US fossil fuel giants set for a coronavirus bailout bonanza
Fossil fuel companies and coal-powered utilities in the US are set for a potential bonanza under federal government plans for a bond bailout, part of the rescue package for the coronavirus crisis.
At least 90 fossil fuel companies, many of them established giants such as ExxonMobil, Chevron and Koch Industries, stand to gain from the Federal Reserve’s coronavirus bond buyback programme, alongside more than 150 utilities including coal-heavy firms such as American Electric Power and Duke Energy, according to a new analysis.
The bond buyback scheme is expected to be worth at least $750bn (£605bn) altogether and to benefit thousands of companies by the end of September, and the size of the payout that could go to fossil fuels and utilities is as yet unknown. The scheme is to be discussed in the US Senate on Tuesday.
www.theguardian.com/...
More hotel bailouts being planned; corporate and banking bailouts through the backdoor of the Fed happening everyday in secret, no oversight? Yet, no testing for workers so we can be safe?
Hey congress, the unemployment bill didn’t work as planned, states reneging on gig workers, the people need direct financial support, everyone in the United States. The best way to support the economy is to give the people money, as much as needed for months to come. At zero or near interest, we can do this, no problem longer term. Other major countries have done so including freezing their economies with moratoriums for all debt and mortgages including landlord’s mortgages as well.
Get smart congress. The economy is going no where without testing in every reach of this country; we will not be or feel safe.
Enough money spent already to shore up shareholders and the wealthy; they took the profit in good times, didn’t they?
Please make wise choices, congress, invest in Green instead of fossil fuels, after you first invest in people.
We are starving and stressed out beyond belief.