Our List Grows (Part Infinity)

NYTimes:

Large, Troubled Companies Got Bailout Money in Small-Business Loan Program

“A company in Georgia paid $6.5 million to resolve a Justice Department investigation — and, two weeks later, received a $10 million federally backed loan to help it survive the coronavirus crisis.

“Another company, AutoWeb, disclosed last week that it had paid its chief executive $1.7 million in 2019 — a week after it received $1.4 million from the same loan program. And Intellinetics, a software company in Ohio, got $838,700 from the government program — and then agreed, the following week, to spend at least $300,000 to purchase a rival firm.”

Now, before we get the tar warmed up and gather feathers, the WSJ ($) comes to the defense of Big Bidness:

“Politicians shut down the economy, denying business customers and revenue, without a plan to finance the shutdown. Then they rushed to set up programs with vague rules that businesses used in good faith, and now the politicians punish the businesses for following the rules that politicians established.

“Ruth’s Chris and Shake Shack were the first targets, but Treasury is showing that anyone is vulnerable if the media singles you out. All of this bodes ill for the economic recovery, as politicians blame business for their own coronavirus mistakes.”

So, let’s add the WSJ Editorial Board to the tumbrils, shall we?

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13 Responses to Our List Grows (Part Infinity)

  1. Awhite Rocklake says:

    Talking about his role in helping craft the too-small $800 billion stimulus after the great recession, Biden said “I wanted to bring in the toughest son-of-a-bitch in the country—I really mean it, I’m not joking—because we wanted to make sure we did it by the numbers with genuine oversight,”

    … reminded me that what brought Truman to national renown was the Truman War-Profiteering Committee.

    The Truman Committee, formally known as the Senate Special Committee to Investigate the National Defense Program, was a United States Congressional investigative body, headed by Senator Harry S. Truman.[1] The bipartisan special committee was formed in March 1941 to find and correct problems in US war production with waste, inefficiency, and war profiteering. The Truman Committee proved to be one of the most successful investigative efforts ever mounted by the U.S. government: an initial budget of $15,000 was expanded over three years to $360,000 to save an estimated $10–15 billion in military spending and thousands of lives of U.S. servicemen .[2][3][4] For comparison, the entire cost of the Manhattan Project was $2 billion, at the time.[5] Chairing the committee helped Truman make a name for himself beyond his political machine origins and was a major factor in the decision to nominate him as vice president, which would propel him to the presidency after the death of Franklin D. Roosevelt.[6]

    I imagine that there could be such a committee formed to investigate COVID-19 … in my scenario, it’s headed by a little known back-bencher who rises to the occasion and shines a bright light on everything that’s going on.

    Liked by 3 people

    • So he had a lot of experience stopping the buck, so to speak 🙂

      Unfortunately I hold out little hope for your scenario…if only because the very microsecond a Dem is elected President, The Great Bothsides Bipartisan Tip-n-Ronnie Team Of Rivals Media sirens will start wailing like Air Raid sirens all over the country drowning out everything else while the GOP starts up their Oh My God We’re Drowning In Debt and Deficits And There’s a DEMOCRAT In The White House So We Must Destroy All Parts Of Government Except That Which Funnels Money Up Star Trek Deficit Red Alert klaxons which, combined will result in yet another massive wealth transfer to the top 0.01% and the lash for everyone else for selfishly getting us into this mess in the first place, silly voters.

      Liked by 2 people

      • R White says:

        Not to mention that if any of them are still alive in a year or so, the failed beltway media will use the Covidiots as useful rubes to ‘protest’ and scare the shit out of meek corporate dims if they, like rational economists argue, we must spend money to create gov’t programs that lead to jobs along with raising taxes on the wealthy…

        Liked by 1 person

  2. Diane says:

    Nothing says small business like having millions paid to CEOs and millions in reserves.

    Liked by 2 people

  3. ali redford says:

    So, let’s add the WSJ Editorial Board to the tumbrils, shall we?

    We shall.

    Liked by 1 person

  4. Kent Fossgreen says:

    I am concerned that, given the large number of tumbrel-worthy individuals we’re dealing with, that ordinary tumbrels may be too slow. I think we’re going to need Bullet Tumbrels.

    Liked by 1 person

  5. DoremusJessup says:

    I’m shocked! Corporate boards and CEO’s aren’t willing to forgo their absurdly sized bonuses?
    Has Willie the Poohbarr directed HIS [… apparently spineless…] DOJ to look into insider trading, or pump-and-dump in Hydroxychloroquine?
    Yeah, I’m shocked.

    Like

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