtz started examing them and was invited onto a Chicago talk show to discuss them. The Obama people instantly went into fascist mode and ordered its followers to try to shout down and shut down the broadcoast. (http://newsbusters.org/blogs/kerry-picket/2008/08/28/obama-camp-failsto-stifle-kurtzs-obama-ayers-story-chicago-airwaves) Significantly, a spokesman for the Obama campaign was invited to be on the show at the same time, but they declined.
What Kurtz found is disturbing. First, it proves that Ayers was not just "some guy who lives in the neighborhood." They were joined at the hip. And the millions requested did not go to genuine educational institutions such as the Chicago Algebra Project, the Loyola University School of Education and the Argonne National Laboratory (http://directorblue.blogspot.com/2008/09/william-ayers-guy-who-lives-in-my.html)
The money did go to organizations that Ayers had close, even fiscal, relationships to. (http://www.ibdeditorial.com/IBDArticles.aspx?id=304729375940845)
It sounds like a scam and outright theft, and Obama was one of the principal officers of the orgnization.
The fact that they're doing everything to try to stop this story, including stormtrooper tactics, shows how dangerous it is to him.
There's way more. Try to learn to use Google.