Tag Archives: Treasury Department

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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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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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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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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Stimulus Checks Delayed So Trump’s Name Can Appear

The Washington Post reports: The Treasury Department has ordered President Trump’s name be printed on stimulus checks the Internal Revenue Service is rushing to send to tens of millions of Americans, a process that could slow their delivery by a few days, senior IRS officials said. The unprecedented decision, finalized late Monday, means that when recipients open the $1,200 paper …

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Treasury Dept Gives Hunter Biden Docs To Republicans

Yahoo News reports: The Treasury Department has complied with Republican senators’ requests for highly sensitive and closely held financial records about Hunter Biden and his associates and has turned over “‘evidence’ of questionable origin” to them, according to a leading Democrat on one of the committees conducting the investigation. For months, while the impeachment controversy raged, powerful committee chairmen in …

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2019 Budget Deficit Near $1 Trillion, Seven Year High

CNBC reports: The U.S. Treasury on Friday said that the federal deficit for fiscal 2019 was $984 billion, a 26% increase from 2018 but still short of the $1 trillion mark. The gap between revenues and spending was the widest it’s been in seven years. The government said corporate tax revenues totaled $230 billion, up 12%, thanks to a rebound …

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Mnuchin May Gut Obama Rule On Offshore Tax Havens

Bloomberg reports: Treasury Department officials are considering rolling back a tax rule aimed at preventing American companies from moving money offshore to avoid U.S. taxes, according to several people familiar with discussions. Treasury could narrow regulations aimed at preventing U.S. firms from lowering their U.S. tax bills by borrowing from an offshore branch of the company. The department is also …

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Treasury IG To Review Handling Of Trump’s Tax Returns

The Washington Post reports: The Treasury Department’s acting inspector general has opened a review into whether the Trump administration acted improperly during its ongoing fight with House Democrats over releasing President Trump’s tax returns. Treasury Secretary Steven Mnuchin has refused to comply with a request from House Ways and Means Committee Chairman Richard E. Neal (D-Mass.) for six years of …

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Trump Seeks To Privatize Fannie Mae And Freddie Mac

The Washington Post reports: The Trump administration released a sweeping plan Thursday that could remake the U.S. housing market, starting with ending more than a decade of government control of two massive companies, Fannie Mae and Freddie Mac, that back half of the nation’s mortgages. The long-awaited plan from the Treasury Department features nearly 50 proposals, including many technical changes …

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Trump Taps Former Fox Plagiarist As Treasury Spox

Reuters reports: President Trump announced Tuesday that he plans to appoint former Fox News contributor Monica Crowley to be the next spokeswoman for the Treasury Department. Crowley, who currently serves as the department’s senior adviser for public affairs, will serve as an assistant Treasury secretary for public affairs, according to the release. Crowley previously bowed out of a bid to …

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House Committee Sues US Treasury For Trump’s Taxes

CNBC reports: The House Ways and Means Committee on Tuesday sued the Treasury Department to get President Donald Trump’s tax returns, a spokesman for a committee member told CNBC on Tuesday. The Democrat-led panel had subpoenaed Treasury Secretary Steven Mnuchin and IRS chief Charles Rettig in May to hand over six years of Trump’s personal and business returns. The officials …

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DOJ Backs Mnuchin On Handing Over Trump’s Taxes

Law & Crime reports: The Department of Justice’s (DOJ) Office of Legal Counsel (OLC) published an opinion on Friday in support of Treasury Secretary Steven Mnuchin‘s refusal to hand President Donald Trump‘s tax returns to the House Ways and Means Committee led by Chairman Rep. Richard Neal (D-Mass.). The opinion, penned by OLC’s Assistant Attorney General Steven Engel, said that …

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Mnuchin Refuses US House Request For Trump’s Taxes

The Washington Post reports: Treasury Secretary Steven Mnuchin on Monday told House Democrats he would not furnish President Trump’s tax returns despite their legal request, the latest move by Trump administration officials to shield the president from congressional investigations. Mnuchin, in a letter to House Ways and Means Committee Chairman Richard Neal (D-Mass.), said he had consulted with the Justice …

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NY AG Sues Treasury Dept For Ignoring Docs Request

The Hill reports: New York Attorney General Letitia James on Monday filed a lawsuit against the Treasury Department and IRS, arguing that the agencies have failed to respond to information requests about its guidance reducing donor disclosure requirements for certain tax-exempt groups. “My office depends on these critical donor disclosure forms to be able to adequately oversee non-proofit organizations in …

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Steve Mnuchin To Hire Fox Plagiarist As Treasury Spox

Splinter News reports: The Trump administration-Fox News ouroboros rolls on unimpeded this week, with a report that Treasury Secretary Steve Mnuchin plans to hire former Fox personality Monica Crowley as his new spokeswoman. Citing “people familiar with the matter,” Bloomberg reported on Wednesday that Mnuchin is preparing to hire Crowley as a replacement for outgoing spokesman Tony Sayegh, who had …

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