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Private equity firm with ties to Kushner asks Trump administration to relax rules on loan program
Private equity firm with ties to Kushner asks Trump administration to relax rules on loan program: report
By J. Edward Moreno - 04/04/20 07:02 PM EDT
A co-founder of Apollo Global Management, a private equity firm with financial ties to White House adviser Jared Kushner, asked the Trump administration to ease provisions in the stimulus bill to benefit their company, according to an email obtained by NBC News.
NBC reported that the email was sent by Apollo's co-founder, Mark Rowan, according to a source close to Kushner. The source said there was "nothing remarkable" about the email that was sent to the White House adviser.
Unlike the dozens of other companies Kushner receives proposals from, Apollo made a $184 million loan in 2017 to Kushner Companies, the real estate company in which Kushner, President Donald Trump's son-in-law, retains an interest.
Rowan and his firm made a recommendation about a $100 billion loan program announced by the Federal Reserve to backstop lenders and investors, asking them to fix their requirements so their higher-risk loans can qualify. The loan program is an effort to get cash to flow into the financial system amid the economic fallout of the coronavirus pandemic.
According to the news source, Apollo Global Management does not qualify for the lending program, they are "higher risk and lower rated."
more...
https://thehill.com/homenews/administration/491189-private-equity-firm-with-ties-to-kushner-asks-trump?fbclid=IwAR2bW__TVMj09Ha0TTmfPiOnaVmpe3-LrAX_WONW9L1V8fVMnVI-hy-OogM
