Monday, July 06, 2020

Pandemic Aid and the Wealthy

The $521.4 billion pandemic aid program protected about 51.1 million American jobs but also put money into the pockets of the rich and famous. Funds went to well-heeled and politically-connected companies, some of which were approved for between $5 million and $10 million.

Sidwell Friends School, an exclusive private school which educated former President Barack Obama’s daughters, was approved for between $5 million and $10 million, as was Saint Ann’s School in Brooklyn, which - with tuition exceeding $50,000 per year - is attended by the children of hedge fund managers and celebrities.

Newsmax Media Inc, the media company run by Trump donor Christopher Ruddy, got the nod for between $2 million and $5 million. So did billionaire rapper Kanye West’s Yeezy LLC clothing company. 

Advent Capital Management LLC, a New York-based debt investor with $9 billion in assets; Metacapital Management LP, a New York-based fixed income investor with more than $1 billion in assets; and Semper Capital Management LP, which invests nearly $4 billion in mortgage-backed securities.

$7 billion for religious organizations, the data showed.

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