billionaires received public money

billionaires received public money

Kanye West, Jeff Koons, the Church of Scientology: some have received loans from the United States government when they are not really known to be on the straw.


The revelations of the American media are surprising: the American rapper Kanye West, billionaire recently, is one of the recipients of loans from the United States government set up to help small and medium-sized businesses through the Covid-19 crisis. The one who also announced his candidacy for the presidential election in November, obtained funds for his brand of sneakers, Yeezy, developed with Adidas.

Another beneficiary of a well-filled bank account is the American artist Jeff Koons, one of the most highly rated artists in the world. His sculpture “Rabbit” was sold for $ 91.1 million in 2019, setting the absolute auction record for a living artist.

Investment funds, restaurant chains, American elected officials, but also the Church of Scientology, are also among the beneficiaries, details CNBC. The husband of the head of the Democrats in the American Congress Nancy Pelosi was also able to benefit from a loan for the company which he co-owns, according to several media including the Washington Post.

“Greedy and unfair”

“Even if they can effectively claim that they meet the criteria for obtaining a loan, accepting the money clearly violates the spirit of the law and seems simply greedy and unfair,” said lawyer Neil Barofsky on CNBC. known in particular for having managed the public program that helped American banks get rid of their rotten assets in the aftermath of the 2007-2008 crisis.

Among the sectors that have benefited the most from loans, health and care, construction, manufacturing, but also accommodation and catering, according to data from the United States Treasury, which announced on Monday that more than 4, 8 million loans had been granted, for a total amount of just over $ 521.4 billion.

Congress and the Trump administration have released $ 849 billion in two tranches: the initial $ 350 billion was quickly spent, and nearly $ 132 billion in the second tranche is still available.


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