So let me get out my conceptual transmogrifier:
- Forgivable loans to executives to buy stock, houses, and so on, bad.
- Forgivable loans to executives to buy condos in the city of St. Louis? Good!
Mandy and Kevin Kozminske wrote out a hefty check recently as a down payment on a loft condominium in downtown St. Louis. But her employer covered their closing costs – $5,000.
Mandy Kozminske, an assistant vice president for U.S. Bank, qualified for the money through the bank’s employer-assisted housing program. The $5,000 is a loan; it’s forgivable as long as she stays on the job – and in the home – for five years.
Hey, U.S. Bank can do what it wants to retain its employees; however, I hope it offers $5,000 in free cash to every teller, janitor, and maintenance man in its direct employ. Otherwise, the Post-Dispatch displays that its commitment to the Little Man ends where its commitment to championing the movers and shakers in the city of St. Louis government/developer cabal begins.