The fix is in for politically favored oil, gas and coal companies.
The huge financial aid package enacted by Congress this spring entailed a sprawling array of programs to direct funding, guarantee loans, relieve debt and more to support businesses laid low by a global pandemic. It also opened the door to a money grab. As a result, hundreds of millions of dollars are likely to end up in the pockets of oil and coal investors and executives in what may be the biggest campaign donor payoff in U.S. history.
Failing oil and coal companies quickly moved to exploit the bailout as a financial lifeline. They had help. Seventeen Republican senators sent a letter in April to the Federal Reserve, effectively urging the use of coronavirus rescue funds to bail out bad coal and oil debt.
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