Tag Archives: Steven Mnunchin

Tens of Millions in PPP Loans Went to Corporate Polluters After Companies Were Fined $52 Million, Analysis Shows

“Our federal government should not be essentially giving back portions of the penalties they’ve paid, but that’s exactly what the Trump administration is doing through the PPP.”

By Julia Conley, staff writer for Common Dreams. Published 10-4-2020

“These companies have a clear history of violating public trust and the law by contaminating the environment in pursuit of profits.” (Photo: isciencetimes.com)

As the American public awaits a new coronavirus aid package and at least one in five small businesses expect to close by the end of 2020 due to economic hardship, government watchdog Accountable.US and the HuffPost revealed Sunday that at least five companies which were previously fined for pollution violations received millions of dollars in loans via the Paycheck Protection Program which was introduced in March.

Fossil fuel companies, a diesel engine parts manufacturer, and a nuclear waste management company were among the corporations which received up to $32 million in loans, after they were forced to collectively pay more than $52 million in penalties, according to the analysis. Continue reading

Share Button

‘The Public Has a Right to Know’: Fed Refuses to Release Documents on Fossil Fuel Industry’s Covid-19 Bailouts

“As the climate crisis demands an abrupt shift away from fossil fuels, the federal government should not be creating programs to bail out these polluters.”

By Jake Johnson, staff writer for Common Dreams. Published 7-9-2020

“The Federal Reserve was tasked with creating a massive program to protect workers’ livelihoods during an intense economic and public health crisis. We should, at the very least, expect transparency about how the program is structured,” said Food & Water Action attorney Adam Carlesco. (Photo: Tony Webster/Flickr/cc)

The Federal Reserve has missed a deadline to release documents requested by environmental group Food & Water Action in May to reveal the extent to which the central bank has used one of its major Covid-19 lending programs to rescue the faltering oil and gas industry.

“The public has a right to know if the Fed created an oil and gas bailout at the behest of an industry that has wreaked havoc on our air, water, climate, and potentially the global financial system,” Food & Water Action attorney Adam Carlesco said in a statement. “As the climate crisis demands an abrupt shift away from fossil fuels, the federal government should not be creating programs to bail out these polluters.” Continue reading

Share Button

‘Speaking of Looting…’: Trump Admin. Refuses to Disclose Corporate Recipients of $500 Billion in Coronavirus Bailout Funds

“This is outrageous AND exactly what was obviously going to happen AND exactly why many of us opposed CARES as written.”

By Jessica Corbett, staff writer for Common Dreams. Published 6-11-2020

Steve Mnuchin. Screenshot: CNN

Progressive critics and advocacy groups are responding with alarm and anger to the Trump administration’s refusal to disclose the names of more than 4.5 million companies that have collectively received over $500 billion in corporate bailout money through a federal program created to provide businesses with relief from the coronavirus pandemic.

The over $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act signed by President Donald Trump in March established the Paycheck Protection Program (PPP) with $349 billion in funding for forgivable loans. After the initial capital ran out in just 13 days, lawmakers approved $310 billion more—though over $130 billion of that amount was still left as of Tuesday. Continue reading

Share Button

‘Lining Up at the Trough’: Federal Reserve to Offer Corporations $500 Billion No-Strings-Attached Bailout Loophole

“Big corporations have shown time and again that they will put their shareholders and executives ahead of their workers if given the choice.”

By Julia Conley, staff writer for Common Dreams. Published 4-28-2020

Through the Primary Market Corporate Credit Facility, the Fed will provide $500 billion to companies by buying bonds, but the companies will not be required to retain employees or limit executive pay. (Photo: Public Domain)

A Federal Reserve program approved by Congress and aimed at providing emergency relief to large companies contains a “catch” which will permit the corporations to lay off employees and spend the money on executive pay, according to a Washington Post report.

Through the Primary Market Corporate Credit Facility, the Fed will provide $500 billion to companies by buying bonds. The corporations will be required to pay the Fed back with interest. Continue reading

Share Button

Calling US Postal Service ‘A Joke,’ Trump Demands Four-Fold Price Hike for Customers Amid Covid-19 Pandemic

Such a move, say critics, “would be a disaster for millions of Americans who rely on USPS.”

By Jessica Corbett, staff writer for Common Dreams. Published 4-24-2020

Postal workers and critics of the Trump administration’s plans to privatize the United States Postal Service (USPS) carried signs at a Los Angeles protest on Oct. 8, 2018. (Photo: Chloe Osmer/Twitter)

President Donald Trump on Friday threatened to withhold all future Covid-19 relief funding from the U.S. Postal Service unless the federal agency dramatically raises its shipping prices—a demand that critics say is ludicrous given the economic calamity the American people and the post office are now facing.

After U.S. Secretary Steven Mnuchin fielded a question about relief funding for USPS from a reporter at the White House during a bill signing ceremony Friday, Trump declared that “the Postal Service is a joke, because they’re handing out packages for Amazon and other internet companies, and every time they bring a package they lose money on it.” Continue reading

Share Button

‘Beyond Predatory’: Trump Treasury Department Gives Banks Green Light to Seize $1,200 Stimulus Checks to Pay Off Debts

“The Treasury Department is pointing out opportunities for banks and debt collectors to steal Americans’ relief checks out from under them.”

By Jake Johnson, staff writer for Common Dreams. Published 4-14-2020

Steve Mnuchin. Screenshot: CNN

President Donald Trump’s Treasury Department has given U.S. banks a green light to seize a portion or all of the one-time $1,200 coronavirus relief payments meant to help Americans cope with financial hardship and instead use the money to pay off individuals’ outstanding debts—a move consumer advocates decried as cruel and unacceptable.

“The Treasury Department effectively blessed this activity on a webinar with banking officials last Friday,” The American Prospect‘s David Dayen reported Tuesday. Continue reading

Share Button

Trump, Granting Lobbyist Demands, Quietly Handed Billions More in Tax Breaks to Huge Corporations: Report

“Trump is the most corrupt president in history, and here’s the latest example of how that corruption helps giant corporations.”

By Jake Johnson, staff writer for Common Dreams. Published 12-30-2019

Treasury Secretary Steven Mnuchin and President Donald Trump at a Tax reform press briefing October 31, 2017. Screenshot: YouTube

A “disturbing” New York Times story published Monday detailed how President Donald Trump’s Treasury Department, led by former Goldman Sachs banker Steve Mnuchin, has quietly weakened elements of the 2017 tax law in recent months to make it even friendlier to wealthy

individuals and massive corporations.

Lobbyists representing some of the largest corporations in the world, the Times reported, targeted two provisions in the original 2017 law designed to bring in hundreds of billions of dollars in revenue from companies that had been dodging U.S. taxes by stashing profits overseas. Continue reading

Share Button

Kurds Strike Deal With Syrian Government to Battle Turkey’s Offensive After Trump Orders Evacuation of Remaining US Troops

“About 130,000 people have been displaced in Syria… with at least 60 civilian casualties in Syria and 18 dead in Turkey.”

By Jessica Corbett, staff writer for Common Dreams. Published 10-13-2019

A protest in support of the Kurds in front of the Turkish Embassy in Seattle. Photo: Amy Moreno/Twitter

Kurdish forces in northern Syria announced Sunday that the Syrian government has agreed to deploy troops to battle an ongoing Turkish offensive against the Kurds after U.S. Defense Secretary Mark Esper confirmed that President Donald Trump has ordered the withdrawal of the remaining 1,000 American troops in the region.

Following a call with Turkish leader Recep Tayyip Erdoğan last weekend, Trump withdrew about 50 U.S. troops from the Turkey-Syria border. Critics accused Trump of betraying Kurdish-led Syrian Democratic Forces (SDF), who allied with the United States in the fight against the Islamic State (ISIS). Turkey on Wednesday launched airstrikes and ground incursions targeting Kurdish-held areas. Continue reading

Share Button

Activists Who Confronted Mnuchin During UCLA Protest Now Facing Years in Jail

“Mnuchin was bragging about killing sanctions and their politics of cruelty, but we’re charged with ‘disturbing the peace’ for speaking loudly during his event!”

By Julia Conley, staff writer for Common Dreams. Published 10-1-2019

The UCLA 5, a group of protesters who demonstrated at an appearance Treasury Secretary Steve Mnuchin gave at UCLA in 2018, are facing potential jail time for their non-violent action. (Photo: @MichelleXai/Twitter)

Four non-violent campaigners said Tuesday that their First Amendment rights were violated last year by Treasury Secretary Steve Mnuchin, who attempted to suppress video of the group’s peaceful demonstration against the Trump administration at an event at UCLA in 2018.

Opening arguments in the trial began Friday and continued Tuesday morning at the Los Angeles County Superior Court. Continue reading

Share Button

After Being Told He’s ‘Full of Sh*t’ at School Event, Mnuchin Demands UCLA Suppress Video

In addition to being called out on his “plutocratic BS,” students in attendance attacked the Treasury chief’s record of foreclosing on tens of thousands of Americans

By Jake Johnson, staff writer for CommonDreams. Published 3-1-2018

After a short lecture, Treasury Secretary Steven Mnuchin spoke with Marketplace host Kai Ryssdal at the UCLA Burkle Center for International Relations in Los Angeles. (Photo: UCLA)

Trump Treasury Secretary and former Goldman Sachs banker Steve Mnuchin isn’t accustomed to facing direct challenges to his wild economic claims or protests over the GOP tax plan he helped craft, and after experiencing both during an event at UCLA’s Burkle Center on Monday, Mnuchin demanded that video of his appearance be suppressed.

According to the Wall Street Journal, Mnuchin complained to the audience that he usually only talks to “people who wanna listen to me speak” after students and others attending the event yelled out “I think you’re full of shit” and denounced the Republican tax bill as an attack on “people who are in poverty.” Continue reading

Share Button