Wednesday, April 27, 2022

Like him or not...He is a businessman, and evidently a smart one..

Treasury Made $25 Million After Trump Admin's Controversial Trucking Loan  Zoe Strozewski - 1h ago

The U.S. Treasury reportedly received more than $25 million in interest payments on a controversial loan worth $700 million that the Trump administration gave to a trucking company.

The loan was administered under the Coronavirus Aid, Relief and Economic Security (CARES) Act program for companies deemed as "critical to maintaining national security."

The Select Subcommittee on the Coronavirus Crisis released a report Wednesday detailing "troubling new evidence" that the trucking company, now named Yellow Corporation, received the massive loan "despite the assessment of career Department of Defense (DOD) officials that the company was not 'critical' to national security—a requirement under the CARES Act."

"The loan's approval involved the intervention of top Trump Administration officials—potentially including the president—and its generous terms also violated CARES Act risk and interest rate requirements," the committee said in a release.

The committee's chairman decried the findings for their alleged impact on U.S. taxpayers, while an attorney for the company said that the loan allowed the Treasury to rake in millions on interest payments.

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