This Treasury Official Is Running the Bailout. It’s Been Great for His Family.

[homersapien 11,352]

Is anyone really surprised that Trump is funneling government "bailout" money to fat cats? 

No doubt he will pass an audit with flying colors.

 

Deputy Treasury Secretary Justin Muzinich has an increasingly prominent role. He still has ties to his family’s investment firm, which is a major beneficiary of the Treasury’s bailout actions.

.....A major beneficiary of that bailout so far: Muzinich & Co., the asset manager founded by his father where Justin served as president before joining the administration. He reported owning a stake worth at least $60 million when he entered government in 2017.

Today, Muzinich retains financial ties to the firm through an opaque transaction in which he transferred his shares in the privately held company to his father. Ethics experts say the arrangement is troubling because his father received the shares for no money up front, and it appears possible that Muzinich can simply get his stake back after leaving government......

.......The Treasury is understaffed, and Muzinich was overseeing two-thirds of the department before the crisis hit. He spent his first year as the Trump administration’s point man on its only major legislative achievement, the landmark $1.9 trillion tax cut that mainly benefited the wealthy and corporations......

.....The Fed has never bought corporate debt in its more than 100 years of existence, much less that of the indebted and fragile companies that raise money through the sale of junk bonds. Private equity firms, hedge funds and specialty investment firms like Muzinich & Co. dominate the market for junk-rated debt. In effect, the Fed has swooped in to protect the most sophisticated investors from losses on some of their riskiest bets......

 

Read the full piece at:

https://www.propublica.org/article/this-treasury-official-is-running-the-bailout-its-been-great-for-his-family?utm_source=pocket-newtab

[wdefromtx 3,159]

Corrupt politicians and bureaucrats funneling money to their rich friends. Shocked I tell you!! Shocked!!  Status quo for Washington. 

[I_M4_AU 7,762]

This has been happening for a long time in Washington.  Here is an interesting take on what we are seeing in the US right now.

 

[McLoofus 35,182]

19 hours ago, homersapien said:

Is anyone really surprised that Trump is funneling government "bailout" money to fat cats? 

No doubt he will pass an audit with flying colors.

 

Deputy Treasury Secretary Justin Muzinich has an increasingly prominent role. He still has ties to his family’s investment firm, which is a major beneficiary of the Treasury’s bailout actions.

.....A major beneficiary of that bailout so far: Muzinich & Co., the asset manager founded by his father where Justin served as president before joining the administration. He reported owning a stake worth at least $60 million when he entered government in 2017.

Today, Muzinich retains financial ties to the firm through an opaque transaction in which he transferred his shares in the privately held company to his father. Ethics experts say the arrangement is troubling because his father received the shares for no money up front, and it appears possible that Muzinich can simply get his stake back after leaving government......

.......The Treasury is understaffed, and Muzinich was overseeing two-thirds of the department before the crisis hit. He spent his first year as the Trump administration’s point man on its only major legislative achievement, the landmark $1.9 trillion tax cut that mainly benefited the wealthy and corporations......

.....The Fed has never bought corporate debt in its more than 100 years of existence, much less that of the indebted and fragile companies that raise money through the sale of junk bonds. Private equity firms, hedge funds and specialty investment firms like Muzinich & Co. dominate the market for junk-rated debt. In effect, the Fed has swooped in to protect the most sophisticated investors from losses on some of their riskiest bets......

 

Read the full piece at:

https://www.propublica.org/article/this-treasury-official-is-running-the-bailout-its-been-great-for-his-family?utm_source=pocket-newtab

Man. Remember when dismantling the oligarchy and saving the planet were our big issues? Doesn't seem possible that we're now faced with multiple, greater and/or more immediate existential threats.