The Trump Administration Just Loaned $700M to a Company the Government is Suing for Ripping Them Off. (1 Viewer)

[FullMonte]

Short version:
-YRC trucking was granted a $700M loan by the federal government because they are considered critical to shipping DOD freight.
-The company's stock was worth a total of $70M
-The government is suing the company for overcharging the DOD to ship said freight.

Treasury just lent a troubled trucking company $700 million. The company was worth only $70 million | CNN Business

The US Treasury is giving a $700 million loan to YRC Worldwide, a troubled trucking company that warned in May it was in danger of going out of business.

cnn.com

I can't seem to grasp the idea of this being the only trucking company that can ship DOD hardware, and I can't seem to fathom loaning them 10 times the value of the company.

Something is really off here.

 

[insidejob]

How does this happen? Is there literally no oversight going on in DC anymore?

ETA: Seriously. If the company is only worth $70M, why the hell would they need $700M? Someone is getting rich off this and I can probably guess who.

 

[The moose]

Wow.


That one is just mind bending. Can't even fathom that one. Who owns that place or is the majority share holders?


Well I guess the silver lining is they can now pay the fines!

 

[Farb]

How does this happen? Is there literally no oversight going on in DC anymore?

ETA: Seriously. If the company is only worth $70M, why the hell would they need $700M? Someone is getting rich off this and I can probably guess who.

Well, if the way they handled the SBA loans and the PPP loans/grants is any indication at their professionalism, then this should not be surprise. Sad.

 

[efil4]

Campaign " drain the swamp"

In office "fill the swamp".

Lol another campaign promise broken.

 

[Goatman saint]

Shhhh. Two clues. First, find the name of the management fund which is running Trumps investments. Clue 2 find which investment company holds a large stake in said trucking company. Then, react in utter shock at the answers you find

 

[Saintamaniac]

America should prepare thy anus because this is going to get a lot worst before it's all over. God only knows what will transpire after election night if trump loses.