Rich Getting Richer: Wealthy Celebs Have Their PPP Loans FORGIVEN After Borrowing Millions

[TheProle]

Full headline:

Rich Getting Richer: Kanye West, Khloé Kardashian, Nancy Pelosi's Husband, Jay-Z & More Wealthy Celebs Have Their PPP Loans FORGIVEN After Borrowing Millions

Talk about the rich getting richer! Kanye West, Khloé Kardashian, Reese Witherspoon, Nancy Pelosi's husband, and Jay-Z's companies are among the list of brands owned by wealthy celebrities whose loans have been forgiven after they borrowed from Uncle Sam during the pandemic.

Radar has learned that each of the well-known stars listed above participated in the Payment Protection Program, which the government set up to help companies that suffered during the COVID-19 shutdown.

The loan program reportedly cost hardworking taxpayers nearly $953 billion, with an estimated 15 percent of those claims being fraudulent.

However, billionaires like Kanye and Jay-Z and a slew of other rich A-listers' loans were "forgiven."

https://radaronline.com/p/kanye-khloe-kardashian-ppp-loans-forgiven/

[jimfields33]

1. How disgusting and gross

Everyone should have to explain themselves in front of congress under oath. This is outright BS!

[Faux pas]

2. Kickin' with DISGUST

[Sympthsical]

3. Covid was used as a pretext to raid the treasury

Worked like gangbusters.

Sure, the "little people" got some relief with UI and such.

But they sure as shit didn't get that.

[TheProle]

5. Link to searchable database

Currently populated with Khloe Kardashian's clothing company:

Loan Amount: $1,245,405
Amount Forgiven: $1,257,306

Enjoy...

https://projects.propublica.org/coronavirus/bailouts/loans/good-american-llc-7436057110

[Doc Sportello]

9. So more was forgiven than she received?

Does that mean we are sending her a check for more than $12000.

[okaawhatever]

11. I'm thinking accrued interest. nt

[Doc Sportello]

16. Accrued interest on what?

The money the company received from the government was put in the bank? So they took the money, made interest off it and that gets forgiven as well? Sorry, that might be what happened but that would be even worse.

[okaawhatever]

17. No, I meant the interest earned by the govt on the loan from origination to

forgiveness. That is why the amount forgiven was larger than original loan amount.

[ProfessorGAC]

21. That's Pretty Low Interest!

It amounts to about 1% over nearly 2 years!
Wish everyone could get mortgages like that!

[okaawhatever]

22. The interest rate on PPP loans is 1%. Don't get me started...

[PufPuf23]

8. The way the USA swings is that if there is legislation that purports to

improve the lot of the middle class and downtrodden, the wealthy and affluent professional economic classes gain more and the income and wealth divide grow, blunting the purported benefits to those that need the improvement to their lives. This needs to change for the USA to be an egalitarian society.

[Sympthsical]

10. I learned an important lesson as a result of 9/11

Which happened when I was very early 20s.

If there's a crisis, and the population is afraid, anxious, and focused on what's going on, watch the politicians.

While the populace is distracted, they are in the background doing things while no one is watching. Usually this means donors and friends getting some butter for their bread while the crumbs of "helping" are flung out to high publicity.

We knew about the PPP loans early on, and none of the politicians or media really seemed bothered by it. Why would they be? We're in a crisis everybody! The crisis is too important! Now is not the time to ask these questions during the crisis!

Happens every. fucking. time. something comes up in this country.

Covid enabled some massive theft. Everyone had a hand out, and most people in power were absolutely complicit.

[Celerity]

18. At then end of the day, around 40 trillion usd was reshuffled globally during the 2007-09 financial

crisis, and it sure as fuck was not reshuffled downward.

Perpetual chattel debt slavery for the vast hoards and upward, always upward wealth redistribution/concentration is the name of the wealth extraction game.


Where Exactly Is “Money Heaven”?

https://web.archive.org/web/20100310193928/http://econotwist.wordpress.com:80/2010/03/06/where-exactly-is-money-heaven/

Mar. 06, 2010

When one of the billionaires behind the collapsed internet bank Icesave in relations to a new film was asked what happened to all the money, his answer was astonishingly nonchalant:

“A lot of money goes to money-heaven,” shrugged Björgólfur Thor Björgólfsson, the Londonbased investor who co-owned 41% of Icesave’s parent bank, Landsbanki.

“They have evaporated. It’s a common misunderstanding to ask; where did the money go.”

No wonder the people of Iceland are really pissed off. Sure, the money has “evaporated”, but Icesave’s €4 billion debts (the US population-adjusted equivalent of around 5 TRILLION USD) remain and are now the subject of fury in Mr. Björgólfsson’s home country.

Icelanders are set to become the world’s first rebels against the idea of clearing up after the mess made by a reckless private bank. This popular insurrection has been watched anxiously by the governments in Greece, Ireland, eastern Europe – and even Britain – concerned that this defiance could become contagious. Almost 18 months after its financial system, currency and government went into meltdown, the country is still spiralling downwards into what one economist has called a “vortex of debt default, unemployment, and an exodus of people”.

Public outrage has been brought to a peak by the fact that there are now 43 cases of alleged criminal activity under investigation in connection with the country’s scandal-hit financial institutions, including Landsbanki, and, in the country’s first referendum, the 320,000 people of the island were expected to vote against a deal to compensate the UK and the Netherlands for the failure of Icesave.

[Hermit-The-Prog]

20. trickle trickle trickle

[Docreed2003]

4. Oh but student loan forgiveness across the board...that's a bridge too far

🤦🏻?♂️

[judesedit]

14. Agree. Such bullshit.

[sanatanadharma]

6. The time has come for a good-old-fashioned 'jubilee' ...

... Old Testament style; the good Christians of the USA, people, businesses, government, and bankers ought all prove the Godliness of this country by cancelling all debts across the board for real-bleeding-persons. Inter-generational debt wiped out like God wanted.

[ymetca]

7. Gee it really is a "big club"

only you and I ain't in it, as George Carlin says...

[AZLD4Candidate]

12. Read my tag line.

[dchill]

13. I'm not feeling very forgiving right about now.

[JoeOtterbein]

15. K n R ! Thanks for posting!

And for making me angry!

[TheFarseer]

19. Who decided this? Serious question