Мобильный 1 Add news
March 2010
April 2010
May 2010June 2010July 2010
August 2010
September 2010October 2010
November 2010
December 2010
January 2011
February 2011March 2011April 2011May 2011June 2011July 2011August 2011September 2011October 2011November 2011December 2011January 2012February 2012March 2012April 2012May 2012June 2012July 2012August 2012September 2012October 2012November 2012December 2012January 2013February 2013March 2013April 2013May 2013June 2013July 2013August 2013September 2013October 2013November 2013December 2013January 2014February 2014March 2014April 2014May 2014June 2014July 2014August 2014September 2014October 2014November 2014December 2014January 2015February 2015March 2015April 2015May 2015June 2015July 2015August 2015September 2015October 2015November 2015December 2015January 2016February 2016March 2016April 2016May 2016June 2016July 2016August 2016September 2016October 2016November 2016December 2016January 2017February 2017March 2017April 2017May 2017June 2017July 2017August 2017September 2017October 2017November 2017December 2017January 2018February 2018March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019June 2019July 2019August 2019September 2019October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020June 2020July 2020August 2020September 2020October 2020November 2020December 2020January 2021February 2021March 2021April 2021May 2021June 2021July 2021August 2021September 2021October 2021November 2021December 2021January 2022February 2022March 2022April 2022May 2022
1234567891011121314151617181920
21
22
23
24
25
26
27
28
29
30
31
News Every Day |

The Trump administration approved a $700 million pandemic loan earmarked for national security to a trucking company despite DOD objections, new report says

In this Jan. 27, 2009 file photo, a truck bearing the Yellow brand, one of several owned by YRC Worldwide Inc., travels in winter weather.
In this Jan. 27, 2009 file photo, a truck bearing the Yellow brand, one of several owned by YRC Worldwide Inc., travels in winter weather.
  • The Trump administration approved a $700 million CARES Act loan for trucking company, YRC Worldwide Inc.
  • The loan, which reportedly violated stipulations in the CARES Act, was approved despite objections from the Defense Department.
  • Company executives "sought to use government funds for long-term capital investments," a House Select Subcommittee said.

The Trump administration approved $700 million in pandemic loans for a trucking company tied to the former president, despite the objections of Department of Defense officials, Democratic lawmakers said on Wednesday. 

The loans to YRC Worldwide Inc., now called Yellow Corporation, violated stipulations in the CARES Act, and senior Trump officials – "potentially including the president" – were involved in getting the loan approved, Democrats on the Select Subcommittee on the Coronavirus Crisis said in a press release. 

"Today's Select Subcommittee staff report reveals yet another example of the Trump Administration disregarding their obligation to be responsible stewards of taxpayer dollars," Chairman James Clyburn said in the press release.

"Political appointees risked hundreds of millions of dollars in public funds against the recommendations of career DOD officials and in clear disregard of provisions of the CARES Act intended to protect national security and American taxpayers," the release went on to say.

The $2.2 trillion CARES Act enacted in March 2020 allocated $17 billion for companies that were considered critical to national security, the New York Times reported. The loan to Yellow "represented 95% of the total funds disbursed under the CARES Act national security loan program," the Select Subcommittee found. 

The report by the Select Subcommittee found that "career DOD officials recommended against certifying the company as 'critical to maintaining national security,'" finding that "other companies could replace the trucking services Yellow provided to DOD, which were less than half of what the company claimed."

The Defense Department officials also noted, per the report, an ongoing Department of Justice lawsuit against Yellow for "fraudulently overcharging DOD, which Yellow misleadingly described to Treasury merely a 'contractual dispute.'" The Justice Department announced in March that Yellow agreed to pay $6.85 million to resolve allegations of presenting false claims to the DOD and "systematically overcharging for freight carrier services and making false statements to hide their misconduct."

According to the Select Subcommittee's report, Treasury Secretary Steven Mnuchin requested a phone call with Defense Secretary Mark Esper in June 2020, after Mnuchin was informed that the DOD was not planning to classify Yellow as "critical" to national security. Following the phone call, the DOD certified the company as "critical," making it eligible for the $700 million loan.

"Immediately after Treasury decided to award Yellow the loan, Treasury Secretary Steven Mnuchin emailed the announcement to Chief of Staff Meadows and other close aides to Trump and highlighted praise for President Trump in news reports about the loan," the report said. 

Insider was not immediately able to get in touch with Mnuchin for comment on Wednesday. Jonathan Hoffman, a spokesperson for Esper, said that "the DOD staff determined that the firm met the explicit criteria for CARES Act loan eligibility, and was considered critical to national security."

"Few reasonable people can argue that, in the middle of a global pandemic that was destroying businesses, the Department of Defense potentially losing between 1/3 and 2/3 of domestic shipping of equipment and supplies would be detrimental to national security over some period of time," Hoffman said. 

According to the subcommittee, "Yellow executives sought to use government funds for long-term capital investments to update the company's aging truck fleet." Despite the stipulations that CARES Act loans were supposed to offset company losses as a result of the pandemic, the Trump administration "agreed to allow Yellow to use $400 million of its $700 million loan for long-term capital investments," the report said. 

"Yellow's Chief Financial Officer wrote to a private creditor saying, 'while we had our hand in the cookie jar we thought we would try to get a little 'catch up' capex [capital expenditures] while we were at it,'" the report said. 

Yellow spokesperson Heather Nauert told Insider that the loan had bipartisan support and helped preserve 30,000 jobs during the pandemic. 

"Yellow's intended use of the loan funds, including for capital expenditures, was the subject of extensive negotiations with Treasury," Nauert said. "Yellow CEO Darren Hawkins has repeatedly said that the loan would be paid back."

A letter sent to the Select Subcommittee from Kasowitz Benson Torres LLP, who is representing Yellow, said allegations made against the company in the report were "demonstrably false." 

"Yellow's eligibility for and use of its CARES Act funds is, was, and continues to be appropriate in every respect," the letter said. 

Read the original article on Business Insider








Read also

Madison Cawthorn foes, who targeted him with a nude video, deny using homophobia to take him down

La. Legislature passes $39 billion budget

Florida deputy charged for Tasing biker while pumping gas — resulting in him being 'cooked alive'


Прямой эфир РБК. Главные новости России и мира сегодня (Прямой эфир ежедневно)

News, articles, comments, with a minute-by-minute update, now on Today24.pro

News Every Day

Andrew Nicholson: ‘Riders must use their gears when riding cross-country’

Today24.pro — latest news 24/7. You can add your news instantly now — here


News Every Day

Winning racehorse turned five-star eventer retires after top-flight career



Sports today


Новости тенниса
ATP

ATP не лишит теннисные турниры Великобритании рейтинговых очков



Спорт в России и мире
Москва

В Испании начали расследование в отношении Пике и главы федерации футбола


Загрузка...

All sports news today




Загрузка...

Sports in Russia today

Москва

Загрутдинов: Физкультурно-оздоровительный комплекс с двумя бассейнами построят в районе Внуково


Новости России

Game News

Warhammer 40,000: Lost Crusade 2.4.0


Russian.city


Москва

Деревянный храм планируют построить в Балашихе


Губернаторы России
Алексей Сёмин

Поликанов: «Главное поле битвы – это умы людей»


Что с сайтом 123ru.net (правда)

Биолог Ольга Матвеева (США): "Голос медиков в борьбе с ковидом становится все тише"

Столичные водоемы готовят к купальному сезону

Москвичам рассказали, как обезопасить своего питомца от травм


Полина Гагарина получила «Звезду Авторадио»

Экологический интерактив пройдет в Мемориальном музее Булата Окуджавы

Юрий Башмет: Россия никогда не зависела от западных музыкальных инструментов

Более 400 северян прошли обучение в рамках первого сезона работы образовательного центра Юрия Башмета


Александр Зверев: Надаль похож на автомобиль, у которого что-то ломается каждые несколько километров

Стефанос Циципас: Джокович - самый большой профессионал среди всех теннисных легенд. Он лучший из лучших

"Добрый вечер, Париж! Рад вернуться". Рафаэль Надаль показал первое фото с "Ролан Гаррос"-2022

СМИ: глава WTA поддержал идею не начислять очки за выступление на Уимблдоне



Фанаты «Зенита» перед выездом к «Спартаку» посетили Ржевский мемориал Советскому солдату

В Москве подготовят 386 машинистов и их помощников для МЦД-3

Загрутдинов: Физкультурно-оздоровительный комплекс с двумя бассейнами построят в районе Внуково

В ЕАЭС унифицируют подачу информации о растительном сырье в лекарствах


Певица Рита Дакота показала нос после ринопластики

Футбол. Премьер-лига: «Краснодар» штампует сенсации

РСА поддержал инициативу Константина Затулина по выплатам за беженцев без ОСАГО

Поликанов: «Главное поле битвы – это умы людей»


«Химки» — «Спартак». Паоло Ваноли подготовит красно-белых к финалу Кубка России

200 человек эвакуировали во время пожарно‑тактических учений в Балашихе

Движение метро в субботу продлят до часу ночи в Нижнем Новгороде

Дочь актера Тихонова рассказала, как создавался памятник ее отцу в Подмосковье



Путин в России и мире







Персональные новости
Russian.city

Булат Окуджава

Определены победители фестиваля-конкурса Булата Окуджавы в Нижнем Тагиле



News Every Day

Andrew Nicholson: ‘Riders must use their gears when riding cross-country’




Friends of Today24


Загрузка...
Музыкальные новости
"Воскресенье " Олег Митяев



Персональные новости
Близкий друг Путина миллиардер Пугачев. Вся правда о Путине, его семье и деньгах. В гостях у Гордона (2021)

Навальный об уволенном за пост священнике (2021)

Slava Marlow – суперуспех и депрессия в 21 год / вДудь (2021)

Обнаглевшие дети путинской элиты (2021)

Дайте собакам мяса (новый звук) -Владимир Высоцкий

Группа "Рождество" - песня "Так хочется жить!" (Видео с концерта в Киеве группы "РОЖДЕСТВО" в 2011 году в Доме офицеров)

Adriano Celentano Любимая песня Челентано (высочайшая энергетика) talentTV


Moscow.media