Small business rescue earned banks $10B in fees
I will admit that I am mildly aggravated by the roll out of CARES act for several different reasons. This is just a topping on the cake really. Yesterday, my wife told me that her doctor's office is furloughing 7 people ( not her, but I am sure next move will include her too ) so I do get a little sour when I find out that companies with built-in access to financing ( publicly traded companies ) got approximately surprisingly high chunk of those funds(1). Needless to say, I am not unbiased, because of this.<p>It is however a little aggravating and a little reminiscent of 2008, where well connected get rescued, where the rest is left to fend for themselves. That is a recipe for pitchforks.<p>1. <a href="https://www.marketwatch.com/story/here-are-the-public-companies-that-got-coronavirus-aid-meant-for-small-businesses-2020-04-22?mod=home-page" rel="nofollow">https://www.marketwatch.com/story/here-are-the-public-compan...</a>