Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

Finance

The U.S. Treasury Department in Washington, D.C.

Photo Credit: rwoan

Reprinted with permission from ProPublica.

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.

Keep reading... Show less

Entering Helena-West Helena, Arkansas

Kevin Smith

Reprinted with permission from ProPublica.

Kevin Smith, the mayor of Helena-West Helena, Arkansas, feels abandoned by the federal government. On Easter Sunday, a storm hit his city of 10,000, one of the poorest in the state. It knocked out power for most residents; those who'd used SNAP benefits to stock their refrigerators saw their groceries spoil. Streets flooded. Sewers overflowed. In the thick of a pandemic, debris blocked roads to the hospital.

His city faces a loss of up to 30 percent in revenue because of the coronavirus, but doesn't qualify for direct federal stimulus funding, which is reserved for those with populations of 500,000 or more. So at a time when his city needs infrastructure the most, he is weighing cuts and layoffs.

Keep reading... Show less