The US plans to lend $500 billion to large companies. It won't require them to preserve jobs

[milestogo]

Source: Washington Post

A Federal Reserve program expected to begin within weeks will provide hundreds of billions in emergency aid to large American corporations without requiring them to save jobs or limit payments to executives and shareholders.

Under the program, the central bank will buy up to $500 billion in bonds issued by large companies. The companies will use the influx of cash as a financial lifeline but are required to pay it back with interest.

Unlike other portions of the relief for American businesses, however, this aid will be exempt from rules passed by Congress requiring recipients to limit dividends, executive compensation and stock buybacks and does not direct the companies to maintain certain employment levels.

Critics say the program could allow large companies that take the federal help to reward shareholders and executives without saving any jobs. The program was set up jointly by the Federal Reserve and the Treasury Department.

Read more: https://www.washingtonpost.com/business/2020/04/28/federal-reserve-bond-corporations/

[jpak]

1. Grand Theft Trump

yup

[Maxheader]

20. Remember when the wingers in congress fought tooth and nail..

against obamas tarp payments...?

They couldn't feed from the trough for that money..and besides the govt

wanted it paid back..

Now? No whining about the deficit..no bitchin that the suffering corps should just

suck it up...either make it or not...Now...the bastards have access to the cash

trough , thanks to the yellow haired traitor...

[McCamy Taylor]

2. O O This is my eyeballs right now.

How can they justify giving tax payer money to the richest of the rich right now with so many out of work and hungry?

[AllaN01Bear]

3. why dont we all just stop paying our taxes right now and see what happens ?

(besides us going to jail.) the rich bitches dont.

[barbtries]

5. if we ALL did that,

things would have to change. i'm pretty fucking tired of taxation without representation.

we're headed for a great depression. these corrupt, boundlessly greedy bastards will watch us starve to death. for them!

[I_UndergroundPanther]

24. They can't throw millions in jail

Solidarity scares the fuck out of the 1%

[barbtries]

4. my blood pressure

spikes when i read these stories. rage and impotence. motherfuckers

[people]

6. THAT IS SO DISGUSTING!!!!!

WHAT PIGS THESE ARE

[bucolic_frolic]

7. Full National Socialism

Merger of government and corporations. If this were a casino it would be like skimming off the money into private hands.

[I_UndergroundPanther]

28. When corporation and state merge

That is the actual definition of fascism,btw.

[Hoyt]

8. As long as they buy it at market interest rates and force them to pay it back, I'm OK with it.

Doesn't do a lot of good to let companies falter or go out of business. And, letting vulture capitalists swoop in when a company has no other choice, seems wrong too.

The companies that qualify, had investment grade rating on March 22 and have since been downgraded to one of the top three tiers of the high-yield bond market (BB+, BB or B .


Besides, if the companies default, we can nationalize them.

[Hearthrob]

13. Gee. We know somebody in Treasury that has a lot of experience with this. Don't we?

The program was set up jointly by the Federal Reserve an the Treasury Department.

https://www.google.com/search?safe=active&client=firefox-b-1-m&q=mnuchin+sears&spell=1&sa=X&ved=2ahUKEwiLjN3ai4zpAhUsgnIEHXBnC30QBXoECDIQAQ

[sakabatou]

9. Sonnavabitch!

[ancianita]

10. Keep the capitalist plantation running until the unprotected, underpaid, disposable workers return.

At least the owners are protected.

I'd sure like to see the list of valuable companies that get that half trillion.

[yonder]

11. The idea of growth from the top down is what drives the GOP's market cart.

Their seed stock sprouts, shrivels and dies, upside down, in their root bound vaults in the clouds while our labor provides even more for their misguided sowing.

We plant where nature intended, down low in terra firma, top side up and with enough nurturing care it will provide for all. About time to place the pump in the creek, irrigate and stop depending on those infrequent showers from above.

[notdarkyet]

12. Boycot if possible. Where are they getting the money?not trough normal channels.

[yaesu]

14. another boost for wall street banksters. nt

[cstanleytech]

15. Well we knew Mitch, Trump, Nunes and the rest of the Corrupt Republicans would find a way

to embezzle the money for their campaign donors and or into their own pockets somehow.

[SergeStorms]

16. ...but are required to pay it back with interest."

Yeah, I'm sure they'll just wet themselves hurrying to pay the government back.

[Igel]

17. Depends on the interest rate.

Last time they didn't dawdle. The "bailout" was loans, and the government turned a pretty penny.

Plus it helped to lower the deficit--the money loaned was expensed and the loans weren't carried as an asset, so when they were repaid the dough was booked as revenue.

[bucolic_frolic]

18. "TRILLIONS MORE COMING TO -RESCUE- THE ECONOMY."

This guy is an actual Wall Street investor who goes on a cynical rant just about every weekday. Economy is dead he says.

[nitpicker]

19. It's very simple. The revolving door.

Once their time is done, they return to private companies at greatly inflated salaries.

[kairos12]

21. The veil has completely dropped and revealed full on fascist grifters.

[47of74]

22. Kind of figured this would happen the government would crash the economy & fuck over regular people

I'm not the least bit surprised this is happening. Our own government stands ready, willing, and able to help the wealthy benefactors - especially if they can fuck over regular people in the process.

[dhill926]

23. may I say with all due respect....

fuck this shit...

[I_UndergroundPanther]

25. I agree fuck that shit.

[dlk]

26. Pigs at the trough...

[Yo_Mama_Been_Loggin]

29. They're the privileged class

The rest of us are peons.

[riversedge]

30. and so many people do not cash for food or rent . damn.

[duforsure]

31. We've seen this before ,

Where trump has his toadies distribute funding only to those that'll help him by propping the markets up by pouring more money into stock buybacks for them, and for trump to use and claim his greatness with before this election , and to funnel money into his pockets . While many small business owners get nothing , and the American people are being screwed by getting only $1200 and small businesses get stiffed by trump and the gop, and give billions to banks from this. Corruption at its worse with a national health and financial crisis. The markets are already in trouble , so this will only worsen when they fail to artificially prop the markets up any longer. Is Putin and the Russian mafia behind trumps actions all along?

[lark]

32. Killing us literally and financially on purpose so oligarchs can steal the country and all our $$.

They know they are killing us and it's a feature for them, not a bug. Kemp provides clear proof, people of GA are free to congregate at will, they have to go to work and risk their lives or they lose their job and get no unemployment during a time when employment opportunities are way down because repugs don''t want to help us. However, there are no tours of the GA state house where Kemp lives - he will not endanger himself like he's openly doing with the people of his state. OK for the working class and poor to die, but leave rich pols alone. They are fucking murderers for the purpose of turning us into a fascist country where oligarchs own everything and working class works for peanuts and die very young because there is no government provided healthcare and they have no $$ or resources. They want us to be Russia and are more than 1/2 way there.