Have u ever slammed Elon Musk?....No? Is it because u are a racist fuck like him?
After $700 Million U.S. Bailout, Trucking Firm Is Shutting Down
- Thread starter Guno צְבִי
- Start date
Have u ever slammed Elon Musk?....No? Is it because u are a racist fuck like him?
Yes. Have you?
Wow, show him where his Messiah is the one who bailed out the failing company which he claims shows Government is incompetent and we get a tirade Covid, China, and stealing $$$$$$$$ in return
When their only rebuttal is the radio rhetoric it shows they are done
Yup
Has anyone here on the left slammed BLM for fleecing millions in donations ?
Good.
IDK. Have they?
nope!
Geeko Sportivo
Verified User
Yeah I read that too, you use to see a lot Yellow semi's on the highways, that too bad for the employee's?!!
Notice that that is not really an over-the-road tractor trailer. It is because Yellow Freight has always been an LTL carrier.
LTL is defined as Less than Carrier Load- rather than FTL or Full Truck load.
You may have heard of other LTL carriers such as East Texas Motor Freight and Old Dominion, but there are many of these local delivery Freight Companies. And they have all been struggling since the pandemic caused a Logistics crisis here and around the world.
As with most industries, the transportation and logistics industries are undergoing enormous changes. Between more frequent and increasingly smaller orders, rapidly changing technologies, and receivers’ demands for shorter lead times and delivery windows, shippers and carriers alike frequently find themselves scrambling to adapt. Amid these changes, few have been affected more than the less-than-truckload (LTL) carrier — trucking companies serving the transportation needs of smaller shippers or those whose orders do not require a full trailer.
It is just hard to compete when a LTL Truck has to make say 10-25 different stops in a day, with an FTL Truck that can carry a full load and only make one stop at the end of his day. Many times an LTL truck will just deliver one pallet for an express local shipment- yet FTL Trucks are always filled to the max.
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How much money did BLM corporation steal from their workers? Was it $50M like Yellow?
Trump gave YRC a loan over twice the size of the loan Obama gave to Solyndra.
Shouldn't you be whining about Trump and blaming him?
LTL are also over-the-road and long distance movement of goods. When shipping LTL the shipment is picked up and delivered to a distribution center where other LTL loads are combined and shipped to a distribution center in the delivery location before being locally delivered.
All LTL means is the long distance truck is not dedicated to just one customer's goods.
I am blaming GOVERNMENT for being so fucking stupid. be it obama, trump, bush, or brandon. At some point you asshats have to admit that GOVERNMENT is ten times the size it needs to be.
Geeko Sportivo
Verified User
Yellow Freight, Like East Texas Motor Freight, and Old Dominion, are strictly home based operations that do not do Over-the-Road long distance deliveries, because all of their drivers, primarily work daytime hours doing local pick-ups, drops, and deliveries, and go home to sleep at night like most other jobs. Also, most of their drivers are paid by the hour instead of the mile. Their trucks are not equipped for drivers to live in them like FTL carriers.
I was offered a driving job once for East Texas Motor freight at $28 an hour. I probably should have took the job.
But, at the time I was hauling swinging meat in a reefer for Lisa Motor Freight making a killing. I gave it up after a few short years, because I got tired of living in my Truck. But that was the only way I could make the kind of money I wanted to make as a Truck Driver. I had to live in the damn truck!
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Geeko Sportivo
Verified User
Donald Trump never did a thing in office, if it didn't benefit himself first by Millions and Millions of dollars!
https://thehill.com/homenews/news/5...mpanies-benefited-from-pandemic-relief-loans/
Trump Organization, Kushner Companies benefited from pandemic relief loans: report
Businesses at properties owned by the Trump Organization and President Trump’s son-in-law Jared Kushner’s family reportedly received more than two dozen Paycheck Protection Program (PPP) loans worth more than $3.65 million.
An analysis by NBC News of Small Business Administration (SBA) data released Tuesday night found that millions of dollars were given to businesses located at Trump Organization and Kushner Companies properties that pay rent to the two companies.
NBC reported that 15 of those properties self-reported that after receiving the PPP loans, they kept only one employee, did not keep any employees or did not report how many workers they retained.
Among the loans was one for $2,164,543 to the Triomphe Restaurant Corp., located at Trump International Hotel & Tower in New York City. The company reported the money was not used to keep any jobs. The restaurant later closed.
Additionally, NBC reported that two tenants at Trump Tower in New York received more than $100,000 and only kept three jobs, while four tenants at the Kushner Companies-owned 666 5th Avenue received a total of more than $204,000 and held just six jobs.
A company called LB City Inc., which is located at Kushner Companies’ Bungalow Hotel in Long Branch, N.J., kept 155 jobs after receiving a loan for $505,552.50.
The SBA data also showed that more than 100 loans were given to companies where no business name was listed or which stated there was “no name available,” according to NBC.
More than 300 companies appeared to receive more than $10 million in loans, although the loan program stipulated that businesses should not receive that much, except for companies in the food, hospitality or hotels industries.
NBC was one of 11 news organizations that sued the SBA for the data. In early November, a federal judge ordered the agency to disclose the names, addresses and specific loan amounts issued through the PPP and Emergency Injury Disaster Loan program.
Kyle Herrig, president of the watchdog group Accountable.US, said in a statement to NBC that “the court-ordered release of this crucial data while the Trump administration is one foot out the door is a shameful dereliction of duty and flagrant mismanagement of a program that millions of workers and small businesses needed to get through this pandemic.”
The PPP program, launched in April as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, was meant to provide support and relief to small businesses impacted by health restrictions and lockdown measures amid the coronavirus pandemic.
Christopher W. Smith, general counsel for Kushner Companies, said in an emailed statement to The Hill: “The notion that Kushner Companies somehow improperly benefited from CARES Act Paycheck Protection Program (PPP) loans is completely untrue and amounts to nothing more than politically motivated nonsense.”
“Exactly two Kushner Companies’ hotel operations affiliates received PPP loans,” he added. “Every provision of the PPP program has been comprehensively abided with respect to each of the two loans — and every penny of the funds received from the program was utilized to fund employee payroll and benefits costs to maintain jobs imperiled by the COVID pandemic and associated lockdown measures.”
Trump Organization spokesperson Kimberly Benza said in an email to The Hill that NBC’s reporting “is incredibly inaccurate and misleading” and that the company has “demanded an immediate retraction” of the story.
Government accountability groups have questioned the effectiveness and management of the PPP loans, with uncertainty over what was considered a small business and claims of lack of transparency on how the loans were administered.
On Tuesday evening, The Washington Post reported that more than half the money from the PPP fund went to just 5 percent of the recipients, while roughly 600 mostly larger companies, including dozens of national chains, received the maximum amount allowed of $10 million.
https://thehill.com/homenews/news/5...mpanies-benefited-from-pandemic-relief-loans/
Trump Organization, Kushner Companies benefited from pandemic relief loans: report
Businesses at properties owned by the Trump Organization and President Trump’s son-in-law Jared Kushner’s family reportedly received more than two dozen Paycheck Protection Program (PPP) loans worth more than $3.65 million.
An analysis by NBC News of Small Business Administration (SBA) data released Tuesday night found that millions of dollars were given to businesses located at Trump Organization and Kushner Companies properties that pay rent to the two companies.
NBC reported that 15 of those properties self-reported that after receiving the PPP loans, they kept only one employee, did not keep any employees or did not report how many workers they retained.
Among the loans was one for $2,164,543 to the Triomphe Restaurant Corp., located at Trump International Hotel & Tower in New York City. The company reported the money was not used to keep any jobs. The restaurant later closed.
Additionally, NBC reported that two tenants at Trump Tower in New York received more than $100,000 and only kept three jobs, while four tenants at the Kushner Companies-owned 666 5th Avenue received a total of more than $204,000 and held just six jobs.
A company called LB City Inc., which is located at Kushner Companies’ Bungalow Hotel in Long Branch, N.J., kept 155 jobs after receiving a loan for $505,552.50.
The SBA data also showed that more than 100 loans were given to companies where no business name was listed or which stated there was “no name available,” according to NBC.
More than 300 companies appeared to receive more than $10 million in loans, although the loan program stipulated that businesses should not receive that much, except for companies in the food, hospitality or hotels industries.
NBC was one of 11 news organizations that sued the SBA for the data. In early November, a federal judge ordered the agency to disclose the names, addresses and specific loan amounts issued through the PPP and Emergency Injury Disaster Loan program.
Kyle Herrig, president of the watchdog group Accountable.US, said in a statement to NBC that “the court-ordered release of this crucial data while the Trump administration is one foot out the door is a shameful dereliction of duty and flagrant mismanagement of a program that millions of workers and small businesses needed to get through this pandemic.”
The PPP program, launched in April as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, was meant to provide support and relief to small businesses impacted by health restrictions and lockdown measures amid the coronavirus pandemic.
Christopher W. Smith, general counsel for Kushner Companies, said in an emailed statement to The Hill: “The notion that Kushner Companies somehow improperly benefited from CARES Act Paycheck Protection Program (PPP) loans is completely untrue and amounts to nothing more than politically motivated nonsense.”
“Exactly two Kushner Companies’ hotel operations affiliates received PPP loans,” he added. “Every provision of the PPP program has been comprehensively abided with respect to each of the two loans — and every penny of the funds received from the program was utilized to fund employee payroll and benefits costs to maintain jobs imperiled by the COVID pandemic and associated lockdown measures.”
Trump Organization spokesperson Kimberly Benza said in an email to The Hill that NBC’s reporting “is incredibly inaccurate and misleading” and that the company has “demanded an immediate retraction” of the story.
Government accountability groups have questioned the effectiveness and management of the PPP loans, with uncertainty over what was considered a small business and claims of lack of transparency on how the loans were administered.
On Tuesday evening, The Washington Post reported that more than half the money from the PPP fund went to just 5 percent of the recipients, while roughly 600 mostly larger companies, including dozens of national chains, received the maximum amount allowed of $10 million.
Geeko Sportivo
Verified User
BLM donations? Never heard of them!
Geeko Sportivo
Verified User
Trump's PPP bill was the largest Scam and Fleecing Of America I know of in my lifetime. It was basically a grab bag for Donald Trump and his rich elite class of donors and rich friends to scam America. He wanted it especially set up so that there were no real qualifying questions asked, and there were no way to track all of the transactions, and that the information as to who were receiving the loans would never become public knowledge, and used extreme urgency as a major factor in handing out the money! And of course his Treasury Secretary scam artist Menuchen to pass down these loose qualifications and with no real audit trail, directly over to the SBC to carry out so that he could personally sign the Treasury checks over to these Trump led scammers.
https://www.nbcnews.com/politics/ju...oting-covid-relief-program-known-ppp-n1279664
'Biggest fraud in a generation': The looting of the Covid relief plan known as PPP
They bought Lamborghinis, Ferraris and Bentleys. And Teslas, of course. Lots of Teslas.
Many who participated in what prosecutors are calling the largest fraud in U.S. history — the theft of hundreds of billions of dollars in taxpayer money intended to help those harmed by the coronavirus pandemic — couldn’t resist purchasing luxury automobiles. Also mansions, private jet flights and swanky vacations.
They came into their riches by participating in what experts say is the theft of as much as $80 billion — or about 10 percent — of the $800 billion handed out in a Covid relief plan known as the Paycheck Protection Program, or PPP. That’s on top of the $90 billion to $400 billion believed to have been stolen from the $900 billion Covid unemployment relief program — at least half taken by international fraudsters — as NBC News reported last year. And another $80 billion potentially pilfered from a separate Covid disaster relief program.
The prevalence of Covid relief fraud has been known for some time, but the enormous scope and its disturbing implications are only now becoming clear.
Even if the highest estimates are inflated, the total fraud in all Covid relief funds amounts to a mind-boggling sum of taxpayer money that could rival the $579 billion in federal funds included in President Joe Biden’s massive 10-year infrastructure spending plan, according to prosecutors, government watchdogs and private experts who are trying to plug the leaks.
“Nothing like this has ever happened before,” said Matthew Schneider, a former U.S. attorney from Michigan who is now with Honigman LLP. “It is the biggest fraud in a generation.”
Most of the losses are considered unrecoverable, but there is still a chance to stanch the bleeding, because federal officials say $600 billion is still waiting to go out the door. The Biden administration imposed new verification rules last year that administration officials say appear to have made a difference in curbing fraud. But they acknowledge that programs in 2020 sacrificed security for speed, needlessly.
Justice Department Inspector General Michael Horowitz, who oversees Covid relief spending, told "NBC Nightly News" anchor Lester Holt in an exclusive interview that Covid relief programs were structured in ways that made them ripe for plunder.
“The Small Business Administration, in sending that money out, basically said to people, ‘Apply and sign and tell us that you're really entitled to the money,’” said Horowitz, the chair of the Pandemic Response Accountability Committee. “And, of course, for fraudsters, that's an invitation. … What didn't happen was even minimal checks to make sure that the money was getting to the right people at the right time.”
The criminal methodology varied depending on the program. The epic swindle of Covid unemployment relief has been carried out by individual criminals or organized crime groups using stolen identities to claim jobless benefits from state workforce agencies disbursing federal funds. Each identity could be worth up to $30,000 in benefits, Horowitz said.
The looting of the Paycheck Protection Program worked differently — and it could be far more lucrative. The program authorized banks and other financial institutions to make government-backed loans to businesses, loans that were to be forgiven if the companies spent the money on business expenses. Nearly 10 million such loans have already been forgiven. Many of the loans-turned-grants were for millions of dollars, public records show.
Experts say millions of borrowers inflated their numbers of employees or created companies out of whole cloth. For much of 2020, lenders did little to verify the applications, prosecutors and experts say, in part because Congress required the Small Business Administration, or SBA, which ran the program, to issue explicit guidance that in the interest of getting the money out fast, lenders “will be held harmless for borrowers’ failure to comply with program criteria.” The Government Accountability Office warned of fraud risk, but the program continued under that rule.
“The government spent approximately $800 billion and provided 21 million loans to individuals,” said Haywood Talcove, the CEO for government at LexisNexis Risk Solutions, which works with the government to verify identities.
No one is sure exactly how much was stolen. An academic paper released last year estimated at least $76 billion in potential fraud, and the authors said that was conservative.
The SBA’s inspector general has identified $78.1 billion in potentially fraudulent Economic Injury Disaster Loans, another Covid relief program for businesses. The Secret Service has its own estimate: $100 billion.
The basic scheme, Talcove said, was “really simple.” People went on state websites and took the names of existing businesses or registered new, fake ones.
“There's absolutely no security on there. There's no validation of any information,” Talcove said. “And voila, you have company ABC with 40 employees and a payroll of $10 million. And you go and apply for a PPP loan. It was a piece of cake.”
https://www.nbcnews.com/politics/ju...oting-covid-relief-program-known-ppp-n1279664
'Biggest fraud in a generation': The looting of the Covid relief plan known as PPP
They bought Lamborghinis, Ferraris and Bentleys. And Teslas, of course. Lots of Teslas.
Many who participated in what prosecutors are calling the largest fraud in U.S. history — the theft of hundreds of billions of dollars in taxpayer money intended to help those harmed by the coronavirus pandemic — couldn’t resist purchasing luxury automobiles. Also mansions, private jet flights and swanky vacations.
They came into their riches by participating in what experts say is the theft of as much as $80 billion — or about 10 percent — of the $800 billion handed out in a Covid relief plan known as the Paycheck Protection Program, or PPP. That’s on top of the $90 billion to $400 billion believed to have been stolen from the $900 billion Covid unemployment relief program — at least half taken by international fraudsters — as NBC News reported last year. And another $80 billion potentially pilfered from a separate Covid disaster relief program.
The prevalence of Covid relief fraud has been known for some time, but the enormous scope and its disturbing implications are only now becoming clear.
Even if the highest estimates are inflated, the total fraud in all Covid relief funds amounts to a mind-boggling sum of taxpayer money that could rival the $579 billion in federal funds included in President Joe Biden’s massive 10-year infrastructure spending plan, according to prosecutors, government watchdogs and private experts who are trying to plug the leaks.
“Nothing like this has ever happened before,” said Matthew Schneider, a former U.S. attorney from Michigan who is now with Honigman LLP. “It is the biggest fraud in a generation.”
Most of the losses are considered unrecoverable, but there is still a chance to stanch the bleeding, because federal officials say $600 billion is still waiting to go out the door. The Biden administration imposed new verification rules last year that administration officials say appear to have made a difference in curbing fraud. But they acknowledge that programs in 2020 sacrificed security for speed, needlessly.
Justice Department Inspector General Michael Horowitz, who oversees Covid relief spending, told "NBC Nightly News" anchor Lester Holt in an exclusive interview that Covid relief programs were structured in ways that made them ripe for plunder.
“The Small Business Administration, in sending that money out, basically said to people, ‘Apply and sign and tell us that you're really entitled to the money,’” said Horowitz, the chair of the Pandemic Response Accountability Committee. “And, of course, for fraudsters, that's an invitation. … What didn't happen was even minimal checks to make sure that the money was getting to the right people at the right time.”
The criminal methodology varied depending on the program. The epic swindle of Covid unemployment relief has been carried out by individual criminals or organized crime groups using stolen identities to claim jobless benefits from state workforce agencies disbursing federal funds. Each identity could be worth up to $30,000 in benefits, Horowitz said.
The looting of the Paycheck Protection Program worked differently — and it could be far more lucrative. The program authorized banks and other financial institutions to make government-backed loans to businesses, loans that were to be forgiven if the companies spent the money on business expenses. Nearly 10 million such loans have already been forgiven. Many of the loans-turned-grants were for millions of dollars, public records show.
Experts say millions of borrowers inflated their numbers of employees or created companies out of whole cloth. For much of 2020, lenders did little to verify the applications, prosecutors and experts say, in part because Congress required the Small Business Administration, or SBA, which ran the program, to issue explicit guidance that in the interest of getting the money out fast, lenders “will be held harmless for borrowers’ failure to comply with program criteria.” The Government Accountability Office warned of fraud risk, but the program continued under that rule.
“The government spent approximately $800 billion and provided 21 million loans to individuals,” said Haywood Talcove, the CEO for government at LexisNexis Risk Solutions, which works with the government to verify identities.
No one is sure exactly how much was stolen. An academic paper released last year estimated at least $76 billion in potential fraud, and the authors said that was conservative.
The SBA’s inspector general has identified $78.1 billion in potentially fraudulent Economic Injury Disaster Loans, another Covid relief program for businesses. The Secret Service has its own estimate: $100 billion.
The basic scheme, Talcove said, was “really simple.” People went on state websites and took the names of existing businesses or registered new, fake ones.
“There's absolutely no security on there. There's no validation of any information,” Talcove said. “And voila, you have company ABC with 40 employees and a payroll of $10 million. And you go and apply for a PPP loan. It was a piece of cake.”
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They just caused a Trucking company to shut its doors
Bad management almost certainly had something to do with it.