October 9, 2025

CreditToFinance

Finance News at your Fingertips

Oversight panel slams Pentagon for $700m loan

The Congressional Oversight Commission overseeing COVID-19 relief funds excoriated the Defense and Treasury Departments Tuesday over a $700 million loan to a troubled shipping company.Treasury and DoD offered the loan in July when the company, YRC Worldwide, was reportedly worth just $70 million and had been sued by the Pentagon for overpriced shipping costs.The bipartisan commission overseeing funds from the $2.2 trillion CARES Act said both…