Corporate America Reaps Egregious Sums Act
As expected, Corporate America and the Banks are capturing the lions share of the US CARES Act (Corporate America Reaps Egregious Sums Act) emergency stimulus package.
As previously reported, here on Hive, the entity responsible for allocating the small business portion of the stimulus package is none other than the Wall Street titan - BlackRock.
In their joint role with the US Treasury allocating the $377 billion in stimulus to small businesses, BlackRock will be deciding which "small business" qualify for government emergency aid. Rest assured that before the majority of small businesses and mom and pop shops, BlackRock will be servicing the very Wall Street companies in which it is invested in. Here's just a taste of the companies BlackRock Asset Managers are directly invested in:
JP Morgan Chase
Citigroup
Exxon Mobile
Chevron
Conoco Phillips
AT$T
Verison
Apple
General Electric
These companies, and many others in which BlackRock owns stocks, will be the first to receive the stimulus before the funds run dry.
To add insult to injury, the US Treasury has revealed that banks are also entitled to portions or all of worker $1200 stimulus cheques.
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Banks Can Seized Workers' $1200 Government Stimulus
In a recorded webinar discussion with Wall Street representatives, Ronda Kent chief disbursing officer from the US Treasury Department revealed that though government agencies are prevented from confiscating the relief money, third party entities, aka banks, are permitted under the law to withhold the money to service outstanding loans.
In an audio recording from the webinar obtained exclusively by the Prospect, Ronda Kent, chief disbursing officer at the Treasury Department's Bureau of the Fiscal Service, told bankers that "there's nothing in the law that precludes" financial institutions from seizing a person's payment and using it to pay off the individual's debts.
At a time of record unemployment, close to 30 million Americans applying for unemployment insurance in just the last several weeks alone, this loophole represents outrageous and deceitful tactics by the the US Treasury and their Wall Street masters.
"After a third of U.S. renters couldn't make rent this month, the Treasury Department is pointing out opportunities for banks and debt collectors to steal Americans' relief checks out from under them," Jeremy Funk, spokesperson for consumer advocacy group Allied Progress, said in a statement responding to Kent's comments.
Common Dreams
Bank seizures of worker relief can be executed through freezing $1200 direct deposits made to banks. If the bank deems that there are debts owed those debts will be deducted from the receiver's account.
Audio of the Treasury Department's representative was made public by The American Prospect' which you can listen to in full using the link below,
https://soundcloud.com/theamericanprospect/audio-of-ronda-kent-chief-disbursing-officer-with-treasurys-bureau-of-the-fiscal-service
Trump's Signature Delay
Americans who are set to receive their assistance via snail-mail may have to wait 5-6 months to receive their emergency cheques. This means that tens of millions of working Americans will not receive any assistance until September 2020.
Adding further delay is that US president Donald Trump is insisting that his name be printed on every individual stimulus cheque. This narcissistic and unnecessary demand only serves to prolong the wait and deepen the crisis for those in desperate need of financial assistance.
The Treasury Department has ordered President Trump’s name printed on stimulus checks the Internal Revenue Service is rushing to send to tens of millions of Americans, a process that could slow their delivery by a few days, senior IRS officials said.
Trump Administration - No Emergency Funds for US Postal Service
While US citizens continue their lockdown and are filing for unemployment in record numbers, they're increasingly relying on the US Postal Service to deliver essential items such as prescription drugs. The Trump administration has stated that it will not provide emergency funding to the US Postal Service but many lawmakers fear that this will force the shutdown of the US Postal Service as early as June if it doesn't received additional funding.
Without a functioning US Postal Service, those awaiting their stimulus cheques in the mail may face even longer delays without the materialization of a feasible solution. Private sector delivery services, such as Amazon, are already overburdening the US Postal Service and take advantage of the quasi-governmental organization to deliver billions of their packages at low cost.
"These negative effects could be even more dire in rural areas, where millions of Americans are sheltering in place and rely on the Postal Service to deliver essential staples," the lawmakers warned.
Americans are also counting on postal service workers to deliver millions of coronavirus relief checks — a process that won't start until the end of April and isn't scheduled to finish until September. However, it's unclear if it will have the funding needed to do so.
Let them Eat Cake!
In a recent interview, US Treasury Secretary Steve Mnuchin demonstrated that he has no concept of the cost of living for average Americans. Mnuchin believes that $1200 is sufficient assistance for a family to survive on for 2 and half months. This amounts to about $17 dollars per day.
Secretary Mnuchin made the comments on a Face the Nation segment uploaded on March 29th, 2020.
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