Rick Scott made his personal fortune running a health care corporation that was nailed for overbilling Medicare https://politifact.com/factchecks/2014/mar/03/florida-democratic-party/rick-scott-rick-scott-oversaw-largest-medicare-fra/…
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Rick Scott
@SenRickScott
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We should SIGNIFICANTLY boost the Unemployment Insurance program to help those that need it most.
But when this crisis is over, we need people to get back in the workforce. We shouldn’t pay workers more to be on government assistance than they could make with a job.
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Here we have Third Way officially and publicly taking the side of
and right-wing Republicans. At least it's all now out in the open
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Jim Kessler
@ThirdWayKessler
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Replying to @SenSanders
Bernie Sanders proving why he shouldn't be President.
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So...lawmakers want to means-test benefits for workers, but not means-test bailouts for corporate executives. Got it.
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David Sirota
@davidsirota
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So not only can Mnuchin waive exec compensation rules, but if I'm reading this right, the rules actually appear to allow big payouts. For example, if an exec made $10M in 2019, this suggests he's still allowed to be paid $6.5 million ($3M + half of $7M) while being bailed out
It's so telling that the waiver authority is literally the VERY NEXT SECTION after the "we're seriously getting tough!" bullshit.
They just don't care -- the very deliberate, calculated corruption is right out in the open.
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David Sirota
@davidsirota
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A lesson in bait-and-switch corruption:
SECTION 2 OF EMERGENCY BILL: Look at how we're getting tough with corporations & making sure they play by rules!
SECTION 3 OF EMERGENCY BILL: We are giving Mnuchin unchecked power to waive the rules for any reason or even no reason at all
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A lesson in bait-and-switch corruption:
SECTION 2 OF EMERGENCY BILL: Look at how we're getting tough with corporations & making sure they play by rules!
SECTION 3 OF EMERGENCY BILL: We are giving Mnuchin unchecked power to waive the rules for any reason or even no reason at all
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It is horrendous that reporters and the public don't have access to the bailout bill text with a Senate vote imminent.
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This photo now has a whole new meaning
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David Sirota
@davidsirota
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The Senate bill includes a special section allowing Mnuchin to waive the limits on stock buybacks and executive compensation. The only deterrent to him using the blanket waiver authority is that he would have to tell House and Senate lawmakers. LOL. (h/t @matthewstoller)
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Here's the provision.
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David Sirota
@davidsirota
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The Senate bill includes a special section allowing Mnuchin to waive the limits on stock buybacks and executive compensation. The only deterrent to him using the blanket waiver authority is that he would have to tell House and Senate lawmakers. LOL. (h/t @matthewstoller)
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I mean, let's be really clear: they're not even trying to hide what this is all about. There's no pretense at all.
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David Sirota
@davidsirota
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The Senate bill includes a special section allowing Mnuchin to waive the limits on stock buybacks and executive compensation. The only deterrent to him using the blanket waiver authority is that he would have to tell House and Senate lawmakers. LOL. (h/t @matthewstoller)
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The Senate bill includes a special section allowing Mnuchin to waive the limits on stock buybacks and executive compensation. The only deterrent to him using the blanket waiver authority is that he would have to tell House and Senate lawmakers. LOL. (h/t
)
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The GOP aims to give Mnuchin a blank check:
"The Secretary is authorized to make loans, loan guarantees & other investments (that) do not in the aggregate exceed $500,000,000,000...Any loans made by the Secretary under this section shall be at a rate determined by the Secretary"
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Notice the words "may" and "sole":
"The Secretary may receive warrants, options, preferred stock, debt securities...issued by recipients of financial assistance which, in the sole determination of the Secretary, provide appropriate compensation to the Federal Government"
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Looking at a draft of the Senate legislation -- the Treasury Department isn't required to receive equity stakes in bailed out companies, meaning total bailouts are authorized. If equity stakes are requested, Mnuchin alone determines what fair taxpayer compensation is.
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