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This absolutely needs to be investigated and the money repaid. It is obscene the lengths corporations and investors go to when trying to bump profits but leaving loyal workers without jobs in the America those corporations and investors still get to enjoy like royalty needs to end.
Last week Freightcar America disclosed in a filing with the SEC that the $10M loan had been forgiven. There are so many aspects of this story that bear further scrutiny. Incredible option packages and excessive pay heaped on executives while shareholders were decimated. Dilutive deals with seven figure “completion bonuses” to key executives. This company exists for the enrichment of management. Full stop. Would make an excellent episode of “American Greed.”
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