Companies Shed Workers, Paid Dividends After Getting Fed Aid, Panel Finds – Politico

“Fed Chair Jerome Powell testified in June that ‘the intended beneficiaries of all of our programs are workers,’” the committee staff said in the analysis. “However, the Select Subcommittee’s analysis indicates that many large layoffs have occurred among the companies whose bonds were purchased by the Fed, suggesting that the primary beneficiaries of the program have been corporate executives and investors, not workers.”