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The Real Looters In America

The Real Looters In America

11 months ago
Black Man’s Death In Minnesota Traffic Stop Sparks New Unrest

Jury: Guilty On All Three Counts

1 day ago
Murphy Proposes New Ambitious Gun Control, Safety Measures

Murphy Proposes New Ambitious Gun Control, Safety Measures

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Video Shows Chicago Teen Was Unarmed When Shot By Cop

Video Shows Chicago Teen Was Unarmed When Shot By Cop

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Death And Taxes: The Right’s Last Stand

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    Black Man’s Death In Minnesota Traffic Stop Sparks New Unrest

    Jury: Guilty On All Three Counts

    Murphy Proposes New Ambitious Gun Control, Safety Measures

    Murphy Proposes New Ambitious Gun Control, Safety Measures

    Video Shows Chicago Teen Was Unarmed When Shot By Cop

    Video Shows Chicago Teen Was Unarmed When Shot By Cop

    Middle Police Arrest Suspect In Connection With Stolen Guns in Cape May Court House

    Police Detectives Charged With Lying About Bar Fight In North Wildwood

    Black Man’s Death In Minnesota Traffic Stop Sparks New Unrest

    Minnesota Cop Will Be Charged in Shooting Of Daunte Wright

    Black Man’s Death In Minnesota Traffic Stop Sparks New Unrest

    Minnesota Police Chief And Officer Quit After Black Driver’s Death

    Dr. Fauci: Don’t Be Anxious Over Small Risk With J&J Vaccine

    Dr. Fauci: Don’t Be Anxious Over Small Risk With J&J Vaccine

    Ex-Cop Told Onlooker Floyd Was Big, ‘Probably On Something’

    Prosecutors Rest Their Case Against Ex-Cop In Floyd’s Death

    New Jersey Moves Closer To Recreational Marijuana Market

    NJ Cannabis Commission Meets, Could Be Six Months Before Legal Weed Hits Streets

    Trending Tags

    • Politics
      Death And Taxes: The Right’s Last Stand

      Death And Taxes: The Right’s Last Stand

      Gaetz Associate Working Toward Plea Deal With Prosecutors

      Gaetz Associate Working Toward Plea Deal With Prosecutors

      New Jersey Moves Closer To Recreational Marijuana Market

      New Jersey Moves Closer To Recreational Marijuana Market

      Biden Tightens Gun Controls, Says Much More Needed

      Biden Tightens Gun Controls, Says Much More Needed

      McConnell Warns CEOs: ‘Stay Out Of Politics’

      McConnell Warns CEOs: ‘Stay Out Of Politics’

      Biden’s Big Infrastructure Plan On Collision Course With Obstructionist Agenda Of Republican Party

      Biden’s Big Infrastructure Plan On Collision Course With Obstructionist Agenda Of Republican Party

      Corporations Gave Over $50M To Voting Restriction Backers

      Corporations Gave Over $50M To Voting Restriction Backers

      What Does Georgia’s New GOP Election Law Do?

      What Does Georgia’s New GOP Election Law Do?

      Rep Jeff Van Drew Calls For Fencing To Be Removed Despite Threats To Capitol

      Rep Jeff Van Drew Calls For Fencing To Be Removed Despite Threats To Capitol

      MLB Moving All-Star Game In Response To Voting Restrictions

      MLB Moving All-Star Game In Response To Voting Restrictions

      Trending Tags

      • politics
    • Justice
      Black Man’s Death In Minnesota Traffic Stop Sparks New Unrest

      Jury: Guilty On All Three Counts

      Murphy Proposes New Ambitious Gun Control, Safety Measures

      Murphy Proposes New Ambitious Gun Control, Safety Measures

      Video Shows Chicago Teen Was Unarmed When Shot By Cop

      Video Shows Chicago Teen Was Unarmed When Shot By Cop

      Middle Police Arrest Suspect In Connection With Stolen Guns in Cape May Court House

      Police Detectives Charged With Lying About Bar Fight In North Wildwood

      Black Man’s Death In Minnesota Traffic Stop Sparks New Unrest

      Minnesota Cop Will Be Charged in Shooting Of Daunte Wright

      Black Man’s Death In Minnesota Traffic Stop Sparks New Unrest

      Minnesota Police Chief And Officer Quit After Black Driver’s Death

      Ex-Cop Told Onlooker Floyd Was Big, ‘Probably On Something’

      Prosecutors Rest Their Case Against Ex-Cop In Floyd’s Death

      Black Man’s Death In Minnesota Traffic Stop Sparks New Unrest

      Protest After Chief Says Officer Meant To Use Taser, Not Gun

      Black Man’s Death In Minnesota Traffic Stop Sparks New Unrest

      Black Man’s Death In Minnesota Traffic Stop Sparks New Unrest

      Middle Police Arrest Suspect In Connection With Stolen Guns in Cape May Court House

      Middle Police Arrest Suspect In Connection With Stolen Guns in Cape May Court House

      Trending Tags

      • Justice
    • Economy
      Amazon Appears To Have Enough Votes To Block Union Effort

      Amazon Appears To Have Enough Votes To Block Union Effort

      Detroit’s Ilitch Family Buying Half of Atlantic City Casino

      Detroit’s Ilitch Family Buying Half of Atlantic City Casino

      Biden’s Big Infrastructure Plan On Collision Course With Obstructionist Agenda Of Republican Party

      Biden’s Big Infrastructure Plan On Collision Course With Obstructionist Agenda Of Republican Party

      Strong Grassroots Opposition Continues To Plague NESE Pipeline’s Fifth Attempt

      Strong Grassroots Opposition Continues To Plague NESE Pipeline’s Fifth Attempt

      Steve Callender Cashes His Chips In

      Steve Callender Cashes His Chips In

      Biden Announces Huge Infrastructure Plan To ‘Win The Future’

      Biden Announces Huge Infrastructure Plan To ‘Win The Future’

      Eager To Build Infrastructure, Biden Plans To Tax Business

      Eager To Build Infrastructure, Biden Plans To Tax Business

      The Standard Partners With The Associated Press (AP) To Bring You World-Class News

      The Standard Partners With The Associated Press (AP) To Bring You World-Class News

      Are Luxury Appliances Worth The Hefty Price-Tag?

      Are Luxury Appliances Worth The Hefty Price-Tag?

      Trending Tags

      • Environment
        Strong Grassroots Opposition Continues To Plague NESE Pipeline’s Fifth Attempt

        Strong Grassroots Opposition Continues To Plague NESE Pipeline’s Fifth Attempt

        NJ Eyes Work To Protect Coastline, Reduce Carbon Emissions

        NJ Eyes Work To Protect Coastline, Reduce Carbon Emissions

        New Female Snow Leopard Arrives In Cape May County

        New Female Snow Leopard Arrives In Cape May County

        Jackson Park Project A Threat To Clean Water

        Jackson Park Project A Threat To Clean Water

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        Fixin Things Till They’re Broke

        Local Activist Makes Picking Up Trash Her Mission

        Local Activist Makes Picking Up Trash Her Mission

        The Failure Of Imagination In American Politics

        Dupont Has Spread Its Pollution Around The World

        Dupont Has Spread Its Pollution Around The World

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        Why Did The Epa’s Scott Pruitt Suppress A Report On Corruption In Oklahoma?

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          Students Lead Push For Fuller Black History Education

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          CDC Says Schools No Longer Need Daily Disinfection

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          Award-Winning Children’s Author Greg Pizzoli Planning A Virtual Visit To Cape May

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          Gold, Lies, And Genocide In The New World

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          Social Distancing Fails At Ocean City High School

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          The Covid Kids Are Alright

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          The Problem With The Pledge Of Allegiance

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          A Boat Full Of Holes

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          Why I Don’t Worry About My Kids Falling Behind

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          Any Plan To Reopen Schools This Fall Is Irresponsible And Negligent

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          Code Blue Is No April Fool’s Joke

          Code Blue Is No April Fool’s Joke

          Let the Voters Decide

          Cape May’s Untouchables

          The Cost Of Homelessness in Cape May County

          The Cost Of Homelessness in Cape May County

          Who Cares For Cape May County’s Unwanted?

          Who Cares For Cape May County’s Unwanted?

          The Myth Of American Justice: Falling Through The Cracks Part Two

          Falling Through The Cracks: Part One

          Falling Through The Cracks: Part One

          Criminalizing Homelessness

          Criminalizing Homelessness

          We Are The Branches

          We Are The Branches

          Code Blue At The Beach

          Code Blue At The Beach

        • Culture
          Students Lead Push For Fuller Black History Education

          Students Lead Push For Fuller Black History Education

          New Jersey Moves Closer To Recreational Marijuana Market

          New Jersey Moves Closer To Recreational Marijuana Market

          British Guitarist Thompson’s Memoir Revisits Golden Rock Era

          British Guitarist Thompson’s Memoir Revisits Golden Rock Era

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          Vast Archives At JFK Library Help Bring ‘Hemingway’ To Life

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          ‘Trial Of The Chicago 7’ Takes Top Honors At SAG Awards

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          What Your Ring Tone Says About You

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          Hulu To Produce ‘1619 Project’ Documentary Series

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          Are Luxury Appliances Worth The Hefty Price-Tag?

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          Award-Winning Children’s Author Greg Pizzoli Planning A Virtual Visit To Cape May

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            Baylor Beatdown: Bears Win Title, Hang 86-70 Loss On Gonzaga

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            Phillies Rally For 5-3 Win Over Mets

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            MLB Moving All-Star Game In Response To Voting Restrictions

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            US Nears 100M Vaccinations As Baseball Returns With Fans

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            Eagles Sign Veteran Quarterback Joe Flacco

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            Phillies Aim To End Nine-Year Postseason Drought

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            Will There Be March Madness, Spring Break Or Even Summer Festivals?

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            Supreme Court Says States Can Play Ball

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              Dr. Fauci: Don’t Be Anxious Over Small Risk With J&J Vaccine

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              NJ Cannabis Commission Meets, Could Be Six Months Before Legal Weed Hits Streets

              US Recommends ‘Pause’ For J&J Vaccine Over Clot Reports

              US Recommends ‘Pause’ For J&J Vaccine Over Clot Reports

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              New Jersey Moves Closer To Recreational Marijuana Market

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              Why COVID-19 Conspiracy Theories Persist

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              CDC Says Schools No Longer Need Daily Disinfection

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              CDC Says Fully Vaccinated Can Travel Again

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              US Nears 100M Vaccinations As Baseball Returns With Fans

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              Code Blue Is No April Fool’s Joke

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            • Opinion
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              Death And Taxes: The Right’s Last Stand

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              South Jersey’s Sanctuary City Designations Are A Haven For Violent Extremists

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              We Have To Stop Trusting Our Leaders To Do The Right Thing

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              The Godless Piety Of American Idealism As Reality Television

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              Defund The Police Was A Raging Success And Everyone Missed It

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                Black Man’s Death In Minnesota Traffic Stop Sparks New Unrest

                Jury: Guilty On All Three Counts

                Murphy Proposes New Ambitious Gun Control, Safety Measures

                Murphy Proposes New Ambitious Gun Control, Safety Measures

                Video Shows Chicago Teen Was Unarmed When Shot By Cop

                Video Shows Chicago Teen Was Unarmed When Shot By Cop

                Middle Police Arrest Suspect In Connection With Stolen Guns in Cape May Court House

                Police Detectives Charged With Lying About Bar Fight In North Wildwood

                Black Man’s Death In Minnesota Traffic Stop Sparks New Unrest

                Minnesota Cop Will Be Charged in Shooting Of Daunte Wright

                Black Man’s Death In Minnesota Traffic Stop Sparks New Unrest

                Minnesota Police Chief And Officer Quit After Black Driver’s Death

                Dr. Fauci: Don’t Be Anxious Over Small Risk With J&J Vaccine

                Dr. Fauci: Don’t Be Anxious Over Small Risk With J&J Vaccine

                Ex-Cop Told Onlooker Floyd Was Big, ‘Probably On Something’

                Prosecutors Rest Their Case Against Ex-Cop In Floyd’s Death

                New Jersey Moves Closer To Recreational Marijuana Market

                NJ Cannabis Commission Meets, Could Be Six Months Before Legal Weed Hits Streets

                Trending Tags

                • Politics
                  Death And Taxes: The Right’s Last Stand

                  Death And Taxes: The Right’s Last Stand

                  Gaetz Associate Working Toward Plea Deal With Prosecutors

                  Gaetz Associate Working Toward Plea Deal With Prosecutors

                  New Jersey Moves Closer To Recreational Marijuana Market

                  New Jersey Moves Closer To Recreational Marijuana Market

                  Biden Tightens Gun Controls, Says Much More Needed

                  Biden Tightens Gun Controls, Says Much More Needed

                  McConnell Warns CEOs: ‘Stay Out Of Politics’

                  McConnell Warns CEOs: ‘Stay Out Of Politics’

                  Biden’s Big Infrastructure Plan On Collision Course With Obstructionist Agenda Of Republican Party

                  Biden’s Big Infrastructure Plan On Collision Course With Obstructionist Agenda Of Republican Party

                  Corporations Gave Over $50M To Voting Restriction Backers

                  Corporations Gave Over $50M To Voting Restriction Backers

                  What Does Georgia’s New GOP Election Law Do?

                  What Does Georgia’s New GOP Election Law Do?

                  Rep Jeff Van Drew Calls For Fencing To Be Removed Despite Threats To Capitol

                  Rep Jeff Van Drew Calls For Fencing To Be Removed Despite Threats To Capitol

                  MLB Moving All-Star Game In Response To Voting Restrictions

                  MLB Moving All-Star Game In Response To Voting Restrictions

                  Trending Tags

                  • politics
                • Justice
                  Black Man’s Death In Minnesota Traffic Stop Sparks New Unrest

                  Jury: Guilty On All Three Counts

                  Murphy Proposes New Ambitious Gun Control, Safety Measures

                  Murphy Proposes New Ambitious Gun Control, Safety Measures

                  Video Shows Chicago Teen Was Unarmed When Shot By Cop

                  Video Shows Chicago Teen Was Unarmed When Shot By Cop

                  Middle Police Arrest Suspect In Connection With Stolen Guns in Cape May Court House

                  Police Detectives Charged With Lying About Bar Fight In North Wildwood

                  Black Man’s Death In Minnesota Traffic Stop Sparks New Unrest

                  Minnesota Cop Will Be Charged in Shooting Of Daunte Wright

                  Black Man’s Death In Minnesota Traffic Stop Sparks New Unrest

                  Minnesota Police Chief And Officer Quit After Black Driver’s Death

                  Ex-Cop Told Onlooker Floyd Was Big, ‘Probably On Something’

                  Prosecutors Rest Their Case Against Ex-Cop In Floyd’s Death

                  Black Man’s Death In Minnesota Traffic Stop Sparks New Unrest

                  Protest After Chief Says Officer Meant To Use Taser, Not Gun

                  Black Man’s Death In Minnesota Traffic Stop Sparks New Unrest

                  Black Man’s Death In Minnesota Traffic Stop Sparks New Unrest

                  Middle Police Arrest Suspect In Connection With Stolen Guns in Cape May Court House

                  Middle Police Arrest Suspect In Connection With Stolen Guns in Cape May Court House

                  Trending Tags

                  • Justice
                • Economy
                  Amazon Appears To Have Enough Votes To Block Union Effort

                  Amazon Appears To Have Enough Votes To Block Union Effort

                  Detroit’s Ilitch Family Buying Half of Atlantic City Casino

                  Detroit’s Ilitch Family Buying Half of Atlantic City Casino

                  Biden’s Big Infrastructure Plan On Collision Course With Obstructionist Agenda Of Republican Party

                  Biden’s Big Infrastructure Plan On Collision Course With Obstructionist Agenda Of Republican Party

                  Strong Grassroots Opposition Continues To Plague NESE Pipeline’s Fifth Attempt

                  Strong Grassroots Opposition Continues To Plague NESE Pipeline’s Fifth Attempt

                  Steve Callender Cashes His Chips In

                  Steve Callender Cashes His Chips In

                  Biden Announces Huge Infrastructure Plan To ‘Win The Future’

                  Biden Announces Huge Infrastructure Plan To ‘Win The Future’

                  Eager To Build Infrastructure, Biden Plans To Tax Business

                  Eager To Build Infrastructure, Biden Plans To Tax Business

                  The Standard Partners With The Associated Press (AP) To Bring You World-Class News

                  The Standard Partners With The Associated Press (AP) To Bring You World-Class News

                  Are Luxury Appliances Worth The Hefty Price-Tag?

                  Are Luxury Appliances Worth The Hefty Price-Tag?

                  Trending Tags

                  • Environment
                    Strong Grassroots Opposition Continues To Plague NESE Pipeline’s Fifth Attempt

                    Strong Grassroots Opposition Continues To Plague NESE Pipeline’s Fifth Attempt

                    NJ Eyes Work To Protect Coastline, Reduce Carbon Emissions

                    NJ Eyes Work To Protect Coastline, Reduce Carbon Emissions

                    New Female Snow Leopard Arrives In Cape May County

                    New Female Snow Leopard Arrives In Cape May County

                    Jackson Park Project A Threat To Clean Water

                    Jackson Park Project A Threat To Clean Water

                    Fixin Things Till They’re Broke

                    Fixin Things Till They’re Broke

                    Local Activist Makes Picking Up Trash Her Mission

                    Local Activist Makes Picking Up Trash Her Mission

                    The Failure Of Imagination In American Politics

                    Dupont Has Spread Its Pollution Around The World

                    Dupont Has Spread Its Pollution Around The World

                    Why Did The Epa’s Scott Pruitt Suppress A Report On Corruption In Oklahoma?

                    Why Did The Epa’s Scott Pruitt Suppress A Report On Corruption In Oklahoma?

                    Trending Tags

                    • Education
                      Students Lead Push For Fuller Black History Education

                      Students Lead Push For Fuller Black History Education

                      CDC Says Schools No Longer Need Daily Disinfection

                      CDC Says Schools No Longer Need Daily Disinfection

                      Award-Winning Children’s Author Greg Pizzoli Planning A Virtual Visit To Cape May

                      Award-Winning Children’s Author Greg Pizzoli Planning A Virtual Visit To Cape May

                      Gold, Lies, And Genocide In The New World

                      Gold, Lies, And Genocide In The New World

                      Social Distancing Fails At Ocean City High School

                      Social Distancing Fails At Ocean City High School

                      The Covid Kids Are Alright

                      The Covid Kids Are Alright

                      The Problem With The Pledge Of Allegiance

                      The Problem With The Pledge Of Allegiance

                      A Boat Full Of Holes

                      A Boat Full Of Holes

                      Why I Don’t Worry About My Kids Falling Behind

                      Why I Don’t Worry About My Kids Falling Behind

                      Any Plan To Reopen Schools This Fall Is Irresponsible And Negligent

                      Any Plan To Reopen Schools This Fall Is Irresponsible And Negligent

                      Trending Tags

                      • Education
                    • Housing
                      Code Blue Is No April Fool’s Joke

                      Code Blue Is No April Fool’s Joke

                      Let the Voters Decide

                      Cape May’s Untouchables

                      The Cost Of Homelessness in Cape May County

                      The Cost Of Homelessness in Cape May County

                      Who Cares For Cape May County’s Unwanted?

                      Who Cares For Cape May County’s Unwanted?

                      The Myth Of American Justice: Falling Through The Cracks Part Two

                      Falling Through The Cracks: Part One

                      Falling Through The Cracks: Part One

                      Criminalizing Homelessness

                      Criminalizing Homelessness

                      We Are The Branches

                      We Are The Branches

                      Code Blue At The Beach

                      Code Blue At The Beach

                    • Culture
                      Students Lead Push For Fuller Black History Education

                      Students Lead Push For Fuller Black History Education

                      New Jersey Moves Closer To Recreational Marijuana Market

                      New Jersey Moves Closer To Recreational Marijuana Market

                      British Guitarist Thompson’s Memoir Revisits Golden Rock Era

                      British Guitarist Thompson’s Memoir Revisits Golden Rock Era

                      Vast Archives At JFK Library Help Bring ‘Hemingway’ To Life

                      Vast Archives At JFK Library Help Bring ‘Hemingway’ To Life

                      ‘Trial Of The Chicago 7’ Takes Top Honors At SAG Awards

                      ‘Trial Of The Chicago 7’ Takes Top Honors At SAG Awards

                      What Your Ring Tone Says About You

                      What Your Ring Tone Says About You

                      Hulu To Produce ‘1619 Project’ Documentary Series

                      Hulu To Produce ‘1619 Project’ Documentary Series

                      Call Of The Wild

                      Call Of The Wild

                      Are Luxury Appliances Worth The Hefty Price-Tag?

                      Are Luxury Appliances Worth The Hefty Price-Tag?

                      Award-Winning Children’s Author Greg Pizzoli Planning A Virtual Visit To Cape May

                      Award-Winning Children’s Author Greg Pizzoli Planning A Virtual Visit To Cape May

                      Trending Tags

                      • Sports
                        Baylor Beatdown: Bears Win Title, Hang 86-70 Loss On Gonzaga

                        Baylor Beatdown: Bears Win Title, Hang 86-70 Loss On Gonzaga

                        Phillies Rally For 5-3 Win Over Mets

                        Phillies Rally For 5-3 Win Over Mets

                        MLB Moving All-Star Game In Response To Voting Restrictions

                        MLB Moving All-Star Game In Response To Voting Restrictions

                        Phillies Aim To End Nine-Year Postseason Drought

                        Segura’s RBI Single Gives Phillies 3-2 Win Over Braves In 10

                        US Nears 100M Vaccinations As Baseball Returns With Fans

                        US Nears 100M Vaccinations As Baseball Returns With Fans

                        Eagles Sign Veteran Quarterback Joe Flacco

                        Eagles Sign Veteran Quarterback Joe Flacco

                        Phillies Aim To End Nine-Year Postseason Drought

                        Phillies Aim To End Nine-Year Postseason Drought

                        Will There Be March Madness, Spring Break Or Even Summer Festivals?

                        Will There Be March Madness, Spring Break Or Even Summer Festivals?

                        Supreme Court Says States Can Play Ball

                        Supreme Court Says States Can Play Ball

                        Trending Tags

                        • Health
                          Dr. Fauci: Don’t Be Anxious Over Small Risk With J&J Vaccine

                          Dr. Fauci: Don’t Be Anxious Over Small Risk With J&J Vaccine

                          New Jersey Moves Closer To Recreational Marijuana Market

                          NJ Cannabis Commission Meets, Could Be Six Months Before Legal Weed Hits Streets

                          US Recommends ‘Pause’ For J&J Vaccine Over Clot Reports

                          US Recommends ‘Pause’ For J&J Vaccine Over Clot Reports

                          New Jersey Moves Closer To Recreational Marijuana Market

                          New Jersey Moves Closer To Recreational Marijuana Market

                          Why COVID-19 Conspiracy Theories Persist

                          Why COVID-19 Conspiracy Theories Persist

                          CDC Says Schools No Longer Need Daily Disinfection

                          CDC Says Schools No Longer Need Daily Disinfection

                          Autism Awareness Day

                          Autism Awareness Day

                          CDC Says Fully Vaccinated Can Travel Again

                          CDC Says Fully Vaccinated Can Travel Again

                          US Nears 100M Vaccinations As Baseball Returns With Fans

                          US Nears 100M Vaccinations As Baseball Returns With Fans

                          Code Blue Is No April Fool’s Joke

                          Code Blue Is No April Fool’s Joke

                          Trending Tags

                          • Healthcare
                        • Opinion
                          Death And Taxes: The Right’s Last Stand

                          Death And Taxes: The Right’s Last Stand

                          South Jersey’s Sanctuary City Designations Are A Haven For Violent Extremists

                          South Jersey’s Sanctuary City Designations Are A Haven For Violent Extremists

                          We Need Amy Kennedy Now

                          An Open Letter To Congressman Van Drew

                          Donald Trump Must Be Held To Account For His Crimes

                          Donald Trump Must Be Held
                          To Account For His Crimes

                          All Our Sons

                          All Our Sons

                          It’s Not Enough For Joe Biden To Simply Be Human

                          It’s Not Enough For Joe Biden
                          To Simply Be Human

                          We Have To Stop Trusting Our Leaders To Do The Right Thing

                          We Have To Stop Trusting Our Leaders To Do The Right Thing

                          The Godless Piety Of American Idealism As Reality Television

                          The Godless Piety Of American Idealism As Reality Television

                          Why We Can’t Talk About It

                          Why We Can’t Talk About It

                          Defund The Police Was A Raging Success And Everyone Missed It

                          Defund The Police Was A Raging Success And Everyone Missed It

                          Trending Tags

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                          Home Justice

                          The Real Looters In America

                          byProPublica
                          11 months ago
                          inJustice, National, Politics
                          Reading Time: 19 mins read
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                          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 for ProPublica
                          This article is published with permission in partnership with 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.

                          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.

                          When lockdowns crippled the economy in March, the Treasury and the Fed launched an unprecedented effort to buy up corporate debt to avert a freeze in lending at the exact moment businesses needed to borrow to keep running. That effort has succeeded, at least temporarily, with credit continuing to flow to companies over the last several weeks. This policy also allowed those who were heavily invested in corporate loans to recoup huge losses.

                          Muzinich & Co. has long specialized in precisely this market, managing approximately $38 billion of clients’ money, including in riskier instruments known as junk, or high-yield, bonds. Since the Fed and the Treasury’s actions in late March, the bond market has roared back. Muzinich & Co. has reversed billions in losses, according to a review of its holdings, with 28 of the 29 funds tracked by the investor research service Morningstar Direct rising in that period. The firm doesn’t publicly detail all of its holdings, so a precise figure can’t be calculated.

                          The Treasury is understaffed, and Muzinich was overseeing two-thirds of the department before the crisis hit. He spent his first year as the Trump administration’s point man on its only major legislative achievement, the landmark $1.9 trillion tax cut that mainly benefited the wealthy and corporations.

                          As the markets panicked about the economic impact of the coronavirus, Muzinich’s responsibilities expanded. The Treasury worked with the Fed on the emergency lending programs, and the agency has ultimate power to sign off. Muzinich was personally involved in crafting the programs, including the effort to bail out the junk bond market, The Wall Street Journal reported in April. He communicates with Fed officials daily by phone, email or text, the paper said.

                          That effort has many skeptics. The Fed has never bought corporate debt in its more than 100 years of existence, much less that of the indebted and fragile companies that raise money through the sale of junk bonds. Private equity firms, hedge funds and specialty investment firms like Muzinich & Co. dominate the market for junk-rated debt. In effect, the Fed has swooped in to protect the most sophisticated investors from losses on some of their riskiest bets.

                          Muzinich & Co. Profited From The Government’s Actions

                          Muzinich & Co.’s largest fund, with over $10 billion in assets, jumped in value when the Treasury and the Federal Reserve announced plans to buy bonds

                          Justin Muzinich’s ongoing ties to the family firm present a thicket of potential conflicts of interest, ethics lawyers said. Instead of immediately divesting his stake in the firm when he joined the Trump administration in early 2017, Muzinich retained it until the end of that year. But even then, he did not sell his stake and use the proceeds to buy broad-based securities such as index funds, as is common practice. Instead, he transferred his piece of the company to his father, who owns Muzinich & Co. In exchange, he received what amounts to an IOU — a written agreement in which his father agreed to pay him for the shares, with interest, but with no principal due for nine years.

                          “This is something akin to a fake divestiture,” said Kathleen Clark, a law professor and ethics specialist at Washington University in St. Louis. “It sure looks like he is simply parking this asset with a relative, and he will likely get it back after he leaves the government.”

                          A Treasury spokeswoman declined to say whether Muzinich has pledged not to take back the stake in the family firm once his public service ends. Muzinich “takes his ethics obligations very seriously” and “any suggestion to the contrary is completely baseless,” she said.

                          She added the arrangement with his family firm was approved by the Office of Government Ethics and agency ethics lawyers, who recently reexamined the setup given Muzinich’s role in the economic crisis response. They concluded that there is no currently envisaged scenario in which Muzinich would make decisions as a government official that would affect his father’s ability to repay the money he owes under the IOU.

                          “Treasury’s career Designated Agency Ethics Official has determined that there is no such conflict of interest, as there are no current or reasonably anticipated matters in which Deputy Secretary Muzinich would participate that would affect the note obligor’s ability or willingness to satisfy its financial obligations under the note,” she said in a statement. (The note obligor is Muzinich’s father.)

                          Muzinich & Co. did not respond to multiple requests for comment.

                          Muzinich’s relationship with the family firm also creates potential conflicts related to Muzinich & Co.’s clients. The firm makes money by charging investment management fees to several dozen wealthy individuals, insurance companies, pension funds, as well as what filings describe as a “quasi foreign government corporation.” The client list is not public and it’s unclear whether Muzinich would know about clients that came on board since he left. But any large investor has much to gain, or lose, from decisions being made by the Treasury about the bailout policies.

                          “The clients of this firm, I imagine, must be thrilled that Muzinich has this vitally important, powerful position with a huge amount of discretion and authority,” Clark said.

                          The Treasury spokeswoman declined to answer a question about the firm’s clients.

                          Even as Justin Muzinich has presided over bailout policies criticized by some observers, Muzinich & Co. executives have praised the government’s actions in recent briefings for investors. One described the interventions “as providing somewhat of a floor underneath the high yield market.”

                          Another Muzinich executive, David Bowen, who manages one of the firm’s high-yield bond portfolios, said during a May 20 webinar, “The Fed has been about as supportive, helpful, accommodative — whatever word you want to use — as anyone could imagine.”

                          Untangling the Financial Relationship

                          When Treasury Secretary Steven Mnuchin hired Justin Muzinich as counselor in early 2017, in many ways he was selecting a younger version of himself.

                          Like Mnuchin, Muzinich grew up in New York City, the son of a wealthy finance executive. Also like his boss, Muzinich spent years collecting a series of elite credentials: He attended Groton and holds degrees from Harvard College, the London School of Economics, Yale Law School and Harvard Business School. He worked at Morgan Stanley and spent a few months at a hedge fund associated with billionaire Steven A. Cohen, followed by a few years at EMS Capital, which invests the money of the wealthy Safra family.

                          Colleagues praise Muzinich as hardworking and serious, and Democrats have expressed relief that he isn’t as inflammatory as many other Trump appointees. Powell, the Fed chair, called Muzinich “creative and extremely capable” in a statement to The Wall Street Journal in April.

                          In 2010, he joined the family firm and became its president. His father, George, founded the company in 1988, specializing in handling portfolios of American high-yield bonds for European pension funds. The company expanded to offer funds to other institutional investors and wealthy individuals, but it stuck to its focus on corporate credit — particularly the riskier type that pays higher interest rates. Headquartered in New York and London, the firm has eight offices across Europe and one in Singapore.

                          “Talking about credit all the time might sound boring, I’m sure it does,” Justin Muzinich said in a 2014 interview, “but that is what makes you good.”

                          As he rose in the family business, Muzinich also launched himself into GOP policy circles, advising the presidential campaigns of Mitt Romney in 2012 and Jeb Bush in 2016. He owns a $20 million ultramodern beachfront house in the Hamptons and a $4.5 million Park Avenue apartment and commutes from New York City to work in Washington.

                          When Muzinich entered the Trump administration, he reported owning stock and stock options in the family firm collectively worth at least $60 million. The true value could be much higher, but disclosure rules don’t require officials to give a specific figure for any asset worth more than $50 million.

                          The Treasury’s ethics officers are frequently called on to rule on complex questions, given that the department tends to attract people from careers on Wall Street who have large, complicated financial holdings — from ex-Goldman Sachs Chairman Hank Paulson to banker and Hollywood financier Mnuchin.

                          Stakes in individual companies can create conflicts of interest. So incoming Treasury officials typically sell those stocks and invest in broad-based options like mutual funds. Ownership in private investment funds can be particularly thorny because ethics rules treat each of the fund’s investments in specific companies as sources of potential conflicts. Sarah Bloom Raskin, who preceded Muzinich as deputy secretary in the Obama administration, reported holding only a collection of index and mutual funds that either track the whole stock market or a large basket of companies.

                          But government ethics officials did not require Muzinich to sell his stake in the family firm through his first year in office as counselor to Mnuchin.

                          According to ethics filings, Muzinich said that he did not divest it until December 2017, the month the tax law was signed. (Several months later, in April 2018, Trump nominated him to be deputy secretary.)

                          Muzinich did not receive cash for most of his stake in the family firm. Instead, his more recent financial disclosures show that the stake, held in a family trust, was replaced with an opaque asset described as a “receivable from family,” valued at over $50 million.

                          Muzinich’s disclosure filings don’t reveal much about this asset at all. They don’t say who the family member is or explain the arrangement. They don’t say how the terms were negotiated, or even if the valuation of the deal was vetted by an independent third party.

                          It turns out that Muzinich transferred his stake to his father. But his father didn’t have to pay him right away. According to a Senate Finance Committee memo obtained by ProPublica, Justin received two promissory notes from his father in return for the shares. The notes pay Justin between $1 million and $5 million in interest over a year, at a rate of 2.11%. Moreover, his father does not have to pay any principal on the loan for nine years.

                          Neither the financial disclosure forms nor the Senate memo say how long the agreement is supposed to last. Neither addresses the possibility of his getting the shares back after he leaves the government. The Treasury says the transaction is “not reversible” but did not elaborate.

                          In other words, Justin still has an ongoing long-term stake in the financial well-being of Muzinich & Co., since his father now owes him more than $50 million. If the company were to plummet in value or even go under, it could cost Justin. Actions the Treasury and the Fed take can either enhance the chances he gets his money back or lower them.

                          Experts from across the political spectrum fear that the Federal Reserve’s new Main Street Lending program won’t reach enough businesses or save enough jobs.

                          The Treasury defended the IOU transaction as an appropriate remedy for any conflicts of interest. The agency provided a statement from Elizabeth Horton, an ethics attorney who left the agency in 2019 and who worked with Muzinich on the divestiture from his family business. Horton said that when Muzinich first joined the agency, “the Treasury ethics office correctly advised him that he did not need to divest his holdings in his family business because of the generalized nature of his work on tax reform legislation.” She said that when his duties changed, “I advised Mr. Muzinich that an exchange for a fixed value note was an appropriate way to divest.”

                          Horton said that advice was “consistent with practice in previous administrations” — though the Treasury declined to cite similar cases. “Muzinich worked very closely with the ethics office and was extremely attentive to his ethics obligations,” Horton said.

                          ProPublica reached out to four ethics officials, including two former Treasury ethics lawyers. None could recall a similar divestment transaction. Three of the four disagreed that it resolved Muzinich’s conflicts, while one said that turning it into an asset with a value that doesn’t fluctuate with future developments should shield him from any allegations of impropriety.

                          The deal does not look like an arms-length transaction, said Virginia Canter, who served as a career ethics attorney at Treasury during the George W. Bush administration and is now at the watchdog group Citizens for Responsibility and Ethics in Washington.

                          “The terms of the loan suggest something less than a bona fide transaction,” she said. “Once he leaves office, nothing in the arrangement appears to preclude Muzinich from forgiving the debt owed to him by his father so they can amicably agree on returning to Muzinich the interest in the Muzinich family business.”

                          As ranking member of the Finance Committee, Sen. Ron Wyden opposed Muzinich’s nomination as deputy secretary because of his role in crafting the tax bill. Although he would have preferred a cash sale of the Muzinich & Co. stock, Wyden said in a statement that in July 2018 Muzinich had agreed to “strengthen his recusal commitments to include matters where his family’s company is a party.”

                          That satisfied Wyden at the time, but it is a very narrow restriction. A vast range of issues before the Treasury could affect Muzinich & Co. regardless of whether the firm was directly a party to any of them.

                          How Justin Muzinich treated the transaction for tax purposes could reveal whether it was a true and final sale or not.

                          Ordinarily, a sale of an asset such as equity in a company would trigger a capital gains tax bill. In Muzinich’s case, that could run into the tens of millions of dollars, even though his father paid him no cash upfront. But there is an exception if the asset in question is merely transferred with a commitment to have it returned, said Steve Rosenthal, a tax law expert at the Urban-Brookings Tax Policy Center.

                          “If you are merely parking or pledging securities, and you are going to get them back, that’s not viewed as a taxable transaction,” he said.

                          It is not clear how he reported the transaction to the IRS, and whether he was left with a huge tax bill. The Treasury declined to comment on the tax issues.

                          Tax Reform — for Friends and Family

                          Through his first year in the administration, even as Muzinich continued to own his stake in the family firm, he met with a wide range of business executives to hash out major tax provisions that would affect them, according to his 2017 calendars that ProPublica obtained after suing the Treasury last year under the Freedom of Information Act. Others were obtained by the watchdog group American Oversight. The Treasury redacted large sections of the calendars, saying that they required consultation with the White House before they could be released.

                          One of the most important principles in the federal government ethics rules covers whether an official is dealing with a “particular matter” that would affect a discrete group of people with specific interests or a “general matter” that affects a larger and more diverse group.

                          The Treasury spokeswoman said the tax reform bill was to affect a very large and diverse group, so ethics rules did not prevent Muzinich from working on it. He was allowed to keep his equity in the company while working on the tax bill because his “duties did not include particular matters that required divestiture of certain assets.”

                          But many industries had specific interests in the tax bill that they lobbied on — industries that may include clients of Muzinich & Co. Insurance companies, for example, featured prominently. Muzinich met with trade groups representing insurers as well as Liberty Mutual, The Hartford, Zurich and Blue Cross Blue Shield. In the final tax bill, property and casualty insurers fared particularly well by dodging new limitations on deductions that applied to other companies.

                          Insurance companies invest their premiums in order to increase their profits. In its regulatory filings, Muzinich & Co. reports that 17 of its 89 clients are insurance companies, which have given the firm more than $1.4 billion to invest. Muzinich & Co. did not provide a list of its clients.

                          Some of the companies Muzinich & Co. has stakes in also have been lobbying the Treasury on their own behalf. For example, Muzinich & Co. helps its clients invest in business development companies, a type of investment fund that enjoys lower taxes in exchange for providing capital to medium-sized companies. The firm itself owns stock in BDCs, many of them run by private equity companies such as Ares Capital Corporation, which has paid millions of dollars to lobby for looser rules governing the BDC industry.

                          Even beyond any overlap with the family firm’s interests, Muzinich’s calendars, which cover the period from February to September of 2017, reflect the administration’s priorities in negotiating the tax deal. Muzinich spent long days in meetings with private equity titans, energy company CEOs and heavy-hitting interest groups like the Business Roundtable and the anti-tax group Americans for Prosperity. His calendar shows no meetings with labor unions or progressive groups.

                          Muzinich did meet often with the Treasury’s in-house tax experts but frequently didn’t follow their recommendations. Richard Prisinzano, who served in the agency’s tax analysis office until August 2017, recalled trying to tell Mnuchin and Muzinich that drastically lowering corporate tax rates would likely prompt businesses to transform into C corporations, which often pay lower rates under the new law.

                          He argued that such a change would further reduce tax revenues. Muzinich disagreed, Prisinzano said, protesting that businesses wouldn’t change their corporate form just to lower their taxes. “He really pushed back,” Prisinzano recalled. “He said to me, ‘The secretary is a numbers person, and the numbers don’t make sense to him.’”

                          “‘I’m a numbers person, and they make perfect sense to me,’” Prisinzano said he responded. “That was not an answer that they liked.”

                          In the following two years, many large businesses did indeed convert into C corporations, including private equity giants Ares, Blackstone and KKR. The government hasn’t produced an estimate of how big a hit taxpayers took from these conversions.

                          During his confirmation hearing as deputy secretary in July 2018, Democratic senators pressed Muzinich on whether he agreed with the White House that the tax bill would “pay for itself,” despite the dire projections of independent forecasters such as the nonpartisan Congressional Budget Office. “Yes,” Muzinich responded.

                          It has not come close, as corporate tax collections plunged and left the national debt at historic levels on the eve of the pandemic.

                          Muzinich Takes on the COVID-19 Crisis

                          As the economic response to the novel coronavirus consumed Washington in March, Mnuchin turned again to Muzinich to negotiate with Congress over the shape of a bailout intended to sustain companies as they weathered the worst part of the crisis.

                          Ultimately, Trump administration officials and lawmakers settled on a package worth more than $2 trillion, divided into aid regimens for different sectors of the economy. While setting general parameters, the Coronavirus Aid, Relief and Economic Security Act gives the Treasury wide latitude over how the money is to be distributed. It calls for $50 billion in grants and loans for the airline industry, for example, with few rules on who should get what. (In another potential intersection with Muzinich’s Treasury work, Muzinich & Co. started a new business line to loan money to airlines to buy planes in February.)

                          Perhaps the greatest power the Treasury now has is the authority to sign off on Fed loan programs funded with CARES Act money. The Fed has said it will leverage that money to lend up to several trillion dollars.

                          Among their biggest decisions: Which firms to include in the $600 billion Main Street Lending Program, which will lend directly to mid-sized businesses, and how to structure two programs that will purchase up to $750 billion in corporate bonds.

                          The Main Street program, which has yet to launch, changed substantially after it was first announced to sweep in bigger companies and those with heavier debt loads. Offering a glimpse into how the Treasury directly shaped the Fed programs, Energy Secretary Dan Brouillette told Bloomberg the change was made in part to make sure beleaguered oil companies had access to the program’s favorable terms. Muzinich & Co.’s U.S.-based funds include dozens of energy companies.

                          Mnuchin also deputized Muzinich to fix problems that arose during the first round of funding for the Paycheck Protection Program, which offers forgivable loans to small businesses. The government hasn’t said who got money through the program, but Muzinich & Co.’s portfolio includes many companies that are small enough to be eligible.

                          The Fed’s bond purchasing programs will go even further to help companies with poorly rated credit.

                          On March 23, the Fed and the Treasury announced a sweeping stimulus program that would involve buying hundreds of billions of dollars of investment-grade bonds. Selling bonds is a way for large companies like Boeing or PepsiCo to raise money for new investments, to fund day-to-day operations or to pay back older loans. Companies that are strong and profitable are expected to be able to pay back the borrowed money. Their bonds are deemed “investment grade” and come with lower interest rates. The news of the Fed program on its own heralded a dramatic recovery in the bond market, which in three weeks recovered nearly all of the 13.6% it had lost since the plunge began on March 6, according to one index.

                          Then, on April 9, the Fed announced, with the Treasury’s approval, that it would expand its efforts to buy some junk bonds. These carry higher interest rates because the borrowing companies are viewed as riskier and may already be heavily in debt. One index tracking that market segment surged nearly 8% on the news, the most in a decade. This risker category of bonds has expanded dramatically in recent years as companies took on higher debt burdens to do things like acquire competitors and buy back stock. These are the bonds in which Muzinich & Co. has long specialized.

                          At the end of 2019, Muzinich & Co. reported it had $2.8 billion of assets under management in its U.S. high-yield bond strategy. A Muzinich fund that focuses specifically on those bonds took significant losses in March, as companies like oilfield services provider Targa Resources and Caesars Entertainment saw the price of their bonds fall 30% and 35% respectively.

                          The government’s announcement buoyed Muzinich & Co.’s high-yield holdings along with everyone else’s. The portfolio manager for the firm’s U.S. high-yield offering also praised CARES Act’s tax provisions that would “help high yield companies.”

                          In a separate development in May, the Fed expanded another Treasury-backed lending program in a way that could help Muzinich & Co.’s portfolio. The central bank said May 12 it would support “syndicated loans,” another form of corporate debt often in which riskier firms borrow money from multiple lenders. Muzinich & Co. had more than $3 billion in assets under management in U.S. and European syndicated loans at the end of last year.

                          The good news for Muzinich & Co. keeps coming. As the firm’s head of investment strategy, Erick Muller, told investors in a May 13 webcast about the junk bond market: “The recovery is pretty spectacular.”


                          Follow The Standard on Twitter @capemaystandard

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