Nice Work If You Can Get It
Last week gossip columnist Deb Peterson reported:
DOWNTOWN COMMITMENT: Downtown Now topper Tom Reeves and his bride of nearly a year, Kathy Brown Reeves, former head of St. Louis’ Community Development Agency, have recently bought a new house on the manicured grounds of the Bellerive Country Club in tony Town & Country. Reported purchase price: $1.23 million.
Wow, cha-ching.
It is my understanding Reeves did quite well in the banking business before taking the head job at Downtown Now! on a pro bono basis. His defenders also say they have a downtown loft in addition to the new suburban Town & Country place.
Somehow I’m supposed to feel better about this because he has a second place downtown and works for free. Hmmm, not working.
This affirms my opinion of organizations like Downtown Now! and the Downtown St. Louis Partnership. Namely, they are tools of the rich. “Look at us, we are helping the city.”
A quick glance of the boards of both organizations and you’ll see it is elected officials and the people that paid to get the officials elected. The two organizations stay busy giving each other awards.
I can imagine it is hard for the board to complain about the fact the organization’s website still has a “what’s happening in 2004” logo on their main page when the executive director works for free. What are they going to do, fire him?
But pro bono doesn’t mean the job doesn’t have any perks.
As an example, Apple Computer’s Chairman and CEO Steve Jobs takes a salary of only $1 per year. Yet a few years ago he got a new gulfstream jet valued at something like $80 million. He has also received massive amounts of stock. The point? Steve Jobs is considered one of the highest paid executives in silicon valley despite his $1 annual compensation.
I have no idea what kind of perks Mr. Reeves may or may not be getting either directly or indirectly. I just know that in the real world of politics and big business they have ways of making things look noble on the surface and well compensated otherwise.
What is painfully clear is that someone that can afford to work for free, have a downtown loft and a million dollar McMansion in the ‘burbs probably can’t relate to the the needs of downtown residents and start-up business owners. Reeves certainly can’t manage to keep a website updated…
Read my prior post on Downtown Now! here.
[UPDATE 2/7/06 @ 10:30am. On the next post I report that Tom Reeves is not working pro-bono at Downtown Now. His base salary is $187K. – SLP]
– Steve