Treasury Secretary Steven Mnuchin was not mad; he was disappointed. Several of the nation’s wealthy private schools—including St. Andrew’s Episcopal in Maryland, where President Donald Trump sends his youngest son, and Brentwood School in Los Angeles, which at least two of Mnuchin’s children attend—had received loans earmarked for small businesses to keep paying their employees during the coronavirus crisis. On Twitter, Mnuchin softly chided the schools; they did not have to return the funds, he suggested, but they should.In response, these institutions came up with lists of reasons they would not be returning the money. The primary reason was simple enough: The schools had qualified for the loan, and they needed to pay their workers like any other business. But the board of Sidwell Friends School, the private, hyper-selective alma mater of the Obama and Clinton children in Washington, D.C., argued that it should keep the $5 million it had… ..... Read More.
4 weeks ago