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It was not fraud. The rules were followed exactly (to my knowledge). It's just that the rules were not well thought out. The loans should have been loans --
by mywittyname 4y ago
It was not fraud. The rules were followed exactly (to my knowledge). It's just that the rules were not well thought out.
The loans should have been loans -- not payoffs. If a business took a loan and still could not pay it back, they should have declared bankruptcy.
- r00fus 4y agoYou're correct - the legislation had fraud baked into it since it didn't have any provisions for oversight other than delegating that to a specific office (and the Sec. Treasury at the time - Trump admin appointee Steven Mnuchin - didn't do any oversight). It was entirely a corrupt endeavor and everyone knew it. The subsequent write-offs of the loans was also predictable.