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riversedge

(69,708 posts)
Tue Feb 2, 2021, 03:53 PM Feb 2021

Report: Watchdog Investigates Ted Cruz Over Loan Changes That Aided Billionaire Donors

Source: huff post


02/02/2021 03:46 am ET


The Wilks brothers obtained a $35 million Main Street loan. They also donated $15 million to a PAC that backed Cruz’s presidential run.



A federal watchdog has launched an investigation into Texas Republican Sen. Ted Cruz over a $35 million COVID relief loan given to billionaire fracking brothers who were also top Cruz campaign contributors, Bloomberg reported.

Dan and Farris Wilks received the taxpayer-backed windfall even though their businesses were flush enough at the time to buy stakes in six other fracking companies, The Wall Street Journal reported late last year.

Cruz reportedly helped persuade then-Treasury Secretary Steven Mnuchin and the Federal Reserve to change the rules for the Main Street Lending Program to include operations like the Wilks businesses. The brothers then obtained a $35 million low-interest loan for ProFac Holdings LLC, a supplier of pumping equipment and services, according to records.

The Wilks brothers also donated $15 million to the super PAC Keeping the Promise, which backed Cruz’s 2016 presidential campaign.


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Read more: https://www.huffpost.com/entry/tex-cruz-probe-pandemic-watchdog-fracking-loans_n_6018a246c5b653f644d689c9





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Report: Watchdog Investigates Ted Cruz Over Loan Changes That Aided Billionaire Donors (Original Post) riversedge Feb 2021 OP
Cruz and Mnuchin have to go to prison for this Cozmo Feb 2021 #1
Swamp Monsters bucolic_frolic Feb 2021 #2

Cozmo

(1,402 posts)
1. Cruz and Mnuchin have to go to prison for this
Tue Feb 2, 2021, 04:16 PM
Feb 2021

We cannot stop investigating these horrors. They must pay. The pandemic was the best thing that ever happened to these GOP MFer's. Who else but republicans would devise ways to make money off a disaster. And that Kushner monster, I'm losing it!

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