Barcelona DC

Main Menu

  • Home
  • Mediterranean
  • Fira de Barcelona
  • Catalonia
  • Global Wealth
  • Saving Investment

Barcelona DC

Header Banner

Barcelona DC

  • Home
  • Mediterranean
  • Fira de Barcelona
  • Catalonia
  • Global Wealth
  • Saving Investment
Saving Investment
Home›Saving Investment›Watchdog lifts possible Kushner link to $ 700 million rescue loan

Watchdog lifts possible Kushner link to $ 700 million rescue loan

By Clint Kennedy
March 9, 2021
0
0

WASHINGTON (AP) – A congressional comptroller of federal pandemic aid raises the possibility of a link between President Donald Trump’s son-in-law Jared Kushner and a $ 700 million relief loan to a troubled trucking.

Bharat Ramamurti, a Democratic member of the four-person Congressional Oversight Committee, raised the possibility of a connection with Kushner in a hearing Thursday, as panel members from both sides challenged the Treasury Department’s decision to grant the loan to YRC Worldwide. The taxpayer-funded loan was granted on the grounds that the company’s operations are essential to maintaining national security.

Panel members questioned the decision to view YRC’s activities as vital to national security. It was the first and by far the largest loan made under the national security portion of the Treasury Department’s business assistance program, which has loaned billions to major airlines and small air carriers.

YRC received a separate $ 600 million loan last year from Apollo Global Management and several other lenders which was arranged by Apollo, a large private equity firm that is YRC’s largest creditor, according to the monitoring panel. Apollo co-founder Joshua Harris advised the Trump administration on infrastructure policy in early 2017 and met with Kushner, who is an adviser to the president. Later that year, Apollo loaned Kushner’s family real estate company $ 184 million to help refinance their mortgage on a Chicago apartment building, according to a New York Times report cited by Ramamurti.

Ramamurti asked Treasury Secretary Steven Mnuchin if he had had any contact with Kushner or his staff regarding the YRC loan. Mnuchin said he didn’t. Ramamurti then expanded the question to a request for correspondence with anyone in the White House.

“This warrants further investigation,” Ramamurti said. He called the loan to YRC an “accelerated and extremely generous loan that aptly helped” Apollo as a creditor of YRC.

There was no immediate comment on the matter to the Associated Press from Kushner or his team.

“Apollo was not at all involved in (YRC’s) decision to search for Treasury funds,” Apollo spokeswoman Joanna Rose said Thursday. “We bring capital to thousands of companies. We are one of YRC’s many lenders. It is not a business that our funds own or control.

Congressional auditors discovered that taxpayers stood to lose money on the $ 700 million investment. YRC had been in financial trouble for years, long before the pandemic began, and was in danger of going bankrupt.

Mnuchin defended the loan, saying YRC meets criteria for companies deemed essential to national security, as the Treasury Department had established with the Department of Defense and the office of the director of national intelligence.

He acknowledged that taxpayers could end up losing the money if YRC fails and doesn’t pay it back. “It was a risky loan,” Mnuchin said, but added: “We were fortunate that the economy recovered.… In the end, the treasury and the taxpayers will be very well compensated.

Mnuchin noted that before the loan was approved this summer, several lawmakers had asked the Treasury Department to help YRC in order to save jobs.

Representative French Hill, R-Ark., A panel member who is a former banker, told Mnuchin: “If I was still in finance, I wouldn’t have made this loan.”

YRC, based in Overland Park, Kansas, provides transportation and logistics services, such as the delivery of food, electronics, and other supplies to military sites across the country. The Department of Defense is a major customer of the YRC and the major supplier of transportation to the Department of Homeland Security.

The national security portion of the Treasury’s business assistance program, with an available pot of up to $ 17 billion, was earlier this year to be reserved for ailing aircraft manufacturer Boeing or General Electric. They were able to tap private credit markets and did not seek government assistance.

To qualify for national security assistance, companies must operate under defense contracts of the highest national priority or operate under top-secret security clearance. YRC apparently did not meet any of the criteria but qualified under a “catch” provision allowing a recommendation and certification from the Secretary of Defense or Director of National Intelligence to suffice.

The four-member oversight commission was appointed by congressional leaders from both parties to oversee spending of some $ 2 trillion in economic aid passed by Congress last spring and headed by the Treasury Department and the Reserve federal.

LATEST STORIES:

Related posts:

  1. Southampton grappling with Kyle Walker-Peters
  2. SBA will solely settle for PPP loans from smaller lenders for 8 hours as we speak
  3. Lamptey out for the season, Mbappe not for Metropolis, Ritchie cleared the locker, huddled between the rebels – The Athletic
  4. Two jobs and earnings necessities for a bad credit score auto loans
Tagsreal estate

Recent Posts

  • It’s a draw…or is it?
  • Israeli spyware company works with 22 customers in 12 EU countries – Middle East Monitor
  • Citibank unveils Mid-Year Outlook 2022 and forecast for the second half of 2022 during which the global economy will continue to face challenges, with continued inflation, oil price pressure and supply chain imbalance
  • Sayani Gupta shows off her post-Mediterranean vacation glow in a neon green jacket and white outfit for the Darlings movie event.
  • ‘The New Normal’: How Europe is being hit by a climate-induced drought crisis | Drought

Archives

  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • November 2020
  • October 2020
  • September 2020
  • July 2020
  • June 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • July 2018
  • April 2018
  • December 2017
  • September 2017
  • May 2016
  • February 2014

Categories

  • Catalonia
  • Fira de Barcelona
  • Global Wealth
  • Mediterranean
  • Saving Investment
  • Privacy Policy
  • Terms and Conditions