BOSTON - R.V. Kuhns & Associates Inc, an investment consulting firm that advises on $2.5 trillion in retirement plans and other assets, sent a message of confidence in a Securities and Exchange Commission filing this spring, as COVID-19 wreaked destruction across America’s economy. The firm, it said, stood ready to “to maintain all the services we provide.”
It was not alone in the world of big-money consultancy. RVK is one of at least 40 consultants to retirement plans and other institutional investors that were approved for loans totaling as much as $37 million to support staffing levels and pay rent, according to a Reuters review of government data released this month.
Kyle Herrig, president of Washington, D.C.-based government watchdog group Accountable.US, told Reuters that investment consultants taking the taxpayer-funded loans was an “egregious” example of how the program had too often benefited relatively healthy companies, especially during its quickly-depleted first funding round.
Meketa, based near Boston with $1.5 trillion of assets under advisement as of March 31, said in a regulatory filing this June that “we do not believe that we would have been unable to meet any contractual commitment absent our receipt of the loan. However, we believe that the loan was necessary to support our existing operations, including allowing us to maintain full staffing.”
Hendrix said LeafHouse had received word from its mostly small business and non-profit clients that they were getting squeezed by a variety of factors, including a plummeting stock market and lower retirement contribution rates.
Socialism at it’s finest. Oh what we don’t believe in socialism 😂☠️😷
Should have just called it Tarp 2.0
In the end, it’s the Fox once again guarding the Hens. Rinse, repeat.
It would not surprise me if fictional characters like Sherlock Holmes, Yogi Bear and Eric Trump received those loans. There was little to no oversight on all of it.
'Unto him that hath, it shall be given, but unto him that hath nothing, even that shall be taken away'
Why were they approved?