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What surprise this US Bond Bailout

Discussion in 'General Discussion' started by SirGalahad, 12 May 2020.

  1. SirGalahad

    SirGalahad

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    https://www.theguardian.com/environ...-bailout-oil-coal-fracking-giants-bond-scheme

    US fossil fuel giants set for a coronavirus bailout bonanza
    Exclusive: oil, coal and fracking companies in line to benefit from $750bn bond scheme

    To be eligible for the Federal Reserve scheme – which is to be administered by BlackRock, the asset manager that this year pledged to shift its investment strategy to take account of the climate crisis – companies must have had a BBB-Baa3 or higher credit rating as of 22 March.

    There are moves to change the rules to allow companies that had such a credit rating earlier, on 5 March, to apply. According to the analysis, this would allow another oil and gas company, Occidental Petroleum, to qualify.

    In times of plenty they rage at defending free markets and less regulation but the moment there is a downturn who is first in queue for bailouts? No free market evangelists now.
     
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  3. securespark

    securespark

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    I think there are many companies like that. And their owners sit on massive piles of money while claiming they need "assistance" otherwise they will go bust.

    How about you invest some of your own vast wealth instead?
     
  4. ajohn

    ajohn

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    The link is info from various with axes to grind so any comments will be exaggerated. Big problem these days as that is done to gains public interest. Makes it impossible to see if there is a sensible balance hidden somewhere.
     
  5. JohnD

    JohnD

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  7. ajohn

    ajohn

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    All do it because they can. So what is the real problem?
     
  8. JohnD

    JohnD

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    Honest citizens like myself have to pay more, and/or suffer worse public services, due to the rich not paying their fair share.
     
  9. IT Minion

    IT Minion

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    That we let them. More accurately that we don't elect politicians who are willing to follow through on cracking down on excessive loopholes.
     
  10. EFLImpudence

    EFLImpudence

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    They are NOT loopholes.

    It is designed that way on purpose.
     
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