This Treasury Official Is Running the Bailout. It's Been Great for His Family.

[mahatmakanejeeves]

Source: ProPublica

CORONAVIRUS

This Treasury Official Is Running the Bailout. It’s Been Great for His Family.

Deputy Treasury Secretary Justin Muzinich has an increasingly prominent role. He still has ties to his family’s investment firm, which is a major beneficiary of the Treasury’s bailout actions.

by Justin Elliott, Lydia DePillis and Robert Faturechi June 2, 5 a.m. EDT

ProPublica is a nonprofit newsroom that investigates abuses of power. Sign up to receive our biggest stories as soon as they’re published.

Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin have become the public faces of the $3 trillion federal coronavirus bailout. Behind the scenes, however, the Treasury’s responsibilities have fallen largely to the 42-year-old deputy secretary, Justin Muzinich.

A major beneficiary of that bailout so far: Muzinich & Co., the asset manager founded by his father where Justin served as president before joining the administration. He reported owning a stake worth at least $60 million when he entered government in 2017.

Today, Muzinich retains financial ties to the firm through an opaque transaction in which he transferred his shares in the privately held company to his father. Ethics experts say the arrangement is troubling because his father received the shares for no money up front, and it appears possible that Muzinich can simply get his stake back after leaving government.

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Read more: https://www.propublica.org/article/this-treasury-official-is-running-the-bailout-its-been-great-for-his-family

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Kenwardjr Retweeted

https://twitter.com/Kenwardjr

Take a moment for this story:

-The Treasury Dept is totally depleted

-So the bailout work has largely fallen to 1 man

-He engaged in a “fake divestment” from his family investment firm

-The bailout has been worth billions for his firm

Link to tweet

[Yavin4]

1. Justin Muzinich is a looter. n/t

[Roy Rolling]

2. Surprising!

To nobody. I'm guessing they will keep looting until forcibly ejected from power. And that doesn’t have to wait until November 3rd, turn up the heat now while the swindle is happening in real time.

Out of all the people 8n government, isn’t there at least one person with the authority to stand in the way of a 42-year old puppet?

[moose65]

3. Weird, isn't it

The Secretary of the Treasury is Mnuchin.

The deputy Secretary is Muzinich.

That's a mouthful for the person who has to introduce both of them.

[2naSalit]

4. Huh, imagne that. ...nt