In this mornings' Washington Post, business columnist Steven Pearlstein brought an interesting story to business readers.
A community bank in the heart of the deep-south of South Carolina has devised a clever and creative scheme with their $20.5 million bailout package from Uncle Sam. Citizens South Bank in SC is offering below market cost loans to customers who wish to buy a house or house lot and is cooperating with area developers to to fund closing costs and things like that.
The president of the bank earns about $500,000 a year (well, $250k but with tons and tons of benefits including a car, stock in the bank, annual bonus and his country club membership). Wall Street bankers should take heed of such a program and perhaps get their MBA buddies to create a similar program. Reducing the salaries of said CEO's and bank managers should be a required step before any of you touch taxpayer money. I'm tired of paying for your private Gulfstream Jet.
For more on the story,read the full article here.
1 comment:
Question for you. Who builds those jets? Who performs the service on them? Who pilots them? Who runs the Fixed Base Operators that they fly into and out of? That would be "the little guy!" If you force these or others to get rid of or not even buy private aircraft you are not hurting the buyer, rather you are hurting all those that I just mentioned above. Just so you know, none of them come close to falling into the newest definition of "the rich!"
As way of a little background, though I did study political science while at OSU, ultimately my degree was in aviation. I posted an article from the CEO of Cessna on my blog that you should read!
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