The US Treasury is giving a $700 million loan to YRC Worldwide, a troubled trucking company that warned in May it was in danger of going out of business.
That's an enormous sum for a company whose stock had plunged 27% this year and was worth only $70 million as of Tuesday's close. And here's the kicker: The government sued YRC for ripping it off.
$700M loan to a company worth $70M. And even after the $700M infusion, it's only worth $119M (after today's 74% rise in share price). They could have bought it for say, $140M.
"Treasury's determination was based on a certification by the Secretary of Defense that YRC is critical to maintaining national security," said Treasury in its statement.
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But according to a recent filing by YRC, it is in the process of being sued by the Defense Department.
The suit, filed in December of 2018, alleges YRC overcharged the Defense Department as well as failing to comply with the contract terms and related government procurement rules, along with unjust enrichment and breach of contract, according to YRC's filing.
The civil complaint charges that YRC "reweighed thousands of shipments and suppressed the results whenever they indicated that a shipment was actually lighter than its original estimated weight." The suit said the practice went on for seven years and cost the Defense Department millions of dollars.
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The company has 30,000 employees, of whom 24,000 are represented by the Teamsters union. About half the loan money will be used to cover short-term contractual obligations, including pension and healthcare benefits. The loan will be due in 2024.
The loan was also praised by James Hoffa, general president of the Teamsters union, who thanked President Donald Trump, Treasury Secretary Steven Mnuchin and Congress for the assistance.
" Hey OP, listen to my advice alright." -Tha General "“I like taking the guns early...to go to court would have taken a long time. So you could do exactly what you’re saying, but take the guns first, go through due process second.” -President Donald Trump. "...To guard, protect, and maintain his liberty, the freedman should have the ballot; that the liberties of the American people were dependent upon the Ballot-box, the Jury-box, and the Cartridge-box, that without these no class of people could live and flourish in this country." - Frederick Douglass MYT
1. State law requires that mail-in ballots be postmarked by election day.
2. To make voting easier this year, ballots were provided as business reply mail.
3. The post office does not put postmarks on business reply mail.
You can see how 1+3 could lead to problems. Supposedly, the USPS has programmed its mail-sorting machines and instructed employees to postmark ballots coming through. But at least where I live, postal employees are not exactly renowned for their reliability.
I doubt it will matter to me, since in my incumbent Congressional Rep is leading the in-person vote by a huge margin.
These antigovernment groups receiving PPP should be tarred and feathered.
"A lie can run round the world before the truth has got its boots on." -Terry Pratchett, The Truth "The presence of those seeking the truth is infinitely to be preferred to those who think they've found it." -Terry Pratchett, Monstrous Regiment
A federal judge on Monday dismissed a lawsuit backed by Michigan Republicans that attempted to overturn a 2018 ballot measure that changed the process of drawing the state’s political districts.
The Michigan Republican Party and Tony Daunt, executive director of the conservative Michigan Freedom Fund, filed separate lawsuits that were later combined to argue their constitutional rights were violated by rules prohibiting political actors from joining a new, voter-approved redistricting commission. U.S. District Judge Janet Neff ruled in favor of Secretary of State Jocelyn Benson on Monday, July 6, determining the plaintiffs failed to provide plausible evidence for their claims.
Neff’s ruling referenced another recent decision by a three-judge panel of the 6th U.S. Circuit Court of Appeals, which unanimously upheld a lower court decision deeming the new law constitutional.
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Republicans argued, according to court documents, that restrictions on who can serve on the commission violate their constitutional rights. Daunt and The Michigan Republican Party also argued their constitutional right to association was violated because political parties are blocked from choosing representatives to serve on the commission.
People cannot serve if they have, in the last six years, ran for office, were an elected official, a political party officer, paid political consultant, registered lobbyist, worked for the legislature or were an unclassified state employee. People also cannot serve if they are a parent, stepparent, child, stepchild or spouse of a person who has done any of those things.
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Neff and the 6th Circuit Court sided with Benson, ruling that the eligibility criteria does not impose any “severe” burden on the GOP plaintiffs.
“Specifically, the Sixth Circuit determined that the burden on Plaintiffs is ‘relatively insignificant,’ given ‘their ability to serve on the Commission after their six-year period of ineligibility expires, the lack of any direct prohibition or regulation of pure speech, and the absence of any fundamental right to be a member of the Commission,‘” Neff wrote.
So many of these people seem like they need involuntary commitment for their crazy it is terrifying.
“As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron.” - H.L. Mencken
He also has a weird fixation on Patti Labelle as a locus of Evil in the world.
He obviously has a thing for her, it's like a third grade boy teasing the girl he has a crush on. Except that Miller is a grown ass man with mental issues. It would be kind of cute but for that.
" Hey OP, listen to my advice alright." -Tha General "“I like taking the guns early...to go to court would have taken a long time. So you could do exactly what you’re saying, but take the guns first, go through due process second.” -President Donald Trump. "...To guard, protect, and maintain his liberty, the freedman should have the ballot; that the liberties of the American people were dependent upon the Ballot-box, the Jury-box, and the Cartridge-box, that without these no class of people could live and flourish in this country." - Frederick Douglass MYT
Taco Bell is the only chain that survives the Fast Food Wars. It is known.
"A lie can run round the world before the truth has got its boots on." -Terry Pratchett, The Truth "The presence of those seeking the truth is infinitely to be preferred to those who think they've found it." -Terry Pratchett, Monstrous Regiment
For example, red is the color most used by fast food chains, followed closely by yellow and orange. Yellow and orange are colors that make people feel hungry. The color red is associated with emotion and passion. So when one sees red combined with yellow and orange, they become passionately hungry.
" Hey OP, listen to my advice alright." -Tha General "“I like taking the guns early...to go to court would have taken a long time. So you could do exactly what you’re saying, but take the guns first, go through due process second.” -President Donald Trump. "...To guard, protect, and maintain his liberty, the freedman should have the ballot; that the liberties of the American people were dependent upon the Ballot-box, the Jury-box, and the Cartridge-box, that without these no class of people could live and flourish in this country." - Frederick Douglass MYT
Do you want to go on and on about boring maths or do you want to fight about masks and statues?
MASKS AND STATUES!!!!!
" Hey OP, listen to my advice alright." -Tha General "“I like taking the guns early...to go to court would have taken a long time. So you could do exactly what you’re saying, but take the guns first, go through due process second.” -President Donald Trump. "...To guard, protect, and maintain his liberty, the freedman should have the ballot; that the liberties of the American people were dependent upon the Ballot-box, the Jury-box, and the Cartridge-box, that without these no class of people could live and flourish in this country." - Frederick Douglass MYT
CNN wrote wrote:
"Really successful coach," Trump said of Tuberville, whom he's vigorously endorsed in the race against his former attorney general Jeff Sessions. "Beat Alabama, like six in a row, but we won't even mention that. As he said ... because of that, maybe we got 'em Lou Saban ... And he's great, Lou Saban, what a great job he's done."
Honestly, Sessions is one of the biggest 'losers' I can think of in this horrible Shakespearian tragedy we find ourselves in. Just such a pathetic example of political suckage.
It's a fitting humiliation for Sessions. He's (remarkably) far from the worst turd of the Trump era, and yet he's a uniquely awful person in his own right, and he played a non-trivial role in this whole mess coming to pass, as the first 'establishment' qualified Republican to endorse Trump. Good riddance.
I still think he has a snowball's chance in hell of retaining his seat, but I'll give Doug Jones' campaign credit. They certainly know what messages resonate in Alabama.
