This story was published in partnership with ProPublica, a nonprofit newsroom that investigates abuses of power. Sign up for The Big Story newsletter to receive stories like this one in your inbox. Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin have become the public faces of the $3 trillion federal coronavirus bailout.
This Treasury Official Is Running The Bailout. It’s Been Great For His Family.
Justin Elliott, Mother Jones
Wed, 06/03/2020 - 3:00am
Topics: the big story federal reserve chairman jerome powell today morningstar direct this kathleen clark louis a treasury government ethics designated agency ethics official deputy secretary david bowen untangling financial relationship when treasury secretary steven groton economics yale law harvard business morgan stanley steven a ems capital colleagues london singapore talking mitt romney jeb bush park avenue new york city the treasury s sachs chairman hank paulson hollywood stakes sarah bloom raskin december senate finance elizabeth horton she horton virginia canter george w bush responsibility sen ron wyden ordinarily steve rosenthal urban-brookings tax policy center if tax reform—for friends family information act others oversight liberty mutual the hartford zurich blue cross blue shield insurance ares capital business roundtable prosperity richard prisinzano august i m blackstone kkr the democratic muzinich takes covid-19 crisis ultimately aid relief economic security act main street lending program the main street energy secretary dan brouillette bloomberg u.s paycheck protection program the fed s on march pepsico targa resources caesars entertainment u.s cares act s u.s erick muller doris burke hannah fresques reach lydia depillis here s he fed treasury s treasury treasury secretary steven mnuchin justin muzinich march the treasury wall street journal april washington st office ethics iou treasury s muzinich s the the the the the fed york city harvard school trump wall street new york senate finance horton the treasury propublica wyden july white house ares february prisinzano prisinzano ares cares act u.s running bailout great companies firm money bonds funds transaction company million clients corporate debt market bill asset billion year bond large years businesses group equity affect reported loans conflicts programs officials rules high-yield include rates private junk fund buy wealthy sale arrangement dollars worth filings worked index effort left spent note firms potential losses coronavirus riskier long loan expanded trillion declined specific holdings transferred including served cash obtained credit huge terms assets power groups major disclosure party deal actions calendars received obligations announced work joined portfolio spokeswoman management news owns decisions sell matters corporations numbers leaves change response agreed lawyers exchange ties raise reveal entered authority owning early president period simply appears opaque general answer broad-based executives options executive diverse issues praised portfolios hasn working responded insurers counselor months member service experts agreement receive securities recovery weeks allowed signal principal parking practice yield access told crafting syndicated billions figure economy responsibilities ongoing founded manager department specialized borrow doesn small high changed viewed disagreed millions owes duties met ability offering similar obligor watchdog multiple part wide role provisions imagine didn required policies providing important pension matter notes final committee memo corporation comment individuals meetings frequently good time range require type recalled european true independent called sense career taxes advised development attorney american person people extremely
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