How a $17 Billion Bailout Fund Intended For Boeing Ended Up In Very Different Hands
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The Trump administration has used a $17 Billion loan fund meant for businesses critical to U.S. national security to help a hodgepodge of little-known companies with unclear importance to national defense, and the fund remains mostly unspent nearly eight months after Congress approved it as part of a $2 trillion stimulus bill.
Aircraft manufacturers including Boeing were the fund's intended recipients but balked at the terms and did not apply. Instead, the 11 companies that have tapped the fund so far include a company that has pitched its products as an enabling technology for the facial recognition tracking of immigrants, a manufacturer of roadblock barriers and surveillance firms.
One company that received a loan is an experimental spaceflight technology firm backed by deep-pocketed venture capital investors. Others have a history of financial losses.
One manufacturer relies on minimum-wage prison labor to make wire harnesses for military and commercial customers...