Disgusting PPP Fraud

Chris exposes the staggering misuse of the Paycheck Protection Program (PPP) during COVID-19. From multimillionaire politicians like Gavin Newsom and Jim Justice to musicians like Lil Wayne and Chris Brown, Markowski highlights the massive fraud and mismanagement that turned a well-intentioned program into a free-for-all. Tune in to hear how taxpayers are footing the bill for luxury expenses, private jets, and more—and why this marks a new era of American fiscal irresponsibility. www.watchdogonwallstreet.com

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact that we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
More and more's coming out.

Speaker 3 (00:19):
And we knew that more information would drip, drip drip
when it came to the massive fraud that was the
Paycheck Protection Program, the PPP program.

Speaker 2 (00:31):
From COVID, it is again, I think we're almost at
the point in time where I don't think that they're
going to.

Speaker 3 (00:38):
Do anything, just going to let it go.

Speaker 2 (00:42):
Some US governors that took out pp loans PPP loans.
Gavin Newsom, he's got a net worth of twenty two
million dollars. He took out a three million dollar PPP loan.
West Virginia Governor Jim Justice net worth of five hundred
and thirteen million dollars, took out an eleven million dollar
PPP loan. Former Virginia Governor Ralph Nowtham took out network

(01:07):
three million, took out a five million dollar p p
P loan. Now, again, these p p P loans were forgivable.
They were a loan but they weren't paid back. But
then then you're actually taking a look at and I
knew this was going to happen by uh rappers musicians

(01:30):
out there. Chuck Schumer put together part of the PPP program.
It was called the Shuttered Venue Operators Grant, which ended
up ended up becoming a free for all for you
had a band, if you had a band. Actually, Chuck
Schumer got a Grammy. They actually gave him a Grammy

(01:51):
for this program. I shit you not, okay, Lil Wayne,
Little Wayne he uh he recently, during during COVID, he
sold the record of his master recordings from his record
labels artists for one hundred million dollars, you know, right

(02:12):
there in a last minute, you know, part of uh
his uh you know, right before COVID he bought a
fifteen point four million dollar manch and that's all well
and good. He also got an eight point nine million
dollar grant from this part of the PPP program that
Chuck Schumer put together. Eight point nine million dollars, spent

(02:34):
one point three on from that grant on private jet flights,
four hundred and sixty thousand dollars on clothes and accessories.
He's just just one of them they go on here,
not just little Wayne. Who else they they digging up here?
What's his name there? Chris Brown? Chris Brown, uh DJ Marshmallow.

(03:01):
You know, millions and millions of dollars. There was supposed
to be some sort of check on this. Again, going
back to that point in time, we were helping small
business owners here at the Watchdog on Wall Street Show
with our accounting firm, Danafrio and corporate businesses that were
in trouble. We put together a formula, we had it available.

(03:25):
We were helping people to actually get PPP loans that
actually needed them to keep their employees paid when the
government was shutting down forcibly shutting down their businesses. These
were rappers, rappers and musicians and uh, I mean wow,

(03:46):
twenty nine thousand dollars for hookahs. That's a lot of hookahs. Oh,
another fifty thousand dollars bottle service at the club. I
We can go on and on and on with all
of this stuff that it took place, and again we'll
never find the end of it. We can always talk
about all the money that was also shipped overseas as well,

(04:09):
and we're paying for it now. We're paying for it now.
You're paying for it at the grocery store, you're paying
for it in your insurance, you're paying for it in
everyday items. We're paying for it with our tax dollars,
an interest expense that has gone through the roof. At
some point in time, people, we're going to have a

(04:30):
you know, a reckoning moment when it comes to all
of the stupidity. I mean, just you can go to
the turn of the century. Now is the new era
of stupidity for the United States of America, the dumb
things that we have done to ourselves. Watchdog on Wall

(04:50):
Street dot Com