I guess the Small Business Administration's Inspector General was one of the ones Trump didn't fire. New IG report looks at apparent fraud in the PPP grants/loans given out as part of the CARES Act this spring, and the story's not pretty. (1/3)
sba.gov/sites/default/… Of the $169 B in Economic Injury Disaster Loans (EIDL), $58 billion was disbursed to potentially fraudulent applicants using the same IP address. Others used same email or mailing addresses or even the same bank account. A single IP address was the source of 245 granted loans.

Marathon Petroleum quarterly earnings, out today, are another helpful reminder that the conversation on fossil fuels needs to be more nuanced than a yes/no on supporting oil/gas/fracking & associated tax incentives. Biden's "transition" language in debates is the right frame. Marathon's billion dollar loss for the quarter, and $12B loss for the first 9 months of 2020, is driven both by Covid and asset impairments. The company is realizing, in real time, that it's time to move away from fossil fuels and toward renewables.
sec.gov/cgi-bin/viewer…

NYT piece today points out that FedEx capital spending has lagged in the wake of the 2017 tax cut, pushed hard by FedEx founder Frederick Smith, that was supposed to boost capital spending. Smith gets mad. (1/4)
about.van.fedex.com/newsroom/state… Smith says NYT story is "factually incorrect." Implied is that NYT headline-- "FedEx Cut Its Tax Bill to $0" is wrong. Smith's money quote: "unlike FedEx, the New York Times paid zero federal income tax in 2017 on earnings of $111 million, and only $30 million in 2018."