mnuchin

Trump administration gave a $700M bailout to a $70M truck company after it allegedly defrauded the Pentagon

The Washington Post reports:

The Treasury Department announced Wednesday that it will loan $700 million to a trucking firm that ships military equipment, in exchange for having U.S. taxpayers acquire an almost 30 percent stake in the company.

Under the unusual arrangement, the Treasury Department will provide the emergency loan to YRC Worldwide, while taking a 29.6 percent equity stake in the company. The U.S. government does not typically take ownership stakes in companies but was given permission to do so by Congress as a way to ensure taxpayer funds are not misspent.

That lede alone should be enough to raise an eyebrow. But it gets even more suspicious: YRC Worldwide's stock had already plunged 27 percent this year, and was down 85 percent over the last five years. The day before the deal was finalized, the company was only valued at $70 million.

Yet somehow, the company finagled a rare deal for a government loan worth 10 times more than the company itself. To hear Treasury Secretary Steve Mnuchin tell it, that's because the company is very, very important:

YRC is a leading provider of critical military transportation and other hauling services to the U.S. government and provides 68% of less-than-truckload services to the Department of Defense. This loan will enable YRC to maintain approximately 30,000 trucking jobs and continue to support essential military supply chain operations and the transport of industrial, commercial, and retail goods to more than 200,000 corporate customers across North America.

That argument might make sense on the surface, until you factor the part where YRC Worldwide is also being sued by the federal government for defrauding the Department of Defense out of millions of dollars. Read the rest

Mnuchin: U.S. won't 'shut down the economy again' even if coronavirus cases surge

Trump's treasury secretary Stephen Mnuchin today said the United States should not, as he puts it, shut down the economy again -- even if there is another surge in coronavirus cases. Read the rest

Trump threatens to cut Michigan from federal money over mail-in voting, as 10,000 in state flee breaking dams

UPDATE: He threatened Nevada, too.

Trump now threatening to punish the entire state of Michigan for the crime of sending out ballot applications to eligible voters.

Michigan is having a rough month. The coronavirus outbreak led to a state-wide lockdown, which armed protesters defied at the state capital. Last night, Michigan Governor Gretchen Whitmer declared a state of emergency for part of the state, after heavy rains broke two dams, displacing thousands of residents. Read the rest

Steve Mnuchin says people can live on $1,200 for 10 weeks

Multimillionaire treasury secretary Steve Mnuchin (yeah, this guy) says that those $1200 stimulus checks should be enough to live on for 10 weeks. Let's see you try it, Steve.

Yes, I know the video is weeks old. So was his promise to mail Americans $1,200 checks. Read the rest

Social security for all — for now

America has no fire drill for economic uncertainty. What is going to happen today, April 1st, in the middle of an unprecedented pandemic, when everyone's rent, mortgages, and bills are due? Read the rest

Trump and Apple's Tim Cook to meet at Davos

Impeached phony president and utter turd of a man Donald Trump will attend a breakfast meeting on Wednesday at Davos with Apple Chief Executive Tim Cook, Reuters reports. Read the rest

Rep Katie Porter: an Elizabeth Warren protege and single mom who destroys bumbling, mediocre rich guys in Congressional hearings

In 2018, Katie Porter flipped a Republican safe seat -- it had literally never been held by a Democrat-- in California's 45th District, and since then, she has been a delightful, brilliant terror of a lawmaker, using her deep background in finance law (she's a tenured finance law prof at UC Irvine who literally wrote the textbook on consumer finance law in the wake of Dodd-Frank and Elizabeth Warren's establishment of the Consumer Finance Protection Bureau). Read the rest

Here's a smart person deconstructing Steven Mnuchin's dumb speech about cryptocurrencies

Secretary of the Treasury Steven Mnuchin made a fortune during the real estate boom when he “rushed delinquent homeowners out of their homes by violating notice and waiting period statutes, illegally backdated key documents, and effectively gamed foreclosure auctions.

This unctuous gentleman would like you to believe that Bitcoin is the place where financial crime is happening now, most likely as a way to distract people from the fact that the crimes perpetrated by the major financial institutions owned by his friends dwarf the fraudulent activities around Bitcoin.

Mnuchin really wanted to go after financial fraud, he'd do something about Deutsche Bank. But he won't because he likes his job too much. Read the rest

Secret Service agents enjoy SoulCycle with Steve Mnuchin, who wants to control their agency

Buried in that Los Angeles Magazine profile of Trump Treasury Secretary Steven Mnuchin's idiot wife Louise Linton was a gem, newly highlighted in a New York Times piece today. Read the rest

The eminently electable Bernie Sanders enjoys strong support from African-Americans and young people

When critics want to dismiss Bernie Sanders's bid to be the Democratic presidential candidate in 2020, the say that he is too old and too white, and incapable of bringing young people and racialized people to the polls, the way that, say, Obama did in 2008 (after all, American politics is as much a contest of who votes and who doesn't as it about whom they vote for). Read the rest

Trump White House cancels Davos trip for World Economic Forum

The planned delegation included Pompeo and Mnuchin.

White House press secretary Sarah Sanders says the Trump administration has canceled a planned trip to Davos, Switzerland, for the World Economic Forum. The announcement was made today, Thursday, the 27th day of Trump's partial government shutdown. Read the rest

Trump showing off his 300 hamburgers for Clemson national championship football team ? (VIDEO)

Clemson's national championship football team went to the White House on Monday where President Donald Trump hosted them for winning the title. Trump had a bunch of burgers ready for them: Wendy's, McDonald's and Burger King. Read the rest

After Trump nicknames himself "Tariff Man" the stock market plunges

Over the weekend it seemed like a solid trade agreement – putting the trade war on hold for 90 days – had been made between the United States and China. And then Trump couldn't resist Twitter, where, over a few posts, he warned that if the deal didn't happen, he was a "Tariff Man." Following his toxic tweets, the Dow Jones industrial fell 705 points, or nearly 3%. The Nasdaq fell 3.1%.

According to The New York Times:

Stocks fell on Tuesday, after President Trump sowed confusion over the status of a truce in the trade war between the United States and China, while the bond market, often considered a safe haven for investors, sent a stark warning about expectations for an economic slowdown.

Read the rest

Putin high-fives MBS: Russian leader and Saudi Crown Prince bin Salman bro down at G20

Watch. So chilling.

Find someone who is as happy to see you as Russian President Vladimir Putin and Saudi Crown Prince bin Salman, who high-five each other and dive in for a bro hug, laughing like only two murderers can, at the G20 in Argentina. Read the rest

Steve Mnuchin stole Cesar Sayoc's house

Before Steve Mnuchin was in charge of the nation's economy, he was a foreclosure kingpin who left Goldman Sachs to found OneWest Bank (with money from George Soros!) in 2008; after the crisis, OneWest Bank acquired busted mortgage lender IndyMac, and became a notorious foreclosure mill, using robo-signed, back-dated, fraudulent documents to steal peoples' houses. Read the rest

Mister Bone Saw got a standing ovation at Davos in the Desert

The assassination and dismemberment of dissident journalist Jamal Khashoggi (previously) finally accomplished what decades of detailed reports of human rights abuses and years of increasingly grave details of a brutal proxy war in Yemen could not do: it made the Saudi royal family into international pariahs, even among the plutocrat class who had fattened themselves off of Saudi money. Read the rest

3D print this Harriet Tubman stamp and fix all those twenties that Mnuchin forgot to take Andrew Jackson off of

As of 2020, Harriet Tubman -- revolutionary anti-racist hero -- was supposed to replace Andrew Jackson (authoritarian, genocidal stain on the American project) on the $20 bill, with Jackson moving to the other side of the bill as a sop to racist idiots. Read the rest

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