Back from a mini-sabbatical as I write my NMSU Basketball book to get it out ASAP.
I discuss Bank of America's role in Don Van Natta's AWESOME story about the turmoil with the Washington Commanders team and the beef minority owners had with the main owner, Dan Snyder. At the center is a $55 Million Loan that Snyder took out with the NFL's backing without informing his partners, which is leading to an even bigger beef, and also has the feds looking into Snyder for falsifying information.
Don can handle the NFL side of things, but I wanted to give my two cents worth on BofAs role, and how they likely felt pressured to do the loan without proper paperwork justifying the loan as to not lose trust in Snyder, his team or the NFL as a whole. I explain why the paperwork matters. I give an example of how an LLC signer can theoretically steal from his partners by creating another LLC and move money elsewhere, and the bank would not be on the hook for it.
Plus, I talk about a lawsuit that alleges BofA gave incorrect information to business owners who applied for PPP Loans in 2020. American Banker has the story. (Paywalled, but you can read it for free with an email address) It was said in the complaint that the business owners were told 1099 employees were included in the calculating of PPP Loans, when they are not, leading to people not getting their whole loan forgiven as a result of information. I explain why businesses have an uphill battle to fight on this one, although I explain how BofA used branch employees working from home during COVID to test PPP Loans, when that was not their field of expertise. I also explain how goals/high sales pressure tactics likely had a hand in it as well.
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