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After $700 Million U.S. Bailout, Trucking Firm Is Shutting Down (www.nytimes.com)

submitted 1 year ago by fne8w2ah to c/news

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[–] [email protected] 132 points 1 year ago (2 children)

In July 2020 [during the pandemic], the Treasury Department announced it was giving a $700 million loan to the trucking company, helping it to stay afloat. But the loan immediately raised questions, in part because the firm was struggling financially and was being sued by the Justice Department over claims that it had defrauded the federal government for a seven-year period.

Seems like defrauding the government should make one ineligible for government money.

As of the end of March, Yellow’s outstanding debt was $1.5 billion, including about $730 million that is owed to the federal government. Yellow has paid approximately $66 million in interest on the loan, but it has repaid just $230 of the principal owed on the loan, which comes due next year.

Must be nice, can I get that on my student loans?

“We recommend that all Yellow employees who have personal belongings and tools at the terminals should take them home today,” wrote John A. Murphy, a co-chair of the Teamsters freight industry negotiating committee.

Yeah, that seems like a good idea.

[–] InverseParallax 64 points 1 year ago (1 children)

Seems like defrauding the government should make one ineligible for government money.

https://www.nytimes.com/2020/08/03/us/politics/yrc-coronavirus-relief-funds.html

The relationship between Apollo and the White House runs deep. In 2017, Josh Harris, a founder of Apollo, advised the Trump administration on infrastructure policy and discussed a possible White House job with Jared Kushner, Mr. Trump’s son-in-law and senior adviser. That same year, Apollo lent $184 million to Mr. Kushner’s family real estate firm, Kushner Companies, to refinance the mortgage on a Chicago skyscraper.

[–] [email protected] 22 points 1 year ago

Yellow has paid approximately $66 million in interest on the loan, but it has repaid just $230 of the principal owed on the loan, which comes due next year.

Which is exactly what students deal with every day. But it's ok to give millions of dollars to criminals, just not to students who are trying to improve themselves and the economy. If a college student cheated on their federal taxes for seven years, would they get a government bailout?