Tag Archives: bail outs

Small Business Rescue Earned Banks $10 Billion In Fees

Banks love hard times …. it allows them to profiteer off misery. (And should they fail, well we know of course the govt/corporations just bail them out & unleash them again). It’s what they do best & timely to note how they profiteer off war as well. Courtesy of the Rothschild’s brainchild. Profit from supplying both sides! About as obscene as you could get. It’s time these parasites were eliminated, along with Gates’ next depop cleanse. EWR

 

From npr.org

Banks handling the government’s $349 billion loan program for small businesses made more than $10 billion in fees — even as tens of thousands of small businesses were shut out of the program, according to an analysis of financial records by NPR.

The banks took in the fees while processing loans that required less vetting than regular bank loans and had little risk for the banks, the records show. Taxpayers provided the money for the loans, which were guaranteed by the Small Business Administration.

According to a Department of Treasury fact sheet, all federally insured banks and credit unions could process the loans, which ranged in amount from tens of thousands to $10 million. The banks acted essentially as middlemen, sending clients’ loan applications to the SBA, which approved them.

For every transaction made, banks took in 1% to 5% in fees, depending on the amount of the loan, according to government figures. Loans worth less than $350,000 brought in 5% in fees while loans worth anywhere from $2 million to $10 million brought in 1% in fees.

For example, on April 7, RCSH Operations LLC, the parent company of Ruth’s Chris Steak House, received a loan of $10 million. JPMorgan Chase & Co., acting as the lender, took a $100,000 fee on the one-time transaction for which it assumed no risk and could pass through with fewer requirements than for a regular loan.

In total, those transaction fees amounted to more than $10 billion for banks, according to transaction data provided by the SBA and the Treasury Department.

READ MORE

https://www.npr.org/2020/04/22/840678984/small-business-rescue-earned-banks-10-billion-in-fees

$2.3 mill for a banker’s advice on selling our State houses? See what else your Govt (corporation) has spent your tax money on Kiwis

Thanks to Phil Yorke for this well researched information. (For interest, I have added news links & images to some of the info, you can google any others for yourself).

 

“While this Government won’t do a thing to fix our housing crisis, (other than paying for beneficiaries to live in short term motels at a cost of $22 million in 7 months) we are blowing $53m to build a pavilion in Dubai to try and help the dairy industry whose product is currently polluting our rivers. Here is a refresh on what the National Govt thinks is more important than the citizens of New Zealand.

Ok, so over the last eight years what have John Key and the National Govt with the help of their supporters club (IE Maori Party, Act and Dunne) really done for the people of New Zealand?

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Panama Papers, tax havens , blind trusts, out of control immigration, the under funding of hospitals, schools and all other social services of New Zealand under the guise of privatisation.

New Zealanders unable to buy there own homes, 305,000 children and their families in poverty and rising,
Over 42,000 People homeless and on the rise,
New Zealanders living in cars – garages – sheds – caravans.

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42,000 Kiwis homeless & living in garages, cars, sheds & caravans

Granting of permits for the exploration of oil and gas in our marine sanctuaries, the selling of nearly all of New Zealand’s assets, overseas investors buying up Housing – farms – islands etc of New Zealand, Saudi sheep farmer bribes, New Zealand in over $111 billion international debt, continued broken promises including the Pike River tragedy and many others to the people of New Zealand.
A water contamination crisis,
Importation of cheap steel from China,

Tppa costs we know of;  Foreign Affairs & Trade Ministry spent over $4M on travel, several ministries were involved. This excludes Grosser’s and McLay’s costs for accommodation, meals, taxis. John Campbell suggests this is only a fraction of the costs as the OIA only gave a few of the costs. $900,000 accommodation, $800,000 meals plus taxis etc. No costs are available for any other Ministry and these are only part costs for Tim Grosser’s Ministry.

I have compiled a small list researched from Newspapers and other media outlets, including Parliament TV, of what John Key and this National Govt believe are priorities over the people of New Zealand.

$260,000 Digital sign inside MBIE (Ministry of Business Innovation & Employment)
$70,000 for a sign outside MBIE.
$380,000 new furniture for MBIE.
$140,000 sundeck for MBIE.
$24,000 fridge for MBIE.
$400 for hair straighteners for MBIE.
$78,000 two doors for parliament.
$363,000 for govt agencies to watch sky tv.
$4000 for a sign for Steven Joyce opening MBIE new building.
MBIE spent $38.9 million on external contractors and consultants
$4000 for a sign Paula Bennett’s office.
$600,000 spent on flowers by National.
$1200 taxi fares.
$4000 a night in hotels.
$80,000 for Grosser’s party in Washington
$17 million paid to a US yacht club.
$11 million paid to a Saudi sheep farmer.
$30 million tax cut for Warner bros.
$30 million tax cut for Rio Tinto.
$6 Billion NOT paid By National in to NZ super fund as part of Govt’s contribution SINCE 2008.
$4 billion tax taken from New Zealand’s super fund.
$200 million invested and lost by our superfund in an overseas bank that was under investigation for fraud before the money was invested.
$2.3 million paid to a banker to give advice to HNZ on how to sell HNZ homes.
Taxpayer paying for beneficiaries to live in short term motels at a cost of $22 million in 7 months.
$700,000 in legal fees fighting a compensation case over abuse that happened in state care.
$45 million bail out media works.
$29 million Social bond program.
$45 million Nova pay.
$27 million paid for a flag referendum that 67% of New Zealanders did not want.
$1.7 Billion bail out SCF.
$200 million lost from buying junk carbon credits.
$6.2 million spent by National for a apartment for one in Hawaii.
$11 million spent by National for an apartment for one in New York.

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The $11 mill apartment purchased by the NZ Govt in New York for UN representative      Photo Credit: Stuff.co.nz

$86 million to produce new currency that is uncounterfeitable… which has been counterfeited!
$20 Billion NZDF.
$6.4 million spent for new BMWs for ministers.
Ever wondered what happened to asset sale money? That’s despite Finance Minister Bill English promising in 2011 that all revenue from the sales would be put in a Future Investment Fund to pay for “schools, hospitals, roads, rail and public transport”. Money used from asset sales … one big ticket item is our membership to the Asian Infrastructure Investment Bank which was funded as part of this year’s Budget and came in at a cost of $144M.
Another bank membership has also been paid for out of the fund. In 2014, the fund was used to pay $23 million for a subscription to the World Bank.
Computer programme for ministers.
Some of the cash was also splashed on the Prime Minister and Cabinet with investment into a document management project, Cabinet, which received $2.6M in 2012 and a further $1.8M in 2014 — a total of $4.4M.
Doing up Government House

In all, $500,000 was also allocated to the Prime Minister and Cabinet to be spent on a new Visitor Centre at Government House in 2012.

This is just a small part of the total failure of this National Govt in its responsibilities to the citizens of New Zealand and would be called corruption in other countries,

Researched by Phil Yorke
EnvirowatchRangitikei