Pulaski Bank wants "new deal" for failed retail center, (click here for the Call story.)

A lot of folks on his blog like to bring up "socialism" when it comes to what they believe is the right thing to do. I am wondering if this little deal could be a snapshot of "socialism," or would you call it corporate greed ?

Here we have a bank that made a loan to a developer in good faith, and after they did their due diligence (I guess,) and the developer for what ever reason failed to complete the project and the Bank got it back. This is not uncommon in todays business climate what with the economy in the tank and getting worse.

All that said, do we the taxpayers really need to bail out the bank ? Crestwood already has one of the highest tax rates in some areas (over 9%) thanks to TIF, TDD, CID programs that seemed like a good idea at the time, but now have pushed many shoppers out of our area,

You tell me what we should do with this. And while your at it, please call your Alderman and tell them what you think, because as Mr. Elliott Davis would say "You paid for it !"


Tom Ford

NO. 880