Tag Archives: Steve Mnuchin

FL Man Bought Lamborghini With Bailout Funds: DOJ

Via press release from the Justice Department: A Florida man was arrested and charged with fraudulently obtaining $3.9 million in Paycheck Protection Program (PPP) loans and using those funds, in part, to purchase a sports car for himself. Authorities seized a $318,000 sports car and $3.4 million from bank accounts at the time of arrest. David T. Hines, 29, of …

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DOJ Charges Man With Fraudulently Taking $8.5M In PPP Bailout, Spent Hundreds Of Thousands At Casino

Via press release from the Justice Department: A California man was arrested today and charged with fraudulently seeking over $8.5 million in Paycheck Protection Program (PPP) loans. Andrew Marnell, 40, of Los Angeles, California, was charged by criminal complaint, unsealed today upon his arrest, in the Central District of California with one count of bank fraud. The complaint alleges that …

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Mnuchin’s Ritzy LA Country Club Got Millions In Bailout

The Daily Beast reports: An exclusive California golf course that has counted Treasury Secretary Steven Mnuchin among its members is seeing plenty of the taxpayers’ green. The Riviera Country Club, located in a posh enclave of Los Angeles, received $2 million to $5 million in assistance through the Paycheck Protection Program—a multibillion-dollar initiative intended to carry small businesses and their …

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Multiple Trump Cronies Got “Small Business” Bailouts

The Wall Street Journal reports: The federal government’s Paycheck Protection Program designed to help small businesses weather fallout from the coronavirus pandemic helped a broad swath of organizations, including prominent restaurant chains, law firms and non-profits. Among the recipients the Trump administration disclosed Monday: Boies Schiller Flexner LLP, the law firm headed by antitrust litigator David Boies; Newsmax Media Inc., …

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Feds Lend $700 Million To Trucking Company Currently Being Sued For Overcharging The Feds For Shipping

One day we’ll learn who got the kickbacks: The Treasury Department on Wednesday approved a $700 million loan to YRC Worldwide, a financially-troubled trucking company that is also being sued by the Defense Department (DOD) for overpricing shipping costs. “We are pleased for Treasury to make this loan pursuant to the CARES Act,” Treasury Secretary Steven Mnuchin said in a …

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One Million Dead People Got COVID Stimulus Checks

The Washington Post reports: The federal government sent coronavirus stimulus payments to almost 1.1 million dead people totaling nearly $1.4 billion, Congress’ independent watchdog reported Thursday. The Washington Post previously reported that the Treasury Department and Internal Revenue Service disbursed some payments of up to $1,200 each to dead people. But the astonishing scope of the problem had not been …

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Wallace Grills Mnuchin: Are Your “Rosy Predictions” Based On Economic Reality Or The November Election?

“I’ve got to tell you, and I want to ask about a number of signs which indicate that the recovery is going to be much slower than that, sir. Job losses are not just in hospitality industry — airlines, restaurants, as you would expect — but they’re more widespread. “The white collar and government sector, 3 million Jobs lost. Major …

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Rocker Axl Rose Trades Twitter Barbs With Mnuchin

The Daily Beast reports: If you were wondering what else the year 2020 could throw at us, Wednesday night brought us the spectacle of Treasury Secretary Steve Mnuchin embroiling himself in a Twitter beef with Guns N’ Roses frontman Axl Rose. The “Paradise City” singer kicked things off by blasting the former movie mogul, tweeting: “It’s official! Whatever anyone may …

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Mnuchin: Probably No International Travel Until 2021 But “This Is A Great Time To Explore America” [VIDEO]

The New York Daily News reports: Steve Mnuchin has some good news and some bad news. The Treasury Secretary said Monday that more stimulus would be coming soon to help an economy crippled by coronavirus. But Mnuchin also said it’s “too hard to tell” whether international travel will be possible this year as the pandemic wreaks havoc across the globe. …

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Publicly Traded Companies Took Over $1B In SBA Funds

The Washington Post reports: Publicly traded companies have received more than $1 billion in funds meant for small businesses from the federal government’s economic stimulus package, according to data from securities filings compiled by The Washington Post. Nearly 300 public companies have reported receiving money from the fund, called the Paycheck Protection Program, according to the data compiled by The …

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Smaller Casinos Eligible For SBA Funds After Lobbying

The Washington Post reports: Casinos with fewer than 500 employees are eligible to receive loans from a new pot of $310 billion in small-business funding that was released Monday, a rule change that could help casinos hire back workers but was opposed by anti-gambling advocates. For nearly 25 years, companies that made more than one-third of their revenue from gambling …

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Mnuchin “Outraged” That NBA Team Took SBA Funds

Business Insider reports: Treasury Secretary Steven Mnuchin on Tuesday slammed the Los Angeles Lakers’ participation in a government relief program meant for small businesses. “I’m a big fan of the team, but I’m not a fan of the fact that they took a $4.6 million loan,” he said on CNBC. “I think that’s outrageous and I’m glad they returned it …

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Wealth Of US Billionaires Up $308B In Last Four Weeks

The Guardian reports: Some of the richest people in the US have been at the front of the queue as the government has handed out trillions of dollars to prop up an economy it shuttered amid the coronavirus pandemic. At the same time, the billionaire class has added $308 Bto its wealth in four weeks – even as a record …

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National Car Seller Got $77M In Small Business Funds

The Washington Post reports: AutoNation, a national network of auto sellers, received more than $77 million in federal small-business funds despite being a company worth billions that employed more than 26,000 people before the pandemic. In response to questions from The Washington Post, AutoNation Executive Vice President Marc Cannon said that the company’s board voted Thursday to return the funds …

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Treasury Department Asks Publicly-Traded Companies To Return Small Business Stimulus Loans After Backlash

ABC News reports: The Treasury Department issued new guidance on Thursday encouraging publicly-traded companies to return their coronavirus stimulus loans by May 7 as Shake Shack and other public companies have faced backlash for receiving funds meant for small businesses. While small business owners struggled to secure loans under the Paycheck Protection Program in the two weeks before the $350 …

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USPS Crisis Gives Opening For Trump To Hurt Amazon

The Washington Post reports: The Treasury Department is considering taking unprecedented control over key operations of the U.S. Postal Service by imposing tough terms on an emergency coronavirus loan from Congress, which would fulfill President Trump’s longtime goal of changing how the service does business. Officials working under Treasury Secretary Steven Mnuchin, who must approve the $10 billion loan, have …

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Mnuchin Claims Credit For Trump’s Name On Stimulus Checks: “It’s A Terrific Symbol To The American Public”

Mediaite reports: Secretary of the Treasury Steven Mnuchin in an interview on State of the Union With Jake Tapper touted that it was, in fact, his idea to print President Donald Trump’s name on coronavirus stimulus checks, billing the move as a “terrific symbol to the American public.” “Stimulus checks for $1,200 are being mailed out to many Americans, some …

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Mnuchin: Stimulus Money Should Last For 10 Weeks

Business Insider reports: President Donald Trump’s appointed head of the Treasury, Steven Mnuchin, is under fire for comments he made Wednesday in which he appeared to suggest the $1,200 stimulus payments could last people up to 10 weeks. “I think the entire package provides economic relief overall for about 10 weeks,” Mnuchin told CBS’ Face the Nation. “Hopefully we will …

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Airlines Reach Deal For Billions In Stimulus Grants

The Hill reports: Major U.S. airlines have reached an agreement with the Treasury Department to accept billions of dollars in coronavirus stimulus funds, the department announced Tuesday. Treasury Secretary Steven Mnuchin said in a statement that he and the department “welcome the news” that 10 airlines have agreed to participate in the program. The airlines applied for parts of $25 …

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Mnuchin: Trump Could Reopen Country In May [VIDEO]

Business Insider reports: Treasury Secretary Steven Mnuchin said Thursday that the US economy could reopen in May if President Donald Trump decides the public health crisis is under control. When CNBC’s Jim Cramer asked Mnuchin if “we could be open for business in the month of May,” the secretary responded, “I do.” “As soon as the president feels comfortable with …

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