The news is out: [BOSTON (Reuters) – Private investment firms that manage the fortunes of wealthy individuals and their kin were approved for millions of dollars in taxpayer-funded relief loans designed to help small businesses weather the coronavirus lockdown, according to a review of recently released government data.
The companies – often referred to as “family offices” – approved for the forgivable loans from the Small Business Administration (SBA) included those that oversee money for the family that co-owns the National Basketball Association’s Sacramento Kings; the former manager of a multi-billion dollar hedge fund firm; and a serial Las Vegas entrepreneur.
The data from the U.S. Treasury Department and SBA shows only that the loans were approved from the Paycheck Protection Program (PPP) but does not say how much was disbursed or if they had been returned or forgiven. Still, it was not always clear why the families found it necessary to apply for emergency cash, usually for less than $1 million, given the substantial funds available implied by their having private investing vehicles.]
Within a couple of months, 4.3 trillion dollars were stolen from the American taxpayers and no one is batting an eye.