Big Banks Sued By Small Businesses For Giving Stimulus Money To Big Businesses, Hertz 10,000 Layoffs Video by Silver Report
The Big Banks on the hot seat after being sued by thousands of small businesses for giving the stimulus money to the largest businesses instead of actual small businesses allegedly to make more money from the larger fees. The banks named in the suit are JP Morgan, US Bancorp, Wells Fargo, and Bank of America. The lawsuit claims the banks made as much as $100,000 each by prioritizing funding the largest businesses as opposed to $17,500 for the small loans.
The largest banks also consumed most of the stimulus themselves as many smaller lenders we’re not even able to access the website for days. This is the problem I brought up in the beginning which was why are we funneling this relief bill through the big banks anyway as it appears to be an unapologetic scheme to skim money from the taxpayers in a desperate time of need.
At the time this was sold to us as a way to help the workers and families but that wasn’t the case in practice as hedge funds and millionaires and ivy league colleges ran off with the funds. We also see Hertz rental car has announced plans to lay off more than 10,000 employees in North America as they try to cope with the dramatic decline in business travel. Many of the large companies have been suggesting we may not see a rebound in air travel by some of their largest clients since teleworking seems to be a suitable solution for many tasks. There is also the rapidly declining used car prices that will weigh heavily on the company as they move to replace their rental fleets.