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I'd say the PPP loans offered to large corporations for "Covid relief" are high-grade corruption due to the sums involved, the explicit removal of traditional o
by wavefunction 6y ago
I'd say the PPP loans offered to large corporations for "Covid relief" are high-grade corruption due to the sums involved, the explicit removal of traditional oversight processes and funneling it through the US banking system even though the banks were only responsible for collating paperwork and not providing any sort of risk-assessment or capital for the loans themselves.
- TedDoesntTalk 6y agoPerhaps. There's lots of corruption in the world. Consistent and unrelenting corruption of American Unions contributed significantly to their downfall, whether or not other forms of corruption exist. One of my first jobs was working part-time in a grocery store: collecting shopping carts, "clean up in aisle 7", stocking shelves, etc. I was 16 and forced to pay dues to a union. The dues were deducted from my minimum-wage paycheck. I had NO opt-out option. I worked maybe 10 hours per week? I was a high school student. I got ZERO benefit by paying union dues. This extortion was corruption in itself, nevermind the executive-level corruption that makes headlines every few years.
- 6510 6y agoHow much was that? Prices seem to vary wildly around the world.
- Aunche 6y agoThe PPP loans were meant to go to those corporations. Congress wanted to incentivize Shake Shack to not lay off their employees. It wasn't their own idea.
- TedDoesntTalk 6y agoHow is this relevant to Union corruption? Are you denying there is significant corruption or just offering a red herring (PPP loans) to distract me?
- Aunche 6y agoI'm not responding to you? If anything, I'm on your "side," since the question of "what is high grade corruption" has not been answered yet.
- xyzzyz 6y agoRegardless of merits of your PPP loans as corruption argument, what I’m more interested in is what “high grade” corruption would look like in context of a trade union. Is an organization like UAW, of half a million members, and $200M of annual revenue capable of “high grade” corruption? What does it look like, if indicting 15 members including ex president ain’t it?
- mushbino 6y agoI know more than a few people who received large PPP loans (>$6M) and they had no legitimate need for them. They just filled out the applications and got the money just because they could. Knowing that, I'm sure there are much more egregious examples.