Syringe-Maker Bailed Out During Pandemic Spends Funds On Stock Buybacks 1

Syringe-Maker Bailed Out During Pandemic Spends Funds On Stock Buybacks

 

Stephanie Ruhle and NBC's Jonathan Allen report that Retractable Technologies, a small syringe-maker in Texas, is executing a stock buyback a year after winning a massive federal contract amid the coronavirus pandemic. Allen explains that industry insiders and lawmakers are questioning how RTI can be both a struggling business in need of PPP funds and a manufacturer able to execute a major contract.

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Syringe-Maker Bailed Out During Pandemic Spends Funds On Stock Buybacks

40 comments

    1. Taxation without representation. They’re just giving it away to the healthy wealthy and wise?

    2. PPP! loans aboiut 2-300 of then at 6figures. Why dont they Save for a rainy day ! Why the heck i thiught tgat was foor small business

    3. Imagine taxpayers couldn’t even get Covid relief for most of the pandemic but the GOP was throwing that money at these corporations that didn’t even need it.

  1. Every corporate tax break results in stock buyback. The only jobs being created are caterers for the parties they throw to celebrate.

    Oh, a TRUMP bailout! What a shocker.

  2. Yup, typical big company moves…….take care of their pockets first!! That’s why Biden needs to tax these shameless companies!!

    1. @
      Edwin Nakamura FYI: The President can’t tax anyone.
      The Fifth Amendment’s Due Process Clause requires the United States government to practice equal protection. The Fourteenth Amendment’s Equal Protection Clause requires states to practice equal protection.

      Equal protection forces a state to govern impartially—not draw distinctions between individuals solely on differences that are irrelevant to a legitimate governmental objective.
      Federal tax brackets are set by law, overseen by the Internal Revenue Service, and determine tax rates for individuals, corporations, and trusts. They were originally created in 1913, in large part to help fund wars. There are currently seven federal tax brackets: 10%, 12%, 22%, 24%, 32%, 34%, and 37%
      Congress can create a bill of attainder:
      A bill of attainder (also known as an act of attainder or writ of attainder or bill of penalties) is an act of a legislature declaring a person, or a group of persons, guilty of some crime, and punishing them, often without a trial. As with attainder resulting from the normal judicial process, the effect of such a bill is to nullify the targeted person’s civil rights, most notably the right to own property (and thus pass it on to heirs), the right to a title of nobility, and, in at least the original usage, the right to life itself. Bills of attainder passed in Parliament by Henry VIII on 29 January 1542 resulted in the executions of a number of notable historical figures.
      This all means that The President can’t do anything about tax rates, and can’t raise any entities tax rate.

  3. Inadequately monitored Covid Support in the UK was a similar gravy train for crooks, ne’re-do-wells and Tory cronies.

  4. Meanwhile Republicans are complaining that $400 or $600 a week to struggling Americans is too much…

    1. Not a republican here, but they are right on that one. Those bums can get their behinds to work.
      Disregard the CDC, and just work anyway. 99.9x% of people survive covid. 0% of people survive starving to death.

    2. @William Springer “0% of people survive starving to death”, like Daniel posted $400 or $600/week is too much, but millions, upon millions can go to CEOs for stock buybacks. You make a lot of sense – face palm.

  5. Why does this surprise anyone? This is just the latest example of greedy capitalists doing what greedy capitalists do. This is and will be the norm so long as we organize the economy under capitalism.

    1. Capitalism means that individuals and groups of individuals form companies or corporations for the purpose of making more money than they spend in producing a product or service. Greedy? Would you like to work for nothing? Why do you say that corporations re greedy? They MUST earn enough to pay their workers, and investors, or what is the point?

    2. @zdcyclops1 lickley Corporations are greedy. That’s a plain, honest truth. And they don’t hide that fact at all.

    3. @zdcyclops1 lickley The employees’ wages have stagnated for forty years while corporate profits have skyrocketed. Yes, that is greedy of the companies.

  6. Ya we don’t want socialism, America is the Capitol of capitalism! Yaa USA!! Greed is the driving force in our great cuntry

    1. Socialism is an economic and political system where the community or state owns the general means of production (i. e. farms, factories, tools, and raw materials.)
      Many things in the US are socialist in nature. The armed forces. Owns the tanks. planes, ICBMs, uniforms, bombs artillery, ect. Fire departments, the equipment is owned by municipalities as is the the firehouse where the equipment is stored.

  7. Let me guess – the Dump administration was too incompetent to draft a program that actually accomplished something to the taxpayers benefit. Big surprise.

  8. American Airlines got seven billion dollars, the CEO got a ten million dollar bonus then laid off 30 thousand employees.

    1. OMG… the airlines whine & whine!
      They charge consumers for 2″ more extra leg rooms, they charge us for everything! We are treated as nothing more than cattle with $$
      They should be scrutinized more importantly put to shame!!

    1. No actually Reagan opened that door with deregulation of corporations with less taxes being paid by the wealthy and corporations!

    2. @K. Christensen Yes. You are correct. I agree. Maybe I should have said Trump removed the door and put up a welcome sign.

  9. I never understood why governments bail out any company, it goes against the free market rules & one companies failure is an opportunity for another company. Tax dollars are to better the country & its citizens lives not for corporations to get bailed out for poor business practices.

  10. This is capitalism, money is everything and making or should i say printing money is all that matters. No ethics, no morals, all you find is absolute creed and selfishness…

  11. Doesn’t anybody remember when Oompa Loompa had states bidding on supplies? Remember when Jared referred to the government stockpiles as ‘our stockpiles?’ Remember when Governor Hogan struck a deal with South Korea and snuck supplies in to keep the government from hijacking them? Remember when Mnuchin wouldn’t surrender the names of the companies that got PPP loans? Yeah. This fits right in. No surprise.

  12. I don’t mind that some people eat really, really well, but i’d feel better about it if it was after everybody ate.

  13. They got to really do something about this. The rich get richer and government money. And the poor and middle class get screwed

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